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July 1, 2023 - <br />June 30, 2024 <br /> City of Santa - Annual <br />Statement of Investment Policy Page 21 <br />18.0 POLICY CONSIDERATIONS <br /> <br />18.1 Exemptions <br />Any investment currently held that does not meet the guidelines of this policy shall <br />be exempted from the requirements of this policy as long as it was in compliance <br />with State of California law and the City’s investment policy in effect at the time of <br />purchase. At maturity or liquidation, such monies shall be reinvested only as <br />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 pool’s <br />expenditure requirements for the next six months shall be deemed to functionally <br />meet and exceed the requirements of Article VI., Sec. 610, of the City of Santa Ana <br />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 /> <br />18.4 Approval <br />This Statement of Investment Policy is approved by City Council on this 06th day of <br />June, 2023 pursuant to City Council Resolution # 2023- . <br /> <br />19.0 POLICY REVIEW, CERTIFICATION, AND ADOPTION <br /> <br />19.1 Policy Review <br />This Statement of Investment Policy shall be reviewed at least annually to ensure its <br />consistency with the overall objectives of preservation of PRINCIPAL, LIQUIDITY, <br />AND YIELD, and to: 1) reflect changes in applicable California state codes, 2) <br />maintain its relevance to current financial and economic trends, and 3) meet the <br />needs of the City of Santa Ana. <br />19.2 Policy Certification <br />This certified Statement of Investment Policy will be resubmitted to the Association <br />of Public Treasurers of the United States and Canada (APTUS&C) and the <br />California Municipal Treasurers Association (CMTA) for review and re-certification <br />every five (5) years, or more often in the event of significant legislative changes, or <br />changes in industry standards, or substantive non-administrative modifications to the <br />body of the policy statement, exclusive of revisions or additions to appendices or <br />glossaries. In FY 2019-20, the City of Santa Ana received Investment Policy