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<br />The Finance Director or designee may invest in negotiable direct <br />obligations of the U.S. Government. Such securities will include <br />the following: <br /> <br />Direct Obligations: <br /> <br />. Treasury Bills <br />· Treasury Notes <br />· Treasury Bonds <br /> <br />2. Portfolio composition <br /> <br />The portfolio may be comprised of 100% direct government <br />obligations including the securities held under overnight <br />repurchase agreements. <br /> <br />3. Maturity Limitations <br /> <br />The maximum length to maturity of any direct investment In <br />government obligations is five (5) years. <br /> <br />" <br /> <br />C. Federal Agencies <br /> <br />1. Authority to Purchase <br /> <br />The Finance Director or designee may invest in obligations the <br />principal and interest of which are unconditionally guaranteed by <br />the U.S. Government and issued through Federal agencies. Such <br />securities will include but not be limited to: <br /> <br />· Government National Mortgage Association (GNMA) <br /> <br />2. Portfolio Composition <br /> <br />Federal Agencies may comprise 100% of the portfolio. <br /> <br />3. Limits on Individual Issuers <br /> <br />A maximum of 100% of the portfolio may be invested in anyone <br />Federal Agency. <br /> <br />6 <br />