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<br />Securities may be traded for other similar seCUritIes to improve yield, <br />maturity, credit risk or market risk, provided any of the following occurs <br />with respect to the replacement security: <br /> <br />The yield has been increased, or <br /> <br />2 The maturity has been reduced, or <br /> <br />3 The quality of the investment has been improved, or <br /> <br />4 The Risk from a market decline has been reduced. <br /> <br />THIRD-PARTY CUSTODIAL AGREEMENTS <br /> <br />All assets shall be held by a third party, and all securities purchased by, and <br />all collateral obtained by, the City shall be property designated as an asset of <br />the City. No withdrawals of assets, in whole or in pa1i, shall be made except <br />by an authorized Finance Department staff member. Securities transactions <br />between a broker- dealer and the Custodian involving purchase or sale of <br />securities by transfer of money or securities should be made on a " delivery <br />vs. payment" base to ensure that the Custodian will have the security or <br />money as appropriate, in hand at the conclusion of the transaction. <br /> <br />Collateral for public deposits is controlled by the State of Florida through <br />Chapter 280 of the Florida Statutes. The City is under no obligation to <br />secure additional collateral beyond the provisions set fOlih in Chapter 280, <br />except in the case of Repurchase Agreements. Collateral requirements for <br />Repurchase Agreements will be contained in a Master Repurchase <br />Agreement executed between the City and The broker/dealer or bank. <br /> <br />All investment securities purchased except for Certificates of Deposits shall <br />be held in safekeeping at an institution designated by the Finance Director. <br />The institution shall issue a safekeeping receipt and shall send a periodic <br />report (at least quarterly) listing all securities held in safekeeping for <br />verification by the Finance Department. <br /> <br />Certificates of Deposits issued by a local bank may be held in safekeeping at <br />that institution. A safekeeping receipt/conformation shall be issued to the <br />City to be kept on file. An exception is made for non-negotiable bank <br />celiificates of deposit, \vhich would require physical delivery without the <br /> <br />Page I 0 0 f ] 2 <br />