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GOVERNMENT CODE <br />SECTION <br />53635. <br />(a) This section shall apply to a local agency that is a county, a city and county, or other local agency that <br />pools money in deposits or investments with other local agencies, including local agencies that have the <br />same governing body. However, Section 53601 shall apply to all local agencies that pool money in deposits <br />or investments exclusively with local agencies that have the same governing body. <br />This section shall be interpreted in a manner that recognizes the distinct characteristics of investment pools <br />and the distinct administrative burdens on managing and investing funds on a pooled basis pursuant to <br />Article 6 (commencing with Section 27130) of Chapter 5 of Division 2 of Title 3. <br />A local agency that is a county, a city and county, or other local agency that pools money in deposits or <br />investments with other agencies may invest in commercial paper pursuant to subdivision (h) of Section <br />53601, except that the local agency shall be subject to the following concentration limits: <br />(1) No more than 40 percent of the local agency's money may be invested in eligible commercial paper. <br />(2) No more than 10 percent of the total assets of the investments held by a local agency may be invested in <br />any one issuer's commercial paper. <br />(b) Notwithstanding Section 53601, the City of Los Angeles shall be subject to the concentration limits of this <br />section for counties and for cities and counties with regard to the investment of money in eligible commercial <br />paper. <br />(Amended by Stats. 2008, Ch. 709, Sec. 10.7. Effective January 1, 2009.) <br />City of Santa Ana - Annual July 1, 2019 - <br />Statement of Investment Policy 5MV37 June 30, 2020 <br />