HomeMy Public PortalAbout12010O R D I N A N C E NO. 12010
AN ORDINANCE to provide for the selection of Approved Depositary Banks
and Approved Securities Dealers, the making and terms of time and demand deposits and
Authorized Investments, the form of security for safekeeping of District funds, the approval
of Authorized District Representatives for purposes of signing of checks and making of
transfers of District funds, the furnishing of surety bonds for Authorized District
Representatives, and reports of the Secretary-Treasurer to the Board of Trustees of the
District with respect to the deposit and investment of District funds, and repealing prior
ordinances and resolutions inconsistent herewith.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section 1. Investment Policy.
The Secretary-Treasurer shall prepare, maintain and adhere to a written
investment policy which shall include an asset allocation plan which limits the total amount
of District funds which may be invested in any particular investment authorized by law.
The Secretary-Treasurer shall present a copy of such policy to the Board of Directors
annually or at any time the written investment policy is amended.
Section 2. Time and Demand Deposits - Approved Depositary
Banks/Contracts.
A. The Secretary-Treasurer shall maintain a list of banks or trust
companies, situated in the District, approved for deposit of District funds ("Approved
Depositary Banks"). The list of Approved Depositary Banks, attached hereto as Exhibit
"A", is hereby approved; provided that such list may be modified from time to time by
resolution of the Board of Trustees of the District.
B. The Secretary-Treasurer shall determine, by the exercise of his best
judgment, the amount of District funds that are not immediately needed for the purpose to
which such funds are applicable, and shall keep on demand deposit in Approved
Depositary Banks the amount of District funds which he has so determined are needed for
current operating expenses of the District and disburse the same as authorized by state
law and the District's Plan.
C. Within the parameters of the Secretary-Treasurer's written investment
policy, the Secretary-Treasurer shall place the District funds which he has determined are
not immediately needed for the purpose to which said funds are applicable, on time
deposit drawing interest in Approved Depositary Banks, or place them outright or by
repurchase agreement in Authorized Investments described in Section 3 of this Ordinance,
as he in the exercise of his best judgment determines to be in the best overall interest of
the District, giving due consideration to:
(1) The preservation of such moneys;
(2) The liquidity needs of the District;
(3) The comparative yield to be derived therefrom;
(4) The effect upon the economy and welfare of the people of Missouri of
the removal or withholding from banking institutions in the District of all or some such
District funds and investing same in obligations authorized in section 15, article IV of the
Missouri Constitution; and
(5) All other factors which to him as a prudent Secretary-Treasurer seem
to be relevant to the welfare of the District in the light of the circumstances at the time
prevailing.
In making such deposits or investments, the Secretary-Treasurer shall follow
the applicable investment strategy submitted to the Board of Trustees of the District as a
part of his monthly report as required by Section 4 of this Ordinance; provided that the
Secretary-Treasurer may make investments or deposits, which are not consistent with such
investment strategy, when such action is, in the judgment of the Secretary-Treasurer, in
the best interest of the District, taking into consideration the factors set forth in this
Section, provided the Secretary-Treasurer will note such action in his next monthly report
to the Board of Trustees of the District.
D. In placing moneys on demand or time deposit, the Secretary-
Treasurer shall use his best efforts to obtain three quotes from Approved Depositary Banks
and shall place such funds with the Approved Depositary Bank selected by him, taking into
consideration the quote of such Approved Depositary Bank and the factors set forth in
Section C above. The Secretary-Treasurer shall maintain a record of all quotes received.
The Secretary-Treasurer may place such funds with an Approved Depositary Bank, without
obtaining quotes, when such action is, in the judgment of the Secretary-Treasurer, in the
best interest of the District taking into consideration the factors set forth in Section C
above, provided that the Secretary-Treasurer shall note such action in his next monthly
report to the Board of Trustees of the District.
