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55A - ADOPT RESO FOR ANNUAL STATEMENT AND RECIEVE AND FILE
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55A - ADOPT RESO FOR ANNUAL STATEMENT AND RECIEVE AND FILE
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5/14/2020 4:39:18 PM
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5/14/2020 4:16:28 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
5/19/2020
Destruction Year
2025
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LAIF provides daily liquidity; therefore, there is no final stated maturity for this <br />investment category. Although there is no percentage limitation on this fund, <br />the "prudent investor" rule shall apply for a single agency name. In keeping with <br />LAIF deposit limit investments, City LAIF investments shall not exceed $75 <br />million, unless a greater deposit limit for regular accounts is authorized by the <br />State Treasurer during the term of this Statement of Investment Policy, in which <br />case City LAIF investments may increase up to that limit. <br />City of Santa Ana Bonds. The City may invest in bonds issued by the City or <br />agency of the City including bonds payable solely out of the revenues from a <br />revenue -producing property owned, controlled, or operated by the City or <br />agency of the City. The City shall at all times adhere to restrictions and <br />limitations of the bond indenture. Purchases of this category shall not exceed <br />five years to maturity. There is no percentage limit in this category. <br />J. Other State of California Local Agency Bonds. The City may invest in other <br />State of California Local Agency Bonds. notes, warrants or other evidence of <br />indebtedness of any local agency within this state, including bonds payable <br />solely out of the revenues from a revenue -producing property owned, controlled, <br />or operated by the local agency, or by a department, board, agency, or authority <br />of the local agency. Investments in this category shall be restricted to <br />instruments that have a ranking of A-1 or higher, or the equivalent by not less <br />than two of the following nationally recognized statistical rating organizations: <br />Moody's, Standard & Poor's or Fitch. Purchases of this category shall not <br />exceed five years to maturity. There is no percentage limit in this category. <br />K. Medium Term Corporate Notes (MTN) defined as all corporate and depository <br />institution debt securities with a maximum remaining maturity of five years or <br />less, issued by corporations organized and operating within the United States or <br />by depository institutions licensed by the United States or any state and <br />operating within the United States. Notes eligible for investment shall be rated <br />in a rating category of "A" or its equivalent or better by a nationally recognized <br />rating service. Purchases in this category shall not exceed five (5) years to <br />maturity or thirty percent (30%) of the cost value of the investment portfolio. <br />Purchases in a single issuer in this category shall not exceed five percent (5%) <br />of the cost value of the investment portfolio. <br />L. Shares of beneficial interest otherwise known as money market shares issued <br />by diversified management companies that are money market funds registered <br />with the Securities and Exchange Commission under the Investment Company <br />Act of 1940. The company shall have met either of the following criteria: <br />1. Attain the highest ranking or the highest letter and numerical rating provided <br />by not less than two NRSROs, and <br />City of Santa - Annual page 12 July 1, 2020 - <br />Statement of Investment Policy June 30, 2021 <br />55A-18 <br />
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