HomeMy Public PortalAboutR3029RESOLUTION NO. 3029
WHEREAS, under provisions of Ordinance No. 12010, Section Two
adopted on June 9, 2005, the list of Approved Depositary Banks may be modified from
time to time by resolution of the Board of Trustees of the District, and
WHEREAS, under provisions of Ordinance No. 12010, Section Three
adopted on June 9, 2005 the list of Approved Securities Dealers may be modified from
time to time by resolution of the Board of Trustees of the District, and
WHEREAS, under provisions of Ordinance No. 12010, Section five
adopted on June 9, 2005 the list of Approved Collateral may be modified from time to
time by resolution of the Board of Trustees of the District, and
NOW, THEREFORE, BE IT RESOLVED that 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.
BE IT FURTHER RESOLVED that the list of 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 foregoing Resolution was adopted May 10, 2012 by the following vote –
Ayes – E. Ross, A. Mandel, J. Goffstein, R. Berry, J. Buford, and M. Yates.
Nays – None.
Secretary-Treasurer
EXHIBIT A
LIST OF APPROVED DEPOSITARY BANKS
Bancorp South
Bank of America, N.A.
Boulevard Bank
Bremen Bank & Trust Company
Carrollton Bank
Cass Commercial Bank
Citizens National Bank
Commerce Bank of St. Louis
Commerce Trust
Commercial Bank of Westport
Eagle Bank and Trust Company of Missouri
Enterprise Bank
Everbank
FCB South County Bank
Fifth Third Bank
First Financial Bank
First National Bank of St. Louis (Central Bancompany)
Founders Bank
Heartland Savings Bank
Lindell Bank & Trust Company
Main Street Bank & Trust (Lock-Box /Firstech Pay Station Pass Through)
M & I Bank
Midwest Bank Centre
Montgomery 1st National Bank
Northern Trust Bank
PNC Bank
Pulaski Bank
Regions Bank, N.A.
Reliance Bank
Rockwood Bank
Royal Banks
Saint John’s Bank & Trust Company
St. Louis Bank
Southern Commercial Bank
The Bank of New York*
The Business Bank of St. Louis
The Private Bank
Truman Bank
UMB Bank N.A.
UMB Trust
US Bank
*Paying Agent Institutions Only
EXHIBIT C
LIST OF APPROVED SECURITIES DEALERS
Primary Government Securities Dealers*
Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Inc.
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets Corporation
RBS Securities Inc.
SG Americas Securities, LLC
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. Current list dated October 31,
2011.
Securities Dealers in the District
Blaylock Robert Van, LLC
Comerica Securities, Inc.
Edward D. Jones
First Bankers Banc Securities, Inc.
FTN Financial Capital Markets
Great Pacific Securities
Piper Jaffray & Co
Raymond James l Morgan Keegan
Siebert Branford Shanks & Co., LLC
Stifel Nicolaus & Co., Inc.
Sterling Investments
Stern Brothers & Co.
Wells Fargo Institutional Brokerage
District Authorized Depositary Banks
EXHIBIT E
LIST OF APPROVED COLLATERAL
The securities described below are hereby designated as acceptable collateral for state funds on
deposit, as required by Section 30.270 RSMo (as amended). The State 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 State
Treasurer, the State Treasurer determines that such action will provide greater security for the
deposit of state funds.
The securities described below are designated as acceptable collateral for the deposit of state
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. Bonds or certificates of participation (COP’s) issued by the State of Missouri with an
investment grade long-term rating from one of the Nationally Recognized Statistical
Ratings Organizations (NRSRO’s) or are secured by a federal agency guarantee (directly or
through guaranteed loans), to include the following:
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.
d. Certificates of Participation issued by the Missouri Board of Public Buildings or Public
Fund Commissioners.