E. The Executive Director and Secretary-Treasurer of the District are
authorized and directed to execute a contract with each Approved Depositary Bank holding
funds of the District. The contract shall be in substantially the form of Exhibit "B"
attached hereto with such changes therein as shall be approved by the Executive Director,
Secretary-Treasurer and General Counsel of the District, provided that such officers'
signatures on such contract shall constitute conclusive evidence of the approval thereof.
Section 3. Authorized Investments - Approved Securities Dealers -
Contracts.
A. The Secretary-Treasurer may subscribe for or purchase outright or by
repurchase agreement obligations of the United States government which are lawful for
investment of the District's funds under state law and the District's Plan ("Authorized
Investments") which he, in the exercise of his best judgment, believes to be the best for
investment of District funds at the time and in payment therefor may withdraw moneys
from any bank account, demand or time, maintained by him. The Secretary-Treasurer
may bid on subscriptions for such Authorized Investments in accordance with his best
judgment. Such Authorized Investments may be purchased from any primary government
securities dealer certified as such by the New York Federal Reserve Bank, from any
Authorized Depositary Bank or from any securities dealer with offices in the District
selected by the Secretary-Treasurer and approved by resolution of the Board of Trustees
of the District ("Approved Securities Dealers"). The Secretary-Treasurer shall maintain a
list of Approved Securities Dealers. The list of such Approved Securities Dealers, attached
hereto as Exhibit "C", is hereby approved; provided that such list may be modified from
time to time by resolution of the Board of Trustees of the District. The Secretary-
Treasurer shall provide for the safekeeping of all such Authorized Investments so acquired
in the same manner that securities pledged to secure the repayment of District funds
deposited in Approved Depositary Banks are kept by him pursuant to law. The Secretary-
Treasurer may hold any such Authorized Investments so acquired by him until its maturity
or prior thereto may sell the same outright for a negotiated fee as he, in the exercise of
his best judgment, deems necessary or advisable for the best interest of the District in the
light of the circumstances at the time prevailing. The Secretary-Treasurer may pay all
costs and expenses reasonably incurred by him in connection with the subscription,
purchase, sale, collection, safekeeping or delivery of all such Authorized Investments at
any time acquired by him. In purchasing or selling Authorized Investments the Secretary-
Treasurer shall use his best efforts to obtain two quotes from Approved Securities Dealers
and shall purchase or sell Authorized Investments with the Approved Securities Dealers
selected by him, taking into consideration the quote of such Approved Securities Dealers,
the costs and expenses to be paid by the District in connection with such transaction, and
the factors set forth in Section 2C above. The Secretary-Treasurer shall maintain a record
of all quotes received. The Secretary-Treasurer may purchase or sell Authorized
Investments, without obtaining quotes, when such action is in the judgment of the
Secretary-Treasurer, in the best interest of the District taking into consideration the factors
set forth in Section 2C above, provided that the Secretary-Treasurer shall note such action
in his next monthly report to the Board of Trustees of the District.
B. The Executive Director and Secretary-Treasurer of the District are
authorized and directed to execute a contract with each Approved Depositary Bank or each
Approved Securities Dealer with whom the District enters into a repurchase agreement.
The contract shall be in substantially the form of Exhibit "D" attached hereto with such
changes therein as shall be approved by the Executive Director, Secretary-Treasurer, and
General Counsel of the District, provided that such officers' signatures on such contract
shall constitute conclusive evidence of the approval thereof.
Section 4. Secretary-Treasurer's Report. The Secretary-Treasurer shall
prepare a monthly report to the Board of Trustees of the District relating to the deposit and
investment of District funds pursuant to this Ordinance. The Secretary-Treasurer's monthly
report shall include a prospective overview of the Secretary-Treasurer's investment strategy
for the deposit and investment of District funds for the next succeeding monthly period and
a report regarding the deposit and investment of District funds for the preceding monthly
period including the performance of such funds for the reporting period.
