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and perform at least a quarterly review thereafter while the City is invested in the pool or <br />the money market fund. <br />The City currently authorizes pooled investment fund deposits only with the state Local <br />Agency Investment Fund (LAIF). LAIF is authorized under provisions in Section <br />16429.1 of the California Government Code as an allowable investment for local <br />agencies even though some of the individual investments of the pool are not allowed as <br />a direct investment by a local agency such as the City of Santa Ana. <br />Government sponsored investment pools (Local Agency Investment Fund (LAIF), <br />County Pools, Joint Powers Authority Pools, and the State Treasury Voluntary <br />Investment Program Fund), are sources for short-term cash management. <br />Before seeking City Council approval for participation in one or more additional <br />investment pools/money market mutual funds, the Executive Director for FMSA or <br />his/her designees will conduct a thorough investigation the prospective pool prior to <br />recommending City investment. <br />Before recommending investing in a prospective pool, the following issues must be <br />reviewed: <br />A. The pool must meet the requirements of state statue. <br />B. The pool must provide a written statement of policy and objectives. <br />C. A questionnaire developed by Treasury Investment staff and approved by the <br />Treasury and Customer Services Manager or Assistant Director of Finance <br />shall address the following general topics: <br />i. A description of eligible investment securities, and a written statement <br />of investment policy and objectives. <br />ii. A description of interest calculations and how it is distributed, and how <br />gains and losses are treated. <br />iii. A description of how the securities are safeguarded (including the <br />settlement processes), and how often the securities are priced and <br />the program audited. <br />iv. A description of who may invest in the program, how often, what size <br />minimum and maximum deposit and withdrawal are allowed. <br />v. A schedule for receiving statements and portfolio listings. <br />vi. A description of how reserves, retained earnings, etc. are utilized by <br />the pool. <br />vii. A model of the fee schedule, and when and how it is assessed. <br />viii. A description of eligibility and/or acceptance of bond proceeds. <br />ix. The pool must contain only the types of investment allowed by <br />California Code. <br />Statement of Investment Policy <br />July 1, 2018 - <br />June 30, 2019 <br />