3. Bonds or certificates of participation with an investment grade long-term rating from one of
the NRSRO’s issued by of any of the following agencies:
a. Any city in this state having a population of not less than two thousand
b. Any county of this state
c. Any school district situated in this state
d. Any special road district in this state
e. Bonds of any political subdivision established under the provision of Article VI,
Section 30 of the Constitution of Missouri (City and County of St. Louis)
f. Any of the fifty states within the United States of America
4. Debt securities guaranteed by the United States or its agencies or instrumentalities, as
follows:
a. Debt securities of the Federal Farm Credit System
b. Debt securities of the Federal Home Loan Banks
c. Debt securities of the Federal National Mortgage Association (“Fannie Mae”)
d. Debt securities of the Student Loan Marketing Association
e. Debt securities of the Tennessee Valley Authority (TVA)
f. Debt securities of the Federal Agricultural Mortgage Corporation (“Farmer Mac”)
g. Debt securities of the Government National Mortgage Association (“Ginnie Mae”).
h. Debt securities of the Federal Home Loan Mortgage Corporation (“Freddie Mac”)
i. Guaranteed Loan Pool Certificates of the Small Business Administration (SBA)
j. Federal Home Administration insured notes (CBOs).
k. 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 of any agency or instrumentality thereof.
l. Debt securities of the Resolution Funding Corporation (REFCORP).
Collateralization margins for pass-through mortgage-backed securities, SBA pool
certificates and collateralized mortgage obligations shall differ from debentures issued
by such agencies. The only type of Collateralized Mortgage Obligations (CMO) that the
Treasurer’s Office will accept are Planned Amortization Classes (PAC’s), Targeted
Amortization Classes (TAC’s) and sequential pay classes. Furthermore, Collateralized
Mortgage Obligations must have a weighted average life not to exceed five years and
pass the FFIEC High Risk Stress Test. No Strips, Z bonds, Mortgage Derivatives or
Zeros are acceptable.
5. Tax anticipation notes issued by any county of class one in Missouri with an investment
grade short-term rating from one of the Nationally Recognized Statistical Ratings
Organizations (NRSRO’s)
6. Surety bonds 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.
7. Irrevocable standby Letter of Credit issued by a Federal Home Loan Band possessing the
highest rating issued by at least one NRSRO.
8. Bonds or certificates of participation issued by local government agencies within the fifty
states provided such instruments are rated in the highest category by at least one NRSRO.
The State Treasurer shall determine the collateralization margin (or “haircut”) for each
security type listed above, which may change from time to time subject to market
conditions and other factors, but in no event shall be greater than the maximum limits
allowed by law. The current collateralization requirements by security type are provided
on Attachment “A”.
The total market value of collateral must be equal to or greater than the collateralization
margin set by the State Treasurer of the total amount of state time deposits (including
accrued interest to maturity) plus demand deposits with the depository, less the amount,
if any, which is insured by the Federal Deposit Insurance Corporation, or the National
Credit Unions Share Insurance Fund. All securities pledged as collateral by the
depository will be held by the Missouri State Treasurer, in a segregated account. All
collateral pledged must be delivered in bearer for, book-entry form, or in the case of
fully registered certificates, placed into the nominee name of the custodian.
COLLATERALIZATION REQUIREMENTS
FOR DISTRICT DEPOSITS
No.
Security
Collateralization
Margin
(“Haircut”)
1. United States Treasuries 102%
2. State of Missouri Bonds/Debt 102%
3. Local/State Debt
a. Any city in this state having a population of not less
than two thousand
102%
b. Any county of this state 102%
c. Any school district situated in this state 102%
d. Any special road district in this state 102%
e. Bonds and COP’s of any political subdivision
established under the provision of Article VI, Section
30 of the Constitution of Missouri (City and County of
St. Louis)
102%
f. Any of the fifty state within the United States of
America
102%
4. U.S. Agency Securities
Agency Debentures 102%
SBA Loan Pools 105%
Agency Mortgage-Backed Securities 105%
Agency CMO’s (PACs, TACs, and SEq. Bonds only) 105%
5. Tax anticipation notes issued by any county of class one in
Missouri
102%
6. Surety bonds 100%
7. FHLB Letter of Credit 100%
8. Out-of-state Municipal Bonds/COP’s 102%