94-826 Investment Policy - Laserfiche WebLink

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Page 5 City of Casselberry, Florida Investment Policy X. Third Partv Custodial Al!feements The Finance Director may execute a Third-party Custodial Safekeeping Agreement with a commercial bank having trust powers or a trust company which is chartered by the United States Government or the State of Florida. All securities purchased and/or collateral obtained by the City shall be properly designated as an asset of the City and held in safekeeping by the trust department or trust company and no withdrawal of such securities, in whole or in part, shall be made from safekeeping except by an authorized City staff member. The Third-Party Custodial Safekeeping Agreement shall include letters of authority from the City details as to responsibilities of each party, notification of security purchases, sales, delivery, repurchase agreements, wire transfers, safekeeping and transactions costs, procedures in case of wire failure or other unforeseen mishaps including liability of each party. XI. Internal Coutrols The Finance Director shall establish and monitor a set of internal controls designed to protect the City's funds and ensure proper accounting and reporting of the securities transactions. Such internal controls shall include, but not be limited to, the following: A. All securities purchased or sold will be transferred only under the "deliver versus payment" (D. V. P.) method to insure that funds or securities are not released until all criteria relating to the specific transaction are met. B. The Finance Director is authorized to accept, on behalf of and in the name of the City of Casselberry bank trust receipts or confirmation as evidence of actual delivery of the obligations or securities in return for investment of funds. C. Trust receipts or confirmations shall fully describe the various obligations or securities held. The receipt or confirmations shall state that the investment is held in the name of the City of Casselberry . D. The actual obligations or securities, whether in book-entry or physical form, on which trust receipts or confirmations are issued may be held by a third-party custodial bank and/or institution or a designated correspondent bank which has a correspondent relationship to the City's third-party custodian. E. Other internal controls such as: 1. Written documentation of telephone transactions 2. Adequate separation of duties 3. Custodial safekeeping 4. Supervisory control of employee actions and operations review 5. Performance evaluations and interim reporting