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(A) The CFO will maintain a listing of financial institutions which are used for investment purposes (“qualified institutions”). This list will be updated as necessary by the CFO.
(1) The CFO shall require the financial institutions and securities dealers to provide copies of the most recent annual certified financial reports as well as any other reports deemed necessary by the CFO.
(2) Additional information that can be requested include consolidated reports of condition (“call” reports), copies of sworn statements of resources and liabilities and any other statements which financial institutions or securities dealers may be required to furnish to the Commissioner of Banks and Trust Companies, to the Comptroller of the currency or other applicable regulatory agencies.
(3) The CFO or Director, Treasury, shall review each financial institution’s and security dealer’s performance and compliance to determine whether it should be a qualified institution.
(4) Investments in certificates of deposit, time deposits, et. al. in excess of FDIC insurance shall be made only in banks which have capital stock and surplus over $10,000,000 as of the date of their most recent audited financial statements.
(B) Selection of investment advisors and other professional services relating to investment activity shall comply with the requirements of the Act and all Metra policies regarding selection of professional services.
(Ord. NIRC 99-2, passed 12-17-1999)
Metra has established and will maintain a practice of investing a portion of its cash assets in qualified institutions within its six county service area and will seek to ensure maximum participation by qualified disadvantaged business enterprises to the extent available. Investments in qualified institutions with their principal office located within the central business district of the City of Chicago will not be considered as serving local areas.
(Ord. NIRC 99-2, passed 12-17-1999)
(A) All investment securities and any underlying collateral purchased by Metra shall be held in third party safekeeping accounts in accordance with “the Act” by institutions designated as “custodians”. The custodians shall issue safekeeping receipts to Metra listing the specific instruments, rates, maturities and other pertinent information for each investment. Safekeeping and collateralization shall be in compliance with requirements of “the Act”.
(B) Collateral for investments shall only be securities or financial instruments permitted by “the Act” with maturities not exceeding five years.
(C) Any investments constituting direct obligations of any bank, when deemed by Metra’s officers or this Policy to require collateralization, shall be fully collateralized in an amount equal to at least 100% of the market value of the collateral securities. If, in the opinion of the Executive Director or the CFO, market conditions warrant a more conservative policy, then a higher level of collateralization can be required by Metra.
(Ord. NIRC 99-2, passed 12-17-1999)
(A) The CFO will prepare cash flow reports quarterly. In addition, the CFO shall provide the Executive Director a monthly report on overall portfolio performance and any compliance problems with this Policy. The monthly reports will categorize investments by type, issuer, interest rate, maturity, book value, income earned and market value as of the report date.
(B) Portfolio performance will be measured using market benchmarks similar to the type of investments held in the portfolio and their maturity. The Executive Director shall provide investments reports to the Metra Board on a monthly basis.
(Ord. NIRC 99-2, passed 12-17-1999)
(A) The CFO is responsible for developing and complying with a system of written internal controls. The investment procedures should ensure that the objectives of Metra’s investment policy are maintained.
(B) The Metra investment procedures so developed are subject to the approval of the Executive Director. The Metra investment procedures are subject to review by the Metra’s audit staff and by Metra’s external auditor.
(Ord. NIRC 99-2, passed 12-17-1999)
(A) The CFO is responsible for the interpretation of this Policy. Matters regarding legal interpretation will be referred to the General Counsel by the CFO.
(B) Any matters which cannot be resolved at this level will be brought to the Executive Director for disposition.
(Ord. NIRC 99-2, passed 12-17-1999)
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