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<br />FIGURE 1 <br />ALLOWABLE INVESTMENT INSTRUMENTS PER STATE GOVERNMENT CODE <br />(AS OF JANUARY 1, 2022)A APPLICABLE TO ALL LOCAL AGENCIESB <br />See “Table of Notes for Figure 1” on the next page for footnotes related to this figure. <br /> <br />INVESTMENT <br />TYPE <br />MAXIMUM <br />MATURITYC <br />MAXIMUM <br />SPECIFIED <br />% OF <br />PORTFOLIOD <br />MINIMUM <br />QUALITY <br />REQUIREMENTS <br />GOV'T <br />CODE <br />SECTIONS <br />Local Agency Bonds 5 years None None 53601(a) <br />U.S. Treasury Obligations 5 years None None 53601(b) <br />State Obligations— <br />CA And Others <br /> <br />5 years <br /> <br />None <br /> <br />None <br /> <br />53601(c) <br />53601(d) <br />CA Local Agency <br />Obligations <br /> <br />5 years <br /> <br />None <br /> <br />None <br /> <br />53601(e) <br />U.S Agency Obligations 5 years None None 53601(f) <br />Bankers’ Acceptances 180 days 40%E None 53601(g) <br />Commercial Paper— <br />Non-Pooled FundsF <br />(under $100,000,000 of investments) <br />270 days <br />or less <br />25% of the <br />agency’s moneyG <br />Highest letter and <br />number rating by an <br />NRSROH <br /> <br />53601(h)(2)(c) <br />Commercial Paper— <br />Non-Pooled Funds <br />(min. $100,000,000 of investments) <br />270 days <br />or less <br />40% of the <br />agency’s moneyG <br />Highest letter and <br />number rating by an <br />NRSROH <br /> <br />53601(h)(2)(c) <br />Commercial Paper – <br />Pooled FundsI <br />270 days <br />or less <br />40% of the <br />agency’s moneyG <br /> Highest letter and number <br />rating by an NRSROH <br /> <br />53635(a)(1) <br />Negotiable Certificates <br />of Deposit <br /> <br />5 years <br /> <br />30%J <br /> <br />None <br /> <br />53601(i) <br />Non-negotiable <br />Certificates of Deposit <br /> <br />5 years <br /> <br />None <br /> <br />None <br /> <br />53630 et seq. <br />Placement Service <br />Deposits <br /> <br />5 years <br /> <br />50%K <br /> <br />None 53601.8 and <br />53635.8 <br />Placement Service <br />Certificates of Deposit <br /> <br />5 years <br /> <br />50%K <br /> <br />None 53601.8 and <br />53635.8 <br />Repurchase Agreements 1 year None None 53601(j) <br />Reverse Repurchase <br />Agreements and Securities <br />Lending Agreements <br /> <br />92 daysL <br />20% of the base <br />value of the <br />portfolio <br /> <br />NoneM <br /> <br />53601(j) <br /> <br />Medium-Term NotesN 5 years <br />or less <br /> <br />30% “A” rating category or <br />its equivalent or <br />better <br /> <br />53601(k) <br />Mutual Funds And Money <br />Market Mutual Funds <br /> <br />N/A <br /> <br />20% <br /> <br />MultipleP,Q 53601(l) and <br />53601.6(b) <br />Collateralized Bank <br />DepositsR <br /> <br />5 years <br /> <br />None <br /> <br />None 53630 et seq. <br />and 53601(n) <br />Mortgage Pass–Through <br />and Asset–Backed <br />Securities <br /> <br />5 years <br />or less <br /> <br />20% <br /> “AA” rating category <br />or its equivalent or <br />better <br /> <br />53601(o) <br />County Pooled <br />Investment Funds <br /> <br />N/A <br /> <br />None <br /> <br />None <br /> <br />27133 <br />Joint Powers Authority Pool N/A None MultipleS 53601(p) <br />Local Agency Investment <br />Fund (LAIF) <br /> <br />N/A <br /> <br />None <br /> <br />None <br /> <br />16429.1 <br />Voluntary Investment <br />Program FundT <br /> <br />N/A <br /> <br />None <br /> <br />None <br /> <br />16340 <br /> <br />Supranational ObligationsU 5 years <br />or less <br /> <br />30% “AA” rating category <br />or its equivalent or <br />better <br /> <br />53601(q) <br /> <br />Public Bank Obligations <br /> <br />5 years <br /> <br />None <br /> <br />None <br />53601(r), <br />53635(c) and <br />57603 <br />i. LOCAL AGENCY INVESTMENT GUIDELINES