(A) Collateralization will be required on two types of investments: certificates of deposit and repurchase (and reverse) agreements. In order to anticipate market changes and provide a level of security for all funds, the collateralization level will be (102%) of market value of principal and accrued interest.
(B) The city chooses to limit collateral to the following:
(1) United States Treasury Securities;
(2) United States Government Agencies Securities; and
(3) State of Ohio Municipal Securities.
(C) Collateral will always be held by an independent third party with whom the city has a current custodial agreement. A clearly marked evidence of ownership (safekeeping receipt) must be supplied to the city and retained.
(D) The right of collateral substitution is granted to the City Auditor after discussion with the Investment Committee.
(Ord. 7346, passed 2-11-97)