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<br /> <br />City of Santa - Annual Page <br />44 July 1, 2021 - <br />Statement of Investment Policy June 30, 2022 <br />(2) The credit union is in possession of written guidance or other written communication from the National <br />Credit Union Administration authorizing participation of federally insured credit unions in one or more deposit <br />placement services and affirming that the moneys held by those credit unions while participating in a deposit <br />placement service will at all times be insured by the federal government. <br />(i) It is the intent of the Legislature that this section shall not restrict competition among private sector <br />entities that provide placement services pursuant to this section. <br />(j) The deposits placed pursuant to this section shall be subject to Section 53638 and shall not, in total, <br />exceed 30 percent of the agency’s funds that may be invested for this purpose. <br />(k) This section shall become operative on January 1, 2026. <br />(Repealed and added by Stats. 2019, Ch. 619, Sec. 3. (AB 945) Effective January 1, 2020. Section <br />operative January 1, 2026, by its own provisions.) <br /> <br />. . . <br /> <br />GOVERNMENT CODE <br />SECTION <br />53638. <br /> <br />(a) The deposit shall not exceed the shareholder’s equity of any depository bank. For the purposes of this <br />subdivision, shareholder’s equity shall be determined in accordance with Section 463 of the Financial Code, <br />but shall be deemed to include capital notes and debentures. <br />(b) The deposit shall not exceed the total of the net worth of any depository savings association or federal <br />association, except that deposits not exceeding a total of five hundred thousand dollars ($500,000) may be <br />made to a savings association or federal association without regard to the net worth of that depository, if <br />such deposits are insured or secured as required by law. <br />(c) The deposit to the share accounts of any regularly chartered credit union shall not exceed the total of the <br />unimpaired capital and surplus of the credit union, as defined by rule of the Commissioner of Financial <br />Institutions, except that the deposit to any credit union share account in an amount not exceeding five <br />hundred thousand dollars ($500,000) may be made if the share accounts of that credit union are insured or <br />guaranteed pursuant to Section 14858 of the Financial Code or are secured as required by law. <br />(d) The deposit in investment certificates of a federally insured industrial loan company shall not exceed the <br />total of the unimpaired capital and surplus of the insured industrial loan company. <br />(Amended by Stats. 2015, Ch. 190, Sec. 64. Effective January 1, 2016.) <br />. . . <br />GOVERNMENT CODE <br />SECTION <br />53646. <br /> <br />(a) (1) In the case of county government, the treasurer may annually render to the board of supervisors and <br />any oversight committee a statement of investment policy, which the board shall review and approve at a <br />public meeting. Any change in the policy shall also be reviewed and approved by the board at a public <br />meeting. <br />(2) In the case of any other local agency, the treasurer or chief fiscal officer of the local agency may annually <br />render to the legislative body of that local agency and any oversight committee of that local agency a <br />statement of investment policy, which the legislative body of the local agency shall consider at a public