Section 5. Security for Safekeeping of District Funds. For the security of
the funds deposited by the Secretary-Treasurer under the provisions of this Ordinance, the
Secretary-Treasurer shall, from time to time, submit a list of acceptable securities to be
approved by resolution of the Board of Trustees of the District and the Secretary-Treasurer
shall require of the Approved Depositary Banks as security for the safekeeping and
payment of deposits, securities from the list provided for in this section, which list may
include only securities of the kind and character permitted by state law and the District's
Plan ("Approved Collateral"). The list of Approved Collateral, attached hereto as Exhibit
"E" is hereby approved; provided that such list may be modified from time to time by
resolution of the Board of Trustees of the District. Such securities shall be delivered to
the Secretary-Treasurer or to a disinterested banking institution or safe depositary, as
escrow agent or trustee, as directed by the Secretary-Treasurer.
Section 6. Authorized District Representatives. All requests for transfers
of funds from District accounts to other accounts of the District maintained at the same
Approved Depositary Bank, other than transfers by check, may be authorized by
telephonic, telegraphic, oral or written request received from an Authorized Representative
of the District. A transfer of funds from District accounts in favor of third parties shall be
authorized only at the request of any two Authorized Representatives of the District. All
checks drawn on any accounts of the District shall be signed, either manually or by means
of a check-signing machine, by any Authorized Representative of the District; provided that
checks of $5,000 or more may not be signed by means of a check signing machine or
other facsimile and must be signed by the manual signatures of two Authorized
Representatives of the District. The Authorized Representatives of the District, which
include the Secretary-Treasurer, Assistant Secretary-Treasurer, General Counsel, and
Assistant Executive Director of the District are hereby approved; provided that the Board of
Trustees may, from time to time, by resolution change such Authorized Representatives of
the District.
Section 7. Official Bonds. The Secretary-Treasurer of the District shall,
before entering upon the discharge of his duties hereunder, give bond in the sum of not
less than $1,000,000 to the District and any other Authorized Representative of the
District shall give bond in the sum of not less than $500,000; provided that the District
may purchase such bond in additional amounts which the Executive Director deems in the
best interest of the District, taking into consideration the security of District funds as well
as the cost of such bond. The bond shall be furnished with a surety company authorized
to do business in the State of Missouri and shall be in such form as may be prescribed by
the General Counsel of the District. The bond shall be filed in accordance with Section
7.070 of the District Plan.
Section 8. Prior Ordinances. The provisions contained in this ordinance
shall take the place of and supersede the provisions of all prior ordinances or resolutions
relating to the same subject matter which are herewith inconsistent, including but not
limited to Ordinance Nos. 7879, adopted August 9, 1989 and 10908, adopted February 8,
2001, and such ordinances are hereby repealed.
EXHIBIT A
LIST OF APPROVED DEPOSITARY BANKS
Bank of America N.A.
Bremen Bank & Trust Company
Carrollton Bank
Cass Bank & Trust Company
Centennial Bank
Central West End Bank
Citizens National Bank
Commerce Bank of St. Louis
Commerce Trust
Commercial Bank
Concord Bank
Eagle Bank and Trust Company of Missouri
Enterprise Bank
First Bank
First National Bank of St. Louis
First Third Bank
Founders Bank
Frontenac Bank
Gateway National Bank of St. Louis
Heartland Savings Bank
Jefferson Bank & Trust Company
Lindell Bank & Trust Company
Meramec Valley Bank
Midwest BankCentre
Missouri State Bank
Montgomery 1st National Bank
National City Bank
Normandy Bank
Northern Trust Bank
Pioneer Bank & Trust Company
Pulaski Bank A Savings Bank
Regions Bank, N.A.
Reliance Bank
Rockwood Bank
Royal Banks
Saint John's Bank & Trust Company
Southern Commercial Bank
Southwest Bank
The Bank of New York*
Truman Bank
UMB Bank N.A.
