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City of South Bend Administration & Finance Policy Manual <br /> 4.0 Terms of Repurchase Agreements <br /> Each investment officer may enter into, with any funds that are held by the officer and available for <br /> investment, repurchase agreements with depositories designated by the State Board of Finance as <br /> depositories under IC 5-13-9.5; and involving the political subdivision's purchase and guaranteed <br /> resale of any interest-bearing obligations; <br /> A. issued; or <br /> B. fully insured or guaranteed by the United States, a United States Government Agency, an <br /> instrumentality of the United States, or a federal government sponsored enterprise. <br /> The depository shall determine daily that the amount of money in this type of agreement must be fully <br /> collateralized by interest-bearing obligations as determined by their current market value. The collateral <br /> is not subject to the two-year maturity limitation. <br /> Repurchase agreements may be entered into for a fixed term or arranged on an open or continuing <br /> basis as a continuing contract that: <br /> 1. operates like a series of overnight repurchase agreements (may be referred to as overnight <br /> sweep products), <br /> 2. is renewed each day with the repurchase rate and the amount of funds invested determined <br /> daily; and <br /> 3. for this purpose is considered to have a final maturity of one day. <br /> 5.0 Investment in Other Securities <br /> Each investing officer may invest or reinvest in obligations issued, assumed or guaranteed by the <br /> International Bank for Reconstruction and Redevelopment or the African Development Bank (IC 5-13- <br /> 9.3.3) <br /> 6.0 Inter-local Cooperation Agreement <br /> IC 36-1-7-1 authorizes and permits local units of government to enter into inter-local cooperation <br /> agreements, and thus to exercise a power jointly pursuant to a written agreement authorized by <br /> ordinance or resolution. MBIA provides through Invest Indiana, such an inter-local agreement. The <br /> investments of the joint structure are limited to all investments authorized by IC 5-13. <br /> 7.0 Maturity Limitations <br /> 1. A minimum of 75% of the total portfolio must be invested with a maximum maturity of two (2) years <br /> in permitted investments as defined as above. <br /> 2. A maximum of 25% of the total portfolio may be invested with a maturity of two (2)to five (5)years <br /> as permitted in IC 5-13-9-5.7 in permitted investments as defined as above. This policy expires <br /> on January 31, 2021. <br /> 5 <br />