Ordinance No. 19551 - Laserfiche WebLink

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1,2,31,4, Direct and general long-term obligations of any state, to the payment of which the full faith and credit of the state is pledged and that are rated in either of the two highest rating categories by Moody's and S&P, 1,2,31.5. Direct and general short-term obligations of any state, to the payment of which the full faith and credit of the State is pledged and that are rated in the highest rating category by Moody's and S&P, 1.2.31,6. Interest-bearing demand or time deposits or interests in money market portfolios issued by state banks or trust companies or national banking associations that are members of the Federal,Depasit Insurance Corporation FDIC} or by savings and loan assoc~at~ons that are members of the Federal Savings and Loan Insurance Corporation FSLIC}, These deposits or interests must be ~a} continuously and fully insured by FDIC or FSLIC and be with banks that are rated at least P-1 or Aa by Moody's and at least A-1 or AA by S&P, or fib} fully secured by United States obligations. Such United States obligations must have a market value at all times at least equal to the principal amount of the deposits or interests, The United States obligations must be held by the Trustee who shall not be the provider of the collateral}, or by any Federal Reserve Bank or Depositary, as custodian for the institution issuing the deposits or interests. The Trustee should have a perfected first lien in the United States obligations serving as collateral, and such collateral is to be free from all third-party liens. 1.2,31.7. Long--term or medium-term corporate debt guaranteed by any corporation that is rated by Moody's and S&P in one, of their two highest rating categories. 1,2.31.8. Repurchase agreements, the maturities of which are 30 days ar less, entered into with financial institutions such as banks or trust companies organized under state law or national banking associations, insurance companies, or government bond dealers reporting to, trading with, and recognized as a primary dealer by, the Federal Reserve Bank of New~York and a member of the Security Investors Protection Corporation or with a dealer or parent holding company that is rated investment grade ~"A" or better} by Moody'~s and S&P, The repurchase agreement should be in respect of United States obligations or obligations described in subsection 1,2,31.2 of this definition and shall be collateralized by United States obligations the fair market value of which, together with the fair market value of the repurchase agreement securities, exclusive of accrued interest, shall be maintained at any amount at least equal to the amount invested in the repurchase agreements. In addition, the provision of the repurchase agreement shall meet the fallowing additional criteria: Page 10 - Ordinance