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Investment Policy <br /> Under provisions of Garden Grove's investment policy, and in accordance with Section 53601 of <br /> the California Government Code, Garden Grove may invest in the following types of investments: <br /> Repurchase Agreements <br /> Securities of the U.S. Government and its Agencies <br /> Banks Acceptances <br /> Certificates of Deposit <br /> Commercial Paper <br /> California Local Agency Investment Fund (LAIF) <br /> Passbook Savings Accounts <br /> Negotiable Certificates of Deposit <br /> Although negotiable certificates of deposits are allowed under the California Government Code, <br /> this type of investment is currently not utilized. Garden Grove's investment policy does not allow the <br /> borrowing of funds to purchase investments on margin through reverse repurchase agreements. <br /> Local Agency Investment Funds (LAIF). The LAIF is a special fund of the California State <br /> Treasury through which local governments may pool investments. Investments in LAIF are highly <br /> liquid, as deposits can be converted to cash within twenty-four hours without loss of interest. Included <br /> in LAIF's investment portfolio are certain derivative securities in the form of structured notes and asset- <br /> backed securities. LAIF's and Garden Grove's exposure to credit, market or legal risk is not available. <