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9.3 Prohibited Investment Practices <br />Assets of the City shall not be invested pursuant to the following investment <br />practices: <br />• Trading of securities strictly for speculation or solely for the realization of <br />short-term trading gains. <br />• A contract providing for the compensation of an agent or fiduciary solely <br />based upon the performance of the invested assets. <br />• If a fiduciary or other third party with custody of public investment <br />transaction records of the City fails to produce records within a reasonable <br />time, when requested by the City, the City shall make no new investments <br />with or through the fiduciary or third party and shall not renew maturing <br />investments with or through the fiduciary or third party. <br />10.0 INVESTMENT POOLS/MUTUAL FUNDS <br />The Executive Director for FMSA or his/her designee shall be required to investigate all <br />local government investment pools and money market mutual funds, other than the <br />state Local Agency Investment Fund (LAIF), prior to investing and perform at least a <br />quarterly review thereafter while the City is invested in the pool or the money market <br />fund. <br />The City currently authorizes pooled investment fund deposits only with LAIF which is <br />authorized under provisions in Section 16429.1 of the California Government Code as <br />an allowable investment for local agencies even though some of the individual <br />investments of the pool are not allowed as a direct investment by a local agency such <br />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 />City of Santa - Annual page 15 July 1, 2020 - <br />Statement of Investment Policy June 30, 2021 <br />55A-21 <br />