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City of Santa - Annual <br />Statement of Investment Policy Page 15 July 1, 2022 - <br />June 30, 2023 <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 /> <br />10.1 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 state <br />Local Agency Investment Fund (LAIF), prior to investing and perform at least a quarterly <br />review thereafter while the City is invested in the pool or the money market fund. <br /> <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 an <br />allowable investment for local agencies even though some of the individual investments <br />of the pool are not allowed as a direct investment by a local agency such as the City of <br />Santa Ana. <br /> <br />Government sponsored investment pools (Local Agency Investment Fund (LAIF), County <br />Pools, Joint Powers Authority Pools, and the State Treasury Voluntary Investment <br />Program Fund), are sources for short-term cash management. <br /> <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 his/her <br />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 />C. A questionnaire developed by FMSA investment staff and approved by the <br />Treasury and Customer Services Manager or Assistant Director of Finance <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 what size and frequency are minimum and maximum deposit <br />and withdrawal transactions allowed.