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Thissubdivisiondoesnotpreclude a municipalutility district frominvestingmoneysinitstreasuryin a <br />mannerauthorizedbytheMunicipalUtilityDistrictAct(Division 6 (commencingwithSection11501)ofthe <br />PublicUtilitiesCode). <br />(h)Commercialpaperof“prime”qualityofthehighestrankingorofthehighestletterandnumberratingas <br />providedforby a nationallyrecognized statistical ratingorganization(NRSRO).Theentitythat issues the <br />commercialpapershallmeetallofthefollowingconditionsineitherparagraph(1)or(2): <br />(1)Theentitymeetsthefollowingcriteria: <br />(A)IsorganizedandoperatingintheUnitedStatesas a generalcorporation. <br />(B)Hastotalassetsinexcessoffivehundredmilliondollars($500,000,000). <br />(C)Hasdebtotherthancommercialpaper,ifany,thatisrated“A”orhigherbyanNRSRO. <br />(2)Theentitymeetsthefollowingcriteria: <br />(A)IsorganizedwithintheUnitedStatesas a specialpurposecorporation,trust,orlimitedliabilitycompany. <br />(B)Hasprogramwidecreditenhancementsincluding,butnotlimitedto,overcollateralization,lettersof <br />credit,or a suretybond. <br />(C)Hascommercialpaperthatisrated“A-1”orhigher,ortheequivalent,byanNRSRO. <br />Eligiblecommercialpapershallhave a maximummaturityof270daysor less. Localagencies,otherthan <br />countiesor a cityandcounty,mayinvestnomorethan25percentoftheirmoneysineligiblecommercial <br />paper.Localagencies,otherthancountiesor a cityandcounty,maypurchasenomorethan10percentof <br />theoutstandingcommercialpaperofanysingle issuer. Countiesor a cityandcountymayinvestin <br />commercialpaperpursuanttotheconcentrationlimitsinsubdivision <br />(a)ofSection53635. <br />(i)Negotiablecertificatesofdepositissuedby a nationallyorstate-charteredbank, a savings association or <br />a federal association (asdefinedbySection5102oftheFinancialCode), a stateorfederalcreditunion,or <br />by a federallylicensedorstate-licensedbranch of a foreignbank.Purchasesofnegotiablecertificatesof <br />depositshallnot exceed 30percentoftheagency’smoneysthatmaybeinvestedpursuanttothis section. <br />Forpurposesofthissection,negotiablecertificatesofdepositdonotcomewithinArticle 2 (commencingwith <br />Section53630),exceptthattheamount so investedshallbe subject tothelimitationsofSection53638.The <br />legislativebodyof a localagencyandthetreasurerorotherofficialofthelocalagencyhavinglegal custody <br />ofthemoneysareprohibitedfrominvestinglocalagencyfunds,orfundsinthecustodyofthelocalagency, <br />innegotiablecertificatesofdeposit issued by a stateorfederalcreditunionif a memberofthelegislative <br />bodyofthelocalagency,or a personwithinvestmentdecision-makingauthorityintheadministrativeoffice <br />manager’soffice,budgetoffice,auditor-controller’soffice,ortreasurer’sofficeofthelocalagency also <br />servesontheboardof directors, oranycommitteeappointedbytheboardofdirectors, orthecredit <br />committeeorthesupervisorycommitteeofthestateorfederalcreditunionissuingthenegotiablecertificates <br />ofdeposit. <br />(j)(1)Investmentsinrepurchaseagreementsorreverserepurchaseagreementsorsecuritieslending <br />agreementsof securitiesauthorizedbythissection,aslongastheagreementsare subject tothis <br />subdivision,includingthedeliveryrequirementsspecifiedinthissection. <br />(2)Investmentsinrepurchaseagreementsmaybemade,onaninvestmentauthorizedinthissection, when <br />thetermoftheagreementdoesnotexceedoneyear.Themarketvalueofsecuritiesthatunderlie a <br />repurchaseagreementshallbevaluedat102percentorgreaterofthefundsborrowedagainstthose <br />securitiesandthevalueshallbeadjustedno less thanquarterly. Since themarketvalueoftheunderlying <br />securitiesissubjecttodailymarketfluctuations,theinvestmentsinrepurchaseagreementsshallbein <br />complianceifthevalueoftheunderlyingsecuritiesisbroughtbackupto102percentnolater thanthenext <br />businessday. <br />*´«¸ ΐǾ ΑΏΐ9- <br />C¨³¸ ®¥ 3 ­³  ȃ !­­´ « <br />0 ¦¤ 31 <br />3³ ³¤¬¤­³ ®¥ )­µ¤²³¬¤­³ 0®«¨¢¸*´­¤ ΒΏǾ ΑΏ20 <br /> <br />