UMB Trust
US Bank
*Paying Agent Institutions Only
EXHIBIT "B"
DEPOSITARY CONTRACT FOR DEPOSITS
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT
THIS CONTRACT, made the _____ day of_________________,
200__, between the Secretary-Treasurer of The Metropolitan St. Louis
Sewer District (hereinafter the "District") and ___________
______________ (hereinafter the "Depositary");
WITNESSETH:
Pursuant to the provisions of Section 7.080 of the
District's Plan and Ordinance No.__________ of the District,
Depositary has been selected as a depositary of moneys of the
District; and it is hereby agreed as follows:
1. Demand Accounts. The Secretary-Treasurer of the
District will from time to time deposit moneys with Depositary on
demand deposit. The District agrees to establish and maintain with
Depositary the following demand deposit accounts:___________
_______________________________________________. Depositary agrees to
safely keep the demand deposits made hereunder, to promptly collect
all checks, drafts and other instruments of exchange deposited with it
under this contract, and to pay out such sums as the District may draw
by check or other transfer as hereinafter provided.
2. Certification of Deposit. The Secretary-Treasurer of
the District will from time to time purchase certificates of deposit
from the Depositary. The rates of interest, basis of calculation of
interest, time of payment of interest and maturity of each such
certificate of deposit shall be as agreed to by the District and the
Depositary at the time of purchase.
3. Collateral for Deposits. The Secretary-Treasurer shall
from time to time provide the Depositary a list of approved securities
("Securities"), which may be provided as collateral for District
deposits. The current list of Securities is attached hereto as
Addendum A. To secure the safekeeping of the moneys deposited under
this contract, Depositary will deliver Securities, in an amount at
least equal in market value to the amount of deposits of District and
its subdistricts in the Depositary hereunder, as directed by the
Secretary-Treasurer. Such Securities shall be delivered to the
Secretary-Treasurer or to a disinterested banking institution or safe
depositary, as escrow agent or trustee (the "Custodian") as directed
by the Secretary-Treasurer in writing. The current written direction
of the Secretary-Treasurer as to the Custodian for such Securities is
attached hereto as Addendum B. Depositary does hereby grant, bargain,
convey and pledge a security interest in any and all Securities
deposited with the Secretary-Treasurer of the District or the
Custodian in accordance with the terms of this contract. Upon an
increase in
the deposits of the District in the Depositary, the Depositary will
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make additional deposits of Securities with the Secretary-
Treasurer or Custodian, equal in market value to the amount by
which such deposits have increased. Upon a decrease in the
deposits of the District in the Depositary, the Secretary-
Treasurer of the District shall consent to a withdrawal of
deposits of Securities in such amounts as will insure that all
deposits are fully collateralized in the amount required
hereunder.
4. Accounting and Safekeeping of Securities. The
Secretary-Treasurer of the District may from time to time
inspect or request an accounting of the securities to determine
that they are kept and maintained as required in paragraph 3.
Any expenses charged by the Custodian for the deposit,
safekeeping and inspection of said securities shall be paid by
Depositary. If in any case, or at any time, the Secretary--
Treasurer of the District determines that the Securities given
by Depositary do not satisfactorily secure the deposits made or
to be made hereunder, the District may require additional or
substitute security to be given and Depositary shall furnish
additional or substitute security as is satisfactory to the
Secretary-Treasurer of the District.
5. Substitution of Securities. The Depositary may,
at any time with the consent of the Secretary-Treasurer,
withdraw any of the Securities deposited to secure the
safekeeping of the moneys deposited hereunder upon depositing in
lieu thereof other Securities of like kind and character and at
least equal in market value to the Securities withdrawn.
Securities so deposited will be pledged to secure payment by the
Depositary of District funds as directed by the District
pursuant to the provisions hereof, and such Securities shall be
released and delivered to the District on its sole demand made
to the Custodian, in the event that the Depositary should fail
to pay such secured funds, or any part thereof, as directed by
the District pursuant to the provisions hereof, and that
securities so released and delivered to the District shall be
converted into money and the District shall use the same in lieu
of such secured funds.
