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(NRSRO). They shall not exceed thirty percent (30%) of the <br /> cost value of the investment portfolio. <br /> D. Bills of exchange or time drafts drawn on and accepted by a <br /> commercial bank, otherwise known as banker's acceptances, <br /> which are eligible for purchase by the Federal Reserve <br /> System. Purchases of banker's acceptances may not exceed <br /> one hundred eighty (180) days or forty percent (40%) of the <br /> cost value of the Fund, which may be invested pursuant to this <br /> section. However, no more than thirty percent (30%) of the <br /> City's cost value of the investment portfolio may be invested in <br /> the banker's acceptances of any one commercial bank <br /> pursuant to this section. <br /> E. Commercial paper of"prime"quality of the highest ranking or <br /> of the highest letter and number rating as provided for by an <br /> NRSRO. The entity that issues the commercial paper shall <br /> be organized and operating within the United States, as a <br /> general corporation, shall have total assets in excess of five <br /> hundred million dollars ($500,000,000), and have debt other <br /> than commercial paper, if any, that is rated "A" or higher by <br /> NRSRO. The entity is organized within the United States as <br /> a special purpose corporation, trust, or limited liability <br /> company; has program wide credit enhancements including, <br /> but not limited to: over-collateralization, letters of credit, or a <br /> surety bond; has commercial paper that is rated "A-V or <br /> higher, or the equivalent, by an NRSRO Eligible commercial <br /> paper shall have a maximum maturity of two hundred <br /> seventy (397) days or less. The City may purchase no more <br /> than ten percent (10%) of the outstanding commercial paper <br /> of any single corporate issue. Purchases of commercial <br /> paper may not exceed twenty-five percent (40%) of the <br /> investment portfolio. <br /> F. Repurchase Agreements. For purposes of this section, the <br /> term "repurchase agreement" means a purchase of <br /> securities by the local agency pursuant to an agreement by <br /> which the seller will repurchase the securities on or before a <br /> specified date and for a specified amount and will deliver the <br /> underlying securities to a third-party custodian. The City may <br /> invest in repurchase agreements with primary dealers of the <br /> Federal Reserve with which the City has entered into a <br /> Securities Industry and Financial Markets Association <br /> (SIFMA) Master Repurchase Agreement (MRA), which <br /> specifies terms and conditions of repurchase agreements. <br /> The market value of securities used as collateral for <br /> repurchase agreements shall not be allowed to fall below <br /> one hundred two percent (102%) of the value of the <br /> City of Santa-Annual Page 10 July 1. 2026 - <br /> Statement of Investment Policy June 30,2027 <br />