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municipalities, foreign and domestic governments and their agencies, and investment trusts. [Referenced
<br />pages: 3, 7, 12, 17, 20, 25, 30, 32, 33, 35, 38]
<br />JOINT POWERS AUTHORITIES (JPAs): JPAs are legally created entities that allow two or more public
<br />agencies to jointly exercise common powers. Forming such entities permits public agencies with the means
<br />to provide services more efficiently and in a cost-effective manner such as JPA investment pools. The Joint
<br />Exercise of Powers Act, as codified in California Government Code Section 6500, governs JPAs. Under the
<br />Act, JPAs are restricted to use by public agencies only. However, the term public agency is defined very
<br />broadly. A public agency can include, but is not limited to, the federal government, the state or state
<br />departments, local agencies, mutual water companies, public districts and recognized Indian tribes.
<br />[Referenced pages: 15, 35]
<br />LIQUIDITY: Liquidity describes the degree to which an asset or security can be quickly bought or sold in the
<br />market without affecting the asset's price. [Referenced pages: 2, 3, 4, 11, 13, 19, 21]
<br />LOCAL AGENCY/PUBLIC LOCAL AGENCY: Means a county, city, city and county, including a chartered
<br />city or county, school district, community college district, public district, county board of education, county
<br />superintendent of schools, or any public or municipal corporation. [Referenced pages: 10, 11, 12, 15, 18, 20,
<br />22, 24, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39]
<br />LOCAL AGENCY INVESTMENT FUND (LAIF): A voluntary program created by statute in 1977 as an
<br />investment alternative for California's local governments and special districts. Local agencies may participate
<br />in the state's portfolio, which invests hundreds of millions of dollars, using the investment expertise of the
<br />Treasurer's Office investment staff at no additional cost to the taxpayer. LAIF is part of the Pooled Money
<br />Investment Account (PMIA). The PMIA began in 1955 and oversight is provided by the Pooled Money
<br />Investment Board (PMIB) and an in-house Investment Committee. The PMIB members are the State
<br />Treasurer, Director of Finance, and State Controller. The Local Investment Advisory Board (LIAB) provides
<br />oversight for LAIF. The Board consists of five members as designated by statute. The State Treasurer, as
<br />Chairman, or his designated representative appoints two members qualified by training and experience in the
<br />field of investment or finance, and two members who are treasurers, finance or fiscal officers or business
<br />managers employed by any county, city or local district or municipal corporation of this state. [Referenced
<br />pages: 11, 15, 18, 27, 28, 38, 39]
<br />LOCAL GOVERNMENT INVESTMENT POOL (LGIP): The aggregate of all funds from political subdivisions
<br />that are placed in the custody of the State Treasurer for investment and reinvestment. [Referenced page: 15]
<br />MARKET RISK: The risk that the value of a security will rise or decline as a result of changes in market
<br />conditions. [Referenced page: 13]
<br />MARKET VALUE: The price at which a security is trading and could presumably be purchased or sold.
<br />[Referenced pages: 3, 4, 5, 10, 16, 20, 32, 35, 38)
<br />MASTER REPURCHASE AGREEMENT: A written contract covering all future transactions between the
<br />parties to repurchase or reverse repurchases a security that establishes each party's rights in the transactions.
<br />A master agreement will often specify, among other things, the right of the buyer -lender to liquidate the
<br />underlying securities in the event of default by the seller -borrower. [Referenced page: 10]
<br />MATURITY: The date upon which the principal or stated value of an investment becomes due and payable.
<br />[Referenced pages: 3, 4, 5, 9, 10, 11, 12, 13, 14, 18, 19, 20, 21, 31, 32, 33, 34, 35, 36, 38]
<br />MEDIUM TERM CORPORATE NOTES (MTN): Refers to all corporate and depository institution debt
<br />securities with a maximum remaining maturity of five years or less, issued by corporations organized and
<br />City of Santa - Annual Page E July 1, 2020 -
<br />Statement of Investment Policy June 30, 2021
<br />55A-69
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