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r2938RESOLUTION NO. 2938 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 October 14, 2010. EXHIBIT A LIST OF APPROVED DEPOSITARY BANKS Bancorp South Bank of America, N.A. Boulevard Bank Bremen Bank & rust 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 A Savings 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* BNP Paribas Securities Corp. Banc of America Securities LLC 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 Mizuho Securities USA Inc. Morgan Stanley & Co. Incorporated Nomura Securities International, Inc. RBC Capital Markets Corporation RBS Securities 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. Current list dated September 1, 2010. Securities Dealers in the District Comerica Securities, Inc. Edward D. Jones First Bankers Banc Securities, Inc. Great Pacific Securities Morgan Keegan Piper Jaffray & Co Raymond James & Associates 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%