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City of Santa - Annual <br />Statement of Investment Policy Page 46 July 1, 2022 - <br />June 30, 2023 <br /> <br />GOVERNMENT CODE - GOV <br /> <br />TITLE 1. GENERAL [100 - 7914] <br />(Title 1 enacted by Stats. 1943, Ch. 134.) <br /> <br />DIVISION 7. MISCELLANEOUS [6000 - 7599.2] <br />(Division 7 enacted by Stats. 1943, Ch. 134.) <br /> <br />CHAPTER 5. Joint Exercise of Powers [6500 - 6599.3] <br />(Chapter 5 added by Stats. 1949, Ch. 84.) <br /> <br />ARTICLE 1. Joint Powers Agreements [6500 - 6539.6] <br />(Article 1 added by Stats. 1949, Ch. 84.) <br /> <br />GOVERNMENT CODE <br />SECTION <br />6509.7. <br /> <br />(a) Notwithstanding any other provision of law, two or more public agencies that have the authority to invest <br />funds in their treasuries may, by agreement, jointly exercise that common power. Funds invested pursuant <br />to an agreement entered into under this section may be invested in securities and obligations as described <br />by subdivision (p) of Section 53601. A joint powers authority formed pursuant to this section may issue shares <br />of beneficial interest to participating public agencies. Each share shall represent an equal proportionate <br />interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this <br />section, the joint powers authority issuing the shares of beneficial interest shall have retained an investment <br />adviser that meets all of the following criteria: <br />(1) The adviser is registered or exempt from registration with the Securities and Exchange Commission. <br />(2) The adviser has not less than five years of experience investing in the securities and obligations <br />authorized in subdivisions (a) to (o), inclusive, of Section 53601. <br />(3) The adviser has assets under management in excess of five hundred million dollars ($500,000,000). <br />(b) As used in this section, “public agency” includes a nonprofit corporation whose membership is confined <br />to public agencies or public officials, in addition to those agencies listed in Section 6500. <br />(c) A joint powers authority formed pursuant to this section is authorized to establish the terms and conditions <br />pursuant to which agencies may participate and invest in pool shares. Consistent with its status as a public <br />agency as provided under Section 6500, a federally recognized Indian tribe is eligible to participate in a joint <br />powers authority formed under this section or otherwise invest in pool shares consistent with the terms and <br />conditions established by the joint powers authority. <br />(Amended by Stats. 2020, Ch. 235, Sec. 1. (SB 998) Effective January 1, 2021.) <br /> <br />. . .