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July 1, 2023 - <br />June 30, 2024 <br /> City of Santa - Annual <br />Statement of Investment Policy Page 16 <br />shall address the following general topics: <br />i. A description of eligible investment securities, and a written statement <br />of investment policy and objectives. <br />ii. A description of interest calculations and how it is distributed, and how <br />gains and losses are treated. <br />iii. A description of how the securities are safeguarded (including the <br />settlement processes), and how often the securities are priced and the <br />program audited. <br />iv. A description of who may invest in the program and how often, <br />including size and frequency of minimum and maximum deposits, and <br />how many withdrawal transactions are allowed (daily, monthly, <br />quarter, annually, etc.). <br />v. A description of what type of notice is required by the program from <br />the participant to make minimum and maximum deposit and <br />withdrawal transactions. <br />vi. A description of how and who in the governing body of the program is <br />authorized to make program changes, including frequency. The <br />description must include how program participants are informed of <br />program changes and impacts. <br />vii. A schedule for receiving statements and portfolio listings. <br />viii. A description of how reserves, retained earnings, etc. are utilized by <br />the pool. <br />ix. A model of the fee schedule, and when and how it is assessed. <br />x. A description of eligibility and/or acceptance of bond proceeds. <br />xi. The pool must contain only the types of investment allowed by <br />California Code. <br />Upon approval for participation in one or more additional investment pools the FMSA <br />investment staff shall thereafter on an annual basis investigate and reconfirm the <br />pool’s compliance with items listed above and shall monitor the pool’s performance <br />reports. <br /> <br />11.0 COLLATERALIZATION/SECURITY FOR DEPOSIT OF PUBLIC FUNDS <br /> <br />Money must be deposited in state or national banks, state or federal savings associations <br />or state or federal credit unions in the State of California. It may be in inactive deposits, <br />active deposits or interest-bearing active deposits. The deposits cannot exceed the amount <br />of the bank's or savings and loan's paid up capital and surplus. <br /> The bank or savings and loan must secure the active and inactive deposits with eligible <br />securities having a market value of one-hundred, ten percent (110%) of the total amount of <br />the deposits. State law also allows as an eligible security, first trust deeds having a value of <br />one-hundred, fifty percent (150%) of the total amount of the deposits. A third class of