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18.0 POLICY CONSIDERATIONS <br />18.1 Exemptions <br />Any investment currently held that does not meet the guidelines of this policy <br />shall be exempted from the requirements of this policy as long as it was in <br />compliance with State of California law and the City's investment policy in effect <br />at the time of purchase. At maturity or liquidation, such monies shall be <br />reinvested only as provided by this policy. <br />18.2 Stabilization Fund <br />Except for cash in certain restricted and special funds, the consolidation of cash <br />balances from all funds and the maintenance of portfolio liquidity (both static and <br />dynamic) as provided for in this policy taken together with the monthly affirmation <br />to the City Manager and City Councilmembers of the City's ability to meet its <br />pool's expenditure requirements for the next six months shall be deemed to <br />functionally meet and exceed the requirements of Article VI., Sec. 610, of the City <br />of Santa Ana Charter as relates to the maintenance of a stabilization fund. <br />18.3 Amendments <br />In the event this policy is amended prior to the end of its twelve month fiscal year <br />term the amended Statement of Investment Policy shall be resubmitted to City <br />Council for review and adoption by City Council Resolution. <br />18.4 Approval <br />This Statement of Investment Policy is approved by City Council on this 19tn day <br />of May. 2020 pursuant to City Council Resolution # 2020- <br />19.0 POLICY REVIEW, CERTIFICATION, AND ADOPTION <br />19.1 Policy Review <br />This Statement of Investment Policy shall be reviewed at least annually to ensure <br />its consistency with the overall objectives of preservation of PRINCIPAL, <br />LIQUIDITY, AND YIELD, and to: 1) reflect changes in applicable California state <br />codes, 2) maintain its relevance to current financial and economic trends, and 3) <br />meet the needs of the City of Santa Ana. <br />19.2 Policy Review <br />Annually, this Statement of Investment Policy will be submitted to the Association of <br />Public Treasurers of the United States and Canada and the California Municipal <br />Treasurers Association for review and certification. <br />City of Santa - Annual page 21 July 1, 2020 - <br />Statement of Investment Policy June 30, 2021 <br />55A-27 <br />