RES012703A - Laserfiche WebLink

Home Browse Search

of reasonable assurance recognizes tha (1) the cost of control should not exceed the benefits likely to be derived and (2) the valuation of costs and benefits require estimates and judgements by management. The internal controls shall address the following points: Control of collusion. Separation of transaction authority frorn accounting and record keeping. Custodial safekeeping. Avoidance of physical delivery securities. Clear delegation of authority to subordinate staff members. Written confirmation of transactions for investments and wire transfers. Development of a wire transfer agreement with the lead bank. Suitable and Authorized Investments Investment Types In accordance with and subject to restrictions imposed by cun'ent statutes, the following list represents the entire range of investments that City of University City/General Fund will consider and which shall be authorized for the investment of funds by the City of University City/General Fund. ao United States Treasury Securities. The city of University City/General Fund may invest in obligations of the United States government for which the full faith and credit of the United States are pledged for the payment of principal and interest. United States Agency Securities. The City of University City/General Fund may invest in obligations issued or guaranteed by an agency of the United States Government as described in V.(2), Repurchase A,m'eements. The City of University City/General Fund may invest in contractual agreements between the City of University City/General Fund and commercial banks or government securities dealers. The purchases in a repurchase agreement (repo) enters into a contractual agreement to purchase U.S. Treasury and governrnent agency securities while simultaneously agreeing to resell the securities at predetermined dates and prices.