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repurchase agreement. It shall be adjusted at least quarterly <br /> by the tri-party custodial agent. The investments in <br /> repurchase agreements shall comply if the underlying <br /> securities are brought back up to one hundred two percent <br /> (102%) no later than the next business day. The underlying <br /> collateral shall be limited to United States Government <br /> Treasury Bills, Notes, and Bonds, or obligations issued by a <br /> Federal Agency or United States Government-sponsored <br /> enterprises obligations. Upon the written approval of the <br /> Executive Director for FMSA, substituted securities may be <br /> pledged as collateral. They shall consist only of investments <br /> permitted under this investment policy, with a maximum <br /> maturity of five (5)years. If the broker defaults, the collateral <br /> securities can be sold. Since the securities are valued daily, <br /> the sale proceeds are likely to equal or exceed the <br /> repurchase agreement amount. Purchases in this category <br /> shall not exceed one (1) year or twenty percent (20%) of the <br /> cost value of the investment portfolio. Retail repurchase <br /> agreements and reverse agreements shall not be authorized <br /> for purchase <br /> G. Negotiable certificates of deposit issued by a nationally or <br /> state-chartered bank, a savings association or a federal <br /> association (as defined by Section 5102 of the Financial <br /> Code), a state or federal credit union, or by a state-licensed <br /> branch of a foreign bank. However, the City shall not invest <br /> in negotiable certificates of deposit issued by a state or <br /> federal credit union if a member of the City Council or any City <br /> personnel with investment decision making authority also <br /> serves on the board of directors, or any committee appointed <br /> by the board of directors, or the credit committee or the <br /> supervisory committee of the state or federal credit union <br /> issuing the negotiable certificates of deposit. Effective <br /> January 1, 2026, the maximum percentage of the portfolio <br /> shall revert to thirty percent (30%). Investments made <br /> pursuant to Government Code Section 53635.8 remain <br /> subject to a maximum of thirty percent (30%) of the cost <br /> value of the investment portfolio. The amounts so invested <br /> shall be subject to the limitations of Government Code <br /> Section 53638, which generally provides that the deposit <br /> shall not exceed the shareholder's equity of any depository <br /> bank, or the total net worth of any depository savings <br /> association or federal association, or the total of the <br /> unimpaired capital and surplus of an insured industrial loan <br /> company. Purchases in this category shall not have more <br /> than five (5) years to maturity. <br /> City of Santa-Annual Page 11 July 1. 2026 - <br /> Statement of Investment Policy June 30,2027 <br />