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<br /> <br />City of Santa - Annual Page <br />12 July 1, 2021 - <br />Statement of Investment Policy June 30, 2022 <br />investment category. Although there is no percentage limitation on this fund, the <br />"prudent investor" rule shall apply for a single agency name. In keeping with LAIF <br />deposit limit investments, City LAIF investments shall not exceed $75 million, <br />unless a greater deposit limit for regular accounts is authorized by the State <br />Treasurer during the term of this Statement of Investment Policy, in which case <br />City LAIF investments may increase up to that limit. <br /> <br />I. City of Santa Ana Bonds. The City may invest in bonds issued by the City or <br />agency of the City including bonds payable solely out of the revenues from a <br />revenue-producing property owned, controlled, or operated by the City or agency <br />of the City. The City shall at all times adhere to restrictions and limitations of the <br />bond indenture. Purchases of this category shall not exceed five years to <br />maturity. There is no percentage limit in this category. <br /> <br />J. Other State of California Local Agency Bonds. The City may invest in other State <br />of California Local Agency Bonds. notes, warrants or other evidence of <br />indebtedness of any local agency within this state, including bonds payable solely <br />out of the revenues from a revenue-producing property owned, controlled, or <br />operated by the local agency, or by a department, board, agency, or authority of <br />the local agency. Investments in this category shall be restricted to instruments <br />that have a ranking of A-1 or higher, or the equivalent by not less than two of the <br />following nationally recognized statistical rating organizations: Moody’s, Standard <br />& Poor’s or Fitch. Purchases of this category shall not exceed five years to <br />maturity. There is no percentage limit in this category. <br /> <br />K. Medium Term Corporate Notes (MTN) defined as all corporate and depository <br />institution debt securities with a maximum remaining maturity of five years or less, <br />issued by corporations organized and operating within the United States or by <br />depository institutions licensed by the United States or any state and operating <br />within the United States. Notes eligible for investment shall be rated in a rating <br />category of "A" or its equivalent or better by a nationally recognized rating service. <br />Purchases in this category shall not exceed five (5) years to maturity or thirty <br />percent (30%) of the cost value of the investment portfolio. Purchases in a single <br />issuer in this category shall not exceed five percent (5%) of the cost value of the <br />investment portfolio. <br /> <br />L. Shares of beneficial interest otherwise known as money market shares issued by <br />diversified management companies that are money market funds registered with <br />the Securities and Exchange Commission under the Investment Company Act of <br />1940. The company shall have met either of the following criteria: <br /> <br />1. Attain the highest ranking or the highest letter and numerical rating provided <br />by not less than two NRSROs, and <br /> <br />