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<br />. <br /> <br />. <br /> <br />CITY OF SANTA ANA STATEMENT OF INVE$TMENT POLICY <br />JULY 2004-2005 <br /> <br />F. <br /> <br />G. <br /> <br />H. <br /> <br />invested shall be subject to the limitations of Government Code <br />Section 53638 which generally provides that the deposit shall <br />not exceed the shareholder's equity of any depository bank, or <br />the total net worth of any depository savings association or <br />federal association, or the total of the unimpaired capital and <br />surplus of an insured i ustrial loan company. <br /> <br />Repurchase Agreements. For purposes of this section, the term <br />"repurchase agreement ans a purchase of securities by the <br />local agency pursuant t an agreement by which the seller will <br />repurchase the securitie on or before a specified date and for <br />a specified amount and ill deliver the underlying securities <br />to a third party custod'an. The City may invest in repurchase <br />agreements with primary dealers of the Federal Reserve with <br />which the City has e tered into a PSA master repurchase <br />contract which specifie terms and conditions of repurchase <br />agreements. The market value of securities used as collateral <br />for repurchase agreemen s shall not be allowed to fall below <br />102 percent of the valu of the repurchase agreement and shall <br />be valued daily by the ri -party custodial agent. Securities <br />that can be pledged f r collateral shall consist only of <br />investments permitted ithin this policy with a maximum <br />maturity of five (5) y ars. If there is a default of the <br />broker, the collateral securities can be sold. Since the <br />securities are valued daily, it is likely that the sale <br />proceeds will equal or exceed the value of the repurchase <br />agreement amount. Purch ses in this category shall not exceed <br />ninety (90) days or thi ty percent (30%) of the cost value of <br />the Fund. <br /> <br /> <br />Local Agency Investment <br />in the Local Agency Inv <br />State Treasurer under <br />16429.1 for the benefit <br />no percentage limitation <br />rule shall apply for a si <br /> <br />und - State Pool. The City may invest <br />stment Fund (LAIF) established by the <br />California Government Code Section <br />f local agencies. Although there is <br />on this fund, the "prudent investor" <br />gle agency name. <br /> <br />Medium Term Corporate N tes issued by corporations organized <br />and operating within t e United States or by depository <br />institutions licensed in the united States or any state and <br />operating within the U ited States. Notes eligible for <br />investment shall be rate in a rating category of "A" or its <br />equivalent or better by a nationally recognized rating service. <br />Purchases in this catego y shall not exceed three (3) years to <br />maturity or fifteen peroent (15%) of the cost value of the <br />Fund. Purchases in a single issuer in this category shall not <br />exceed five percent (5%) of the çost value of the Fund. <br /> <br /> <br />1. <br /> <br />Shares of beneficial interest issued by diversified management <br />companies that are money market funds registered with the <br />Securities and Exchange Commission under the Investment Company <br />Act of 1940. The company shall have met either of the <br /> <br />