6. Statement of Accounts. Depositary shall, at times
specified in writing by the Secretary-Treasurer of the District,
render a statement showing the daily balance, or amount of
money, held by it under this contract and shall include with
such statement all cancelled checks drawn on any accounts of the
District covered by such statement.
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7. Conversion of Securities. In the event that Depositary
defaults in any manner in performing any of the terms and conditions
of this contract between the parties or fails to keep safely the
moneys deposited with it, or to pay any demand ordered by the
Secretary-Treasurer of the District, the Secretary-Treasurer of the
District shall be authorized forthwith without notice, advertisement
or demand and at public or private sale to convert into money the
Securities deposited by Depositary or as many of them as may be
necessary to pay the whole amount of the moneys deposited; and
District may purchase at the then market value any or all of the
Securities sold at any such sale.
8. Charges for Services. The District will be responsible
for all charges for services provided by Depositary, as mutually
agreed in the attached Pricing Schedule, Addendum C. The Depositary
agrees to give the District 60 days advance written notice prior to
the effective date of any changes in Pricing Schedule, Addendum C.
The Depositary will bill the District monthly for charges for services
and will not automatically debit any account of the District
maintained with the Depositary for such charges. The Depositary
retains its right to set off against any such account for charges
which remain unpaid 30 days from date of billing, provided that if the
District disputes any charge within such 30 day period the
Depositary's right to set off with respect to such disputed charge may
only be exercised for such charges which remain unpaid 30 days
following notice by the District to the Depositary that such charge is
in dispute.
9. Transfer of Funds. The Depositary is authorized to
honor, execute and charge to the District's account at the Depositary
all telephonic, telegraphic, oral or written requests received from an
Authorized Representative of the District for transfers of funds from
District accounts to other accounts of the District maintained with
Depositary, provided that a transfer of funds from District Accounts
in favor of third parties, other than a transfer by check, shall be
made by the Depositary at the request of any two Authorized
Representatives of the District. The names, offices, manual
signatures and facsimile signatures of individuals presently serving
as Authorized Representatives of the District are set forth on
Addendum D. The Executive Director and Secretary-Treasurer of the
District shall notify the Depositary in writing of any changes in such
Authorized Representatives of the District.
10. Checks of the District. The Depositary is authorized
to honor, execute and charge to the District's accounts at the
Depositary all checks drawn on any such accounts, signed either
manually or by means of a check signing machine, by any Authorized
Representative of the District as set forth in Addendum D; provided
that checks of $5,000 or more may not be signed by means of a check
signing machine or other facsimile but only by manual signature and
checks of $50,000 or more must be
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signed by the manual signatures of two Authorized Representatives of
the District.
11. Assignment. Depositary shall not transfer by
assignment, subcontract or otherwise any interest in this contract
without the prior written consent of the Secretary-Treasurer of the
District.
12. Access. Depositary shall permit reasonable access by
the Secretary-Treasurer of the District for purposes of performing
audit procedures relating to any aspect of services provided by
Depositary to District in connection with this contract.
13. Records. Depositary shall maintain complete records
relating to deposits made hereunder in accordance with state and
federal laws, rules and regulations. No listing, report or other
material generated from date covered by this contract may be disclosed
or transferred by Depositary to any other person, except as required
by state and federal laws, rules and regulations, and then only after
notice to the Secretary-Treasurer of the District.
14. Term. This contract shall continue in force and
effect until ________________, provided that such contract shall
automatically renew on each June 30 for an additional one-year period
unless Depositary is notified by the Secretary-Treasurer of the
District that this contract will terminate on such June 30; provided,
however, that each party reserves the right to terminate this contract
at any time on giving sixty (60) days written notice to the other
party of its intention to do so, and this contract shall continue in
effect until so terminated.
