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If a fiduciary or other third party with custody of public <br /> investment transaction records of the City fails to <br /> produce records within a reasonable time, when <br /> requested by the City, the City shall make no new <br /> investments with or through the fiduciary or third <br /> party. It shall not renew maturing investments with or <br /> through the fiduciary or third party. <br /> 10.0 INVESTMENT POOLS/MUTUAL FUNDS <br /> Government-sponsored investment pools (Local Agency Investment <br /> Fund (LAIF), County Pools, Joint Powers Authority Pools, and the State <br /> Treasury Voluntary Investment Program Fund) are sources for short- <br /> term cash management. <br /> Before seeking City Council approval to participate in one or more <br /> additional investment pools/money market mutual funds, the Executive <br /> Director for FMSA or their designees will conduct a thorough <br /> investigation of the prospective pool before recommending City <br /> investment. <br /> Before recommending investing in a prospective pool, the following <br /> issues must be reviewed and considered: <br /> The pool must meet the requirements of the state <br /> statute describing eligible investment securities and <br /> include a written statement of investment policy and <br /> objectives. <br /> A description of interest calculations and how they are <br /> distributed, and how gains and losses are treated. <br /> i. A description of how the securities are safeguarded <br /> (including the settlement processes), and how often <br /> the securities are priced and the program audited. <br /> ii. A description of who may invest in the program, size <br /> and frequency of minimum and maximum deposits, <br /> how many withdrawal transactions are allowed (daily, <br /> monthly, quarterly, annually, etc.), and whether <br /> advance notice is required for withdrawal <br /> transactions. <br /> iii. A description of how and who in the governing body <br /> of the program is authorized to make program <br /> changes, including frequency. The description must <br /> include how program participants are informed of <br /> program changes and their impacts. <br /> iv. A schedule for receiving statements and portfolio <br /> City of Santa-Annual Page 16 July 1. 2026 - <br /> Statement of Investment Policy June 30,2027 <br />