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COMMUNITY REDEVELOPMENT AGENCY <br />OF THE CITY OF SANTA ANA <br />Notes to the Basic Financial Statements (Continued) <br />Year Ended June 30, 2011 <br />Cash and investments as of June 30, 2011, consist of the following: <br />Equity in City investment pool $ 4712761184 <br />Local Agency Investment Fund (LAIF) 5010251430 <br />Investments with fiscal agent <br />Money market fund 617461113 <br />Total cash and investments $ 10410471727 <br />Equity in the Cash and Investment Pool of the City of Santa Ana <br />The Agency is a voluntary participant in the City's investment pool. The City's investment pool <br />includes demand deposit accounts, certificates of deposit, commercial paper, and investments in U.S. <br />Agency Securities. At June 30, 2011, the Agency had invested $47,276,184 in the City's investment <br />pool. The pool is governed by and under the regulatory oversight of the Investment Policy adopted <br />by the City Council of the City. <br />The Agency has not adopted an investment policy separate from that of the City. The fair value of <br />the Agency's investment in this pool is reported in the accompanying financial statements at <br />amounts based upon the Agency's pro -rata share of the fair value calculated by the City for the <br />entire City portfolio. The balance available for withdrawal is based on the accounting records <br />maintained by the City, which are recorded on an original cost basis. <br />Investments Authorized by Debt Agreements <br />Investments of debt proceeds held by bond trustee are governed by provisions of the debt <br />agreements, rather than the general provisions of the California Government Code or the City's <br />investment policy. The table below identifies the investment types that are authorized for <br />investments held by bond trustee. The table also identifies certain provisions of these debt <br />agreements that address interest rate risk and concentration of credit risk. <br />28 <br />