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..?a..??..q.?., ,. ?,... <br /> <br />-3- <br />6. <br />paragraph 5 shall be made with a bank or savings and <br />loan association eligible to be a depository for public <br />funds of Ohio subdivisions and provided further that any <br />such fund meets the requirements of Chapter 135 of the <br />Revised Code (including that such fund not include any <br />investment in a "derivative"). <br />Ohio Subdivision's Fund (STAROhio). <br />7. Overnight or term (not exceeding 30 days) repurchase <br />agreements meeting the requirements of Section <br />135.14(E) of the Revised Code, with: (i) a bank or <br />savings and loan association eligible to be a depository of <br />public funds of Ohio subdivisions or (ii) a member of the <br />National Association of Securities Dealers. <br />Maximum Maturities <br />To the extent possible, the City will attempt to match its investments with anticipated <br />cash flow requirements. No investment shall be made unless the Director of Finance, at the <br />time of making the investment, reasonably expects it can be held to its maturity. Unless <br />matched to a specific obligation or debt of the City, the City will not directly invest in securities <br />listed in paragraphs 1 through 5 above under Authorized Investments maturing more than five <br />years from the date of settlement if such securities bear interest at a fixed rate, and it will not <br />directly invest in such securities maturing more than two years from the date of settlement if <br />they bear interest at a variable rate`. <br />Safekeeping and Custody <br />All securities transactions, including securities acquired subject to repurchase <br />agreements, entered into by the City will be conducted on a delivery-versus-payment basis. <br />Purchased securities will be held on behalf of the City by a custodian, designated by the Director <br />of Finance, that is a Federal Reserve Bank or other "qualified trustee" within the meaning of <br />Section 135.18(I) of the Revised Code, and the holding and safekeeping of those securities for <br />the benefit of the City shall be evidenced by safekeeping receipts. Purchased securities shall be <br />released by the City only upon verification that their principal and interest, or proceeds of their <br />sale, shall have been credited to the City's account. <br />Prohibited Investment Practices <br />In addition to any other prohibitions in the Revised Code, the City will not: <br />Contract to sell securities that have not yet been acquired <br />on the speculation that prices will decline. <br />' Within certain limits the maximum maturity period of the securities in which the City can <br />invest is up to the City. The maximum maturity period of such securities bearing interest at a <br />fixed rate must, however, be no greater than 5 years from the date of settlement, and the <br />maximum maturity period for eligible securities bearing interest at a variable rate should be no <br />greater than 2 years from such date.