(A) U.S. Treasury Bills, Notes, and Bonds; various federal agency obligations including, but not limited it, obligations of Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Bank (FHLB), Federal Farm Credit Bank (FFCB), Government National Mortgage Association (GNMA), and other agencies or instrumentalities of the United States. Agency mortgage- backed, pass-through securities are considered as eligible investments of the city. Individual mortgage-backed, pass-through securities may have remaining maturities greater than five years, but in any event not greater than ten years from the date of purchase. The remaining life of any agency mortgage-backed, pass-through security will be determined by the weighted-average life of the security. Eligible investments include securities that may be "called" by the issuer prior to the final maturity date. Any eligible investment may be purchased at a premium or a discount.
(B) Interim deposits in the eligible institutions applying for interim moneys as provided in R.C. § 135.08 and 135.12. Certificates of deposit in excess of the amount insured by the Federal Deposit Insurance Corporation (FDIC) must be collateralized with at least a 5% excess market value amount to secure such certificates of deposit. The city may elect to use either R.C. § 135.18 (individual assignment method) or R.C. § 135.181 (pooling method) when requiring the pledge of eligible collateral to secure certificates of deposit or other deposits of the city. The city may elect to require a higher percentage of excess market value in pledged collateral to secure all deposits.
(C) No-load money market mutual funds, as defined in R.C. § 135.14(B)(5), rated in the highest category by at least one nationally recognized rating agency, investing exclusively in the same types of eligible securities as defined in R.C. § 135.14(B)(1) or (B)(2), and repurchase agreements secured by such obligations. Eligible money market funds shall comply with R.C. § 135.01, regarding limitations and restrictions.
(D) Commercial paper issues of companies incorporated under the laws of the United States, rated in the highest category by two nationally recognized rating agencies.
(E) Bankers acceptances issued by any bank domiciled in the State of Ohio or bankers acceptances issued by any domestic bank, provided that such bank has a long term credit rating of A, or the equivalent, by a nationally recognized rating agency at the time of purchase.
(F) The combined total of commercial paper and bankers acceptances shall not exceed 40% of the city’s total portfolio available for investment at time of purchase.
(G) Repurchase agreements with any eligible institution mentioned in R.C. § 135.03, or any eligible securities dealer pursuant to R.C. § 135.14(M) of this section, except that such eligible securities dealers shall be restricted to primary government securities dealers. Repurchase agreements will settle on a delivery vs. payment basis with collateral held at a qualified custodian or agent, designated by the city. Eligible repo collateral is restricted to securities listed in R.C. § 135.14(B)(1) or (B)(2). The market value of securities subject to an overnight written repurchase agreement must exceed the principal value of the overnight repurchase agreement by at least 2%. A written repurchase agreement shall not exceed 30 days and the market value of securities subject to a written repurchase agreement must exceed the principal value of the written repurchase agreement by at least 2% and be market to market daily. Prior to the execution of any repo transaction, a master repurchase agreement will be signed by the city and the eligible parties.
(H) Medium-term notes, defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Notes eligible for investment under this division shall be rated in a rating category of “A” or its equivalent or better by an NRSRO. Purchases of medium-term notes shall not exceed 30% of the city’s total portfolio available for investment at the time of purchase. No more than 5% of the city’s total portfolio shall be invested in a single issuer available for investment at time of purchase. Commercial paper and bankers acceptances shall be considered when calculating the maximum holdings in any single issuer.
(I) The state treasurer's investment pool [STAR OHIO], pursuant to R.C. § 135.45, or any other investment option offered to Ohio political subdivisions by the Treasurer of the State of Ohio.
(J) Bonds and other obligations of the State of Ohio or any of the other 49 states, various issuances of the agencies of the State of Ohio or agencies of any of the other 49 states, and obligations or debt issuances of any Ohio political subdivision or political subdivision of any of the other 49 states, including the City of Dublin, Ohio. Except for obligations of the City of Dublin, Ohio, all such debt issuances will have a minimum credit rating of “AA”, or the equivalent, by a nationally recognized rating agency, at the time of purchase. Unrated securities are acceptable if the underlying issuer meets the “AA” credit rating criteria. Obligations of the City of Dublin, may be purchased as private placements. The aggregate value of the bonds or other obligations does not exceed 20% of the city’s total portfolio available for investment at the time of purchase. The bonds or other obligations mature within ten years from the date of settlement.
(K) A non-agency mortgage passthrough security, collateralized mortgage obligation, mortgage-backed or other pay-through bond, equipment lease-backed certificate, consumer receivable passthrough certificate, or consumer receivable-backed bond. Securities eligible for investment under this section shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO and have a maximum remaining maturity of five years or less. Purchase of securities authorized by this division shall not exceed 5% of the city’s total portfolio available for investment at the time of purchase.
(L) United States dollar denominated senior unsecured unsubordinated obligations issued or unconditionally guaranteed by the International Bank for Reconstruction and Development, International Finance Corporation, or Inter-American Development Bank, with a maximum remaining maturity of five years or less, and eligible for purchase and sale within the United States. Investments under this division shall be rated in a rating category of “AA” or its equivalent or better by an NRSRO and shall not exceed 10% of the city’s total portfolio available for investment at the time of purchase.
(M) Except as otherwise defined in this policy, all eligible investments will mature within five years from the date of settlement, unless the investment is matched to a specific obligation or debt of the city, and the investment is specifically approved by the Director of Finance.
(Ord. 85-94, passed 10-3-94; Am. Ord. 89-96, passed 10-7-96; Am. Ord. 10-99, passed 2-16-99; Am. Ord. 82-13, passed 11-4-13; Am. Ord. 63- 22, passed 11-14-22; Am. Ord. 58-23, passed 11-27-23)