15. Depositary Resolution. There is attached hereto a
certified copy of the resolution adopted by the Board of Directors of
Depositary authorizing the execution and delivery of this contract by
the officers of Depositary, whose names are affixed on behalf of
Depositary.
16. Modification. This Agreement and Addendum may be
modified or amended only in writing and agreed to by both parties.
17. Applicable Law. This Agreement and all sections
thereof shall be governed by the laws of the State of Missouri.
[18. Additional Services. The Depositary and the District
mutually agree that the Depositary shall perform certain additional
banking services as described in Addendum E under the terms and
conditions as described in Addendum E, which is incorporated herein by
reference; provided that in the event of conflicts between this
contract and Addendum E, as to the
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services described in Addendum E the provisions of such Addendum
shall control.]
IN TESTIMONY WHEREOF, the parties have executed this
contract in duplicate and hereunto subscribed their names and
affixed their seals as of the date first above written.
(SEAL) THE METROPOLITAN ST. LOUIS SEWER
DISTRICT
By ______________________________
Executive Director of The
Metropolitan St. Louis Sewer
District
ATTEST:
_____________________________
Secretary-Treasurer
Approved as to form:
_____________________________
General Counsel
(SEAL) ______________________________
By ______________________________
Title: __________________________
ATTEST:
_____________________________
Secretary or
Assistant Secretary
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ADDENDUM A
SECURITIES ACCEPTABLE AS COLLATERAL
TO SECURE DEPOSITS
The securities described below are hereby designated as acceptable collateral for District
funds on deposit, as required by Section 30.270 RSMo (as amended). The Secretary-
Treasurer reserves the right to refuse to accept as collateral any security or securities on
this list, or to request the submission of an alternate acceptable security or securities, if, in
the sole discretion of the Secretary-Treasurer, the Secretary-Treasurer determines that
such action will provide greater security for the deposit of District funds.
The securities described below are designated as acceptable collateral for the deposit of
District funds. The listing is not intended to serve as, and should not be considered as a
listing of legally authorized investment instruments.
1. Marketable Treasury securities of the United States.
2. The following debt securities of the State of Missouri and its state authorities:
a. General obligation debt securities issued by the State of Missouri.
b. Revenue bonds issued by the Missouri Board of Public Buildings or
Department of Natural Resources.
c. Revenue bonds of the Missouri Housing Development Commission, Missouri
Health and Education Facilities Authority, Missouri Higher Education Loan
Authority, Missouri Environmental Improvement and Energy Resources
Authority, Missouri Agricultural and Small Business Development Authority,
Missouri Industrial Development Board, or State-owned educational
institutions, so long as any of the above are rated "A" or better by Moody's
or Standard & Poors (M1 on notes, or are secured by a federal agency
guarantee (directly or through guaranteed loans).
3. General obligation bonds of any city in this state having a population of not less
than two thousand.
4. General obligation bonds of any county of this state.
5. General obligation bonds approved and registered, of any school district situated in
this state.
6. General obligation bonds, approved and registered, or any special road district in
this state.
7. General obligation state bonds of any of the 50 states.
8. Debt securities of the Federal Farm Credit System.
9. Debt securities of the Federal Home Loan Banks (FHLB) (excluding Zeros).
10. Other debt securities guaranteed by the United States or its agencies or
instrumentality's, as follows:
a. Debt securities of the Federal National Mortgage Association (FNMA).
b. Debt securities of the Student Loan Marketing Association (SLMA).
c. Debt securities of the Government National Mortgage Association (GNMA).
d. Debt securities of the Federal Home Loan Mortgage Corporation (FHLMC)
(excluding FHLMC Mortgage Cash Flow Obligations).
e. Guaranteed Loan Pool Certificates of the Small Business Administration
(SBA).
f. Federal Home Administration insured notes (CBOs).
g. Public housing notes and bonds ("project notes and bonds") issued by
public housing agencies, guaranteed as to the payment of principal and
interest by the government of the United States or any agency or in
instrumentality thereof.
h. Debt securities of the Resolution Funding Corporation (REFCORP).
