AUTHORIZED INSTRUMENTS. Consistent with the investment criteria contained in the Participation Agreement and attached thereto as Exhibit E, the board and the Investment Advisor are authorized to invest investment property in only the following: (a) US Treasury Bonds, Bills, Notes, and Treasury Strips, (b) Obligations of an agency or instrumentality of the United States. (c) Commercial paper rated at the time of purchase within the highest two classifications established by not less than two standard rating services (i.e., as of September 18, 2009, A- 1+ and A-1 by s&P Global Ratings Service, P-1 by ▇▇▇▇▇’▇ Investors Service, or F1+ and F1 by Fitch, Inc.) and that matures not more than 270 days after the date of purchase. (d) Bankers’ acceptances issued by FDIC member United States banks. (e) Repurchase agreements consisting of instruments listed in a subdivision (a or b) Repurchase agreements shall be 102% collateralized with Public Securities Association (PSA) Master Repurchase agreement on file and or tri-party custody agreement on file.
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Sources: Investment Policy, Investment Policy