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authorized to make program changes, including frequency. The <br />description must include how program participants are informed of <br />program changes and impacts. <br />iv. A schedule for receiving statements and portfolio listings. <br />v. A description of how reserves, retained earnings, etc. are utilized by <br />the pool. <br />vi. A model of the fee schedule, and when and how it is assessed. <br />vii. A description of eligibility and/or acceptance of bond proceeds. <br />viii. The pool must contain only the types of investment allowed by <br />California Code. <br />Upon approval for participation in one or more additional investment pools the FMSA <br />investment staff shall thereafter on an annual basis investigate and reconfirm the <br />pool's compliance with items listed above and shall monitor the pool's performance <br />reports. <br />11.0 COLLATERALIZATION/SECURITY FOR DEPOSIT OF PUBLIC FUNDS <br />Money must be deposited in state or national banks, state or federal savings associations <br />or state or federal credit unions in the State of California. It may be in inactive deposits, <br />active deposits or interest -bearing active deposits. The deposits cannot exceed the amount <br />of the bank's or savings and loan's paid up capital and surplus. <br />The bank or savings and loan must secure the active and inactive deposits with eligible <br />securities having a market value of one -hundred, ten percent (110%) of the total amount of <br />the deposits. State law also allows as an eligible security, first trust deeds having a value of <br />one -hundred, fifty percent (150%) of the total amount of the deposits. A third class of <br />collateral is letters of credit drawn on the Federal Home Loan Bank (FHLB). <br />The Treasurer may waive, at his/her discretion, security for that portion of a deposit which <br />is insured pursuant to federal law. Currently, the first two -hundred, fifty -thousand dollars <br />($250,000) of a deposit is federally insured. <br />12.0 SAFEKEEPING AND CUSTODY <br />12.1 Perfected Interest and Delivery versus Pa meet <br />In accordance with California Government Code Section 53601, to protect against potential <br />losses caused by collapse of individual securities dealers, all securities owned by the City, <br />except securities used as collateral for repurchase agreements, shall be kept in safekeeping <br />with "perfected interest" by the City's custodial bank or a third party bank trust department, <br />acting as agent for the City under the terms of a custody agreement executed by the bank <br />and by the City. Perfected interest refers to establishment of a superior ownership right in <br />and legal control over the securities assets held by the bank custodian on the City's behalf <br />and is intended to protect the City from the custodial bank's own creditors in the event of <br />.-O-Mof Santa - Annual Nee 15 . ..... fuly 11 2024 - <br />Statement of Investment Policy CY June 30, 2025 <br />