HomeMy Public PortalAboutr2931RESOLUTION NO. 2931
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 September 16, 2010.
(EXHIBIT A)
LIST OF APPROVED DEPOSITARY BANKS
Bancorp South M & I Bank
Bank of America, N.A. Midwest Bank Centre
Boulevard Bank Montgomery 1st National Bank
Bremen Bank & rust Company Northern Trust Bank
Carrollton Bank PNC Bank
Cass Commercial Bank Pulaski Bank A Savings Bank
Citizens National Bank Regions Bank, N.A.
Commerce Bank of St. Louis Reliance Bank
Commerce Trust Rockwood Bank
Commercial Bank of Westport Royal Banks
Eagle Bank and Trust Company of Missouri Saint John’s Bank & Trust Company
Enterprise Bank St. Louis Bank
Everbank Southern Commercial Bank
FCB South County Bank The Bank of New York
Fifth Third Bank The Business Bank of St. Louis
First Financial Bank The Private Bank
First National Bank of St. Louis (Central
Bancompany)
Truman Bank
Founders Bank UMB Bank N.A.
Heartland Savings Bank UMB Trust
Lindell Bank & Trust Company US Bank
Main Street Bank & Trust (Lock-Box
/Firstech Pay Station Pass Through)
(EXHIBIT C)
LIST OF APPROVED SECURITIES DEALERS
Primary Government Securities Dealers* Securities Dealers in the District
BNP Paribas Securities Corp. Comerica Securities, Inc.
Banc of America Securities LLC Edward D. Jones
Barclays Capital Inc. First Bankers Banc Securities, Inc.
Cantor Fitzgerald & Co. Great Pacific Securities
Citigroup Global Markets Inc. Morgan Keegan
Credit Suisse First (USA) LLC Piper Jaffray & Co
Daiwa Securities America Inc. Raymond James & Associates
Deutsche Bank Securities Inc. RBC Dain Rauscher Corp.
Goldman, Sachs & Co. Siebert Branford Shanks & Co., LLC
Greenwich Capital Markets, Inc. Stifel Nicolaus & Co., Inc.
HSBC Securities (USA) Inc. Sterling Investments
J.P. Morgan Securities, Inc. Stern Brothers & Co.
Merrill Lynch Government Securities Inc. Wells Fargo Institutional Brokerage
Mizuho Securities USA Inc. District Authorized Depositary Banks
Morgan Stanley & Co. Incorporated
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 April 1, 2010
(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
(EXHIBIT E, cont'd.)
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”.
(EXHIBIT E, cont'd.)
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.