All pledges of pass-through mortgage-backed securities will be valued at 90% of
market value. SBA pool certificates and collateralized mortgage obligations will be
valued at 75% of market value. The only Collateralized Mortgage Obligations
(CMO) the Secretary Treasurer's Office will accept are Planned Amortization Class
(PAC) Collateralized Mortgage Obligations that have a weighted average life not to
exceed three years and pass the FFIEC High Risk Stress Test. No Strips or Zeros
are acceptable.
11. Bonds of any political subdivision established under the provision of Section 30,
Article VI, of the Constitution of Missouri.
12. Tax anticipation notes issued by any county of class one in Missouri.
13. Surety bond issued by an insurance company licensed under the laws of the State
of Missouri whose claims-paying ability is rated in the highest category by Duff &
Phelps, A.M. Best, Standard & Poors, or Moody's. The face amount of such surety
bond shall be at least equal to the portion of the deposit to be secured by the
surety bond.
14. Irrevocable standby Letter of Credit issued by a Federal Home Loan Bank
possessing the highest rating issued by at least one nationally recognized statistical
rating agency.
Unless noted otherwise, the market value of collateral must be 100% or greater of the
amount of District time deposits (including interest to maturity) plus demand deposits with
the depository, less the amount, if any, which is insured by the Federal Deposit Insurance
Corporation. All securities pledged as collateral by the depository will be held by the
Secretary-Treasurer, in a segregated account. All collateral pledged must be delivered in
bearer form, book-entry form, or in the case of fully registered certificates, placed into the
nominee name of the custodian.
ADDENDUM B
DIRECTION REGARDING CUSTODIAN OF SECURITIES
ADDENDUM C
PRICING SCHEDULE
ADDENDUM D
AUTHORIZED REPRESENTATIVES OF THE DISTRICT
Title Name Signature Facsimile
Secretary-Treasurer _________________ ___________________ ______________
Assistant
Secretary-Treasurer
_________________
___________________
______________
General Counsel
_________________
___________________
______________
Assistant
Executive Director
_________________
___________________
______________
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ADDENDUM E
ADDITIONAL SERVICES
EXHIBIT "C"
LIST OF APPROVED SECURITIES DEALERS
Primary Government Securities Dealers*
ABN AMRO Incorporated
Banc of America Securities L.L.C.
Barclays Capital Inc.
Bear, Stearns & Co., Inc.
BNP Paribas Securities Corp.
CIBC World Markets Corp.
Citigroup Global Markets Inc.
Countrywide Securities Corporation
Credit Suisse First Boston Corporation
Daiwa Securities America Inc.
Deutsche Bank Securities Inc.
Dresdner Kleinwort Benson North American L.L.C.
Goldman, Sachs & Co.
Greenwich Capital Markets, Inc.
HSBC Securities (USA) Inc.
J.P. Morgan Securities, Inc.
Lehman Brothers Inc.
Merrill Lynch Government Securities Inc.
Mizuho Securities USA Inc.
Morgan Stanley & Co. Incorporated
Nomura Securities International, Inc.
UBS Securities LLC.
_______________________
*Such Primary Government Securities Dealers shall be those
certified as such, from time to time, by the New York Federal
Reserve Bank.
Securities Dealers in the District
A. G. Edwards & Sons, Inc.
Edward D. Jones
First St. Louis Securities Inc.
RBL Dain Rauscher Corp.
Siebert Branford Shanks & Co., LLC
Stifel Nicolaus & Co., Inc.
Stern Brothers & Co.
District Authorized Depositary Banks
The foregoing Ordinance was adopted June 9, 2005.