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therearenospecificstatutoryprovisions,inaccordancewiththeordinance,resolution,indenture,or <br />agreementofthelocalagency providingforthe issuance. <br />(n)Notes,bonds,orotherobligationsthatareatalltimessecuredby a validfirstpriority security interestin <br />securitiesofthetypeslistedbySection53651aseligiblesecuritiesforthepurposeofsecuringlocalagency <br />depositshaving a marketvalueatleastequaltothatrequiredbySection53652forthepurposeof securing <br />localagencydeposits.Thesecuritiesservingascollateralshallbeplacedbydeliveryorbookentryintothe <br />custodyof a trustcompanyorthetrustdepartmentof a bankthatisnotaffiliatedwiththeissuerofthe <br />secured obligation,andthe security interestshallbeperfectedinaccordancewiththerequirementsofthe <br />UniformCommercialCodeorfederalregulationsapplicabletothetypesofsecuritiesinwhichthesecurity <br />interestisgranted. <br />(o)A mortgagepass-throughsecurity,collateralizedmortgageobligation,mortgage-backedorotherpay- <br />throughbond,equipmentlease-backedcertificate,consumerreceivablepass-throughcertificate,or <br />consumerreceivable-backedbond.Securitieseligible forinvestmentunderthissubdivisionshallberatedin <br />a ratingcategoryof“AA”oritsequivalentorbetterbyanNRSROandhave a maximumremainingmaturity <br />offiveyearsor less. Purchaseofsecuritiesauthorizedbythissubdivisionshallnot exceed 20percentofthe <br />agency’ssurplusmoneysthatmaybeinvestedpursuanttothissection. <br />(p)Sharesofbeneficialinterestissuedby a jointpowersauthorityorganizedpursuanttoSection6509.7that <br />investsinthesecuritiesandobligationsauthorizedin subdivisions(a)to(q),inclusive.Eachshareshall <br />representanequalproportionalinterestintheunderlyingpoolofsecuritiesownedbythejointpowers <br />authority.Tobeeligibleunderthissection,thejointpowersauthority issuing thesharesshallhaveretained <br />aninvestmentadviserthatmeetsallofthefollowingcriteria: <br />(1)TheadviserisregisteredorexemptfromregistrationwiththeSecuritiesandExchangeCommission. <br />(2)Theadviserhasnotlessthanfiveyearsofexperienceinvestinginthe securitiesandobligations <br />authorizedinsubdivisions(a)to(q),inclusive. <br />(3)Theadviserhasassetsundermanagementin excess offivehundredmilliondollars($500,000,000). <br />(q)UnitedStatesdollardenominatedseniorunsecuredunsubordinatedobligationsissuedorunconditionally <br />guaranteedbytheInternationalBankfor Reconstruction andDevelopment,InternationalFinance <br />Corporation,orInter-AmericanDevelopmentBank,with a maximumremainingmaturityoffiveyearsor less, <br />andeligibleforpurchaseandsalewithintheUnitedStates.Investmentsunderthissubdivisionshallberated <br />“AA”orbetterbyanNRSROandshallnotexceed30percentoftheagency’smoneysthatmaybeinvested <br />pursuanttothissection. <br />(AmendedbyStats.2014,Ch.59, Sec. 1.EffectiveJanuary1,2015.) <br />. . . <br />GOVERNMENTCODE <br />SECTION <br />53601.1. <br />Theauthorityof a localagencytoinvestfundspursuanttoSection53601includes,inadditionthereto, <br />authoritytoinvestinfinancialfuturesorfinancialoptioncontractsinanyoftheinvestmentcategories <br />enumeratedinthat section. <br />(AddedbyStats.1983,Ch.534, Sec. 3.) <br />. . . <br />*´«¸ ΐǾ ΑΏΐ9- <br />C¨³¸ ®¥ 3 ­³  ȃ !­­´ « <br />0 ¦¤ 34 <br />3³ ³¤¬¤­³ ®¥ )­µ¤²³¬¤­³ 0®«¨¢¸*´­¤ ΒΏǾ ΑΏ20 <br /> <br />