Laserfiche WebLink
Investment Company Act of 1940 (15 U.S.C. Sec. 80a -1 et seq.) and whose fund has received <br />the highest possible rating from S &P and at least one other Rating Agency. <br />(7) Certificates of deposit issued by a nationally- or state - chartered bank or a state or <br />federal association (as defined by Section 5102 of the California Financial Code) or by a state - <br />licensed branch of a foreign bank, in each case which has, or which is a subsidiary of a parent <br />company which has, obligations outstanding having a rating in the "A" category or better from <br />S &P, <br />(8) Pre - refunded mumicipal obligations rated "AAA" by S &P meeting the following <br />requirements: <br />(a) the municipal obligations are (i) not subject to redemption prior to <br />maturity or (ii) the trustee for the municipal obligations has been given irrevocable <br />instructions concerning their call and redemption and the issuer of the municipal <br />obligations has covenanted not to redeem such municipal obligations other than as set <br />forth in such instructions; <br />(b) the municipal obligations are secured by cash or United States Treasury <br />Obligations which may be applied only to payment of the principal of, interest and <br />premium on such municipal obligations; <br />(c) the principal of and interest on the United States Treasury Obligations <br />(plus any cash in the escrow) has been verified by the report of independent certified <br />public accountants to be sufficient to pay in full all principal o£, interest, and premium, if <br />any, due and to become due on the municipal obligations ( "Verification "); <br />(d) the cash or United States Treasury Obligations serving as security for the <br />municipal obligations are held by an escrow agent or trustee in trust for owners of the <br />municipal obligations; <br />(e) no substitution of a United States Treasury Obligation shall be permitted <br />except with another United States Treasury Obligation and upon delivery of a new <br />Verification; and <br />(f) the cash or United States Treasury Obligations.are not available to satisfy <br />any other claims, including those by or against the trustee or escrow agent. <br />(9) Repurchase agreements which have a maximum maturity of 30 days, or due on <br />demand, and are fully secured at or greater than 102% of the market value plus accrued interest <br />by obligations of the United States Government, its agencies and instrumentalities, in accordance <br />with number (2) above. <br />(10) Investment agreements and guaranteed investment contracts with issuers having a <br />long -term debt rating of at least "AA -" by S &P. <br />(11) Local Agency Investment Fund (established under Section 16429.1 of the <br />California Government Code), provided that such investment is held in the name and to the <br />10 <br />3 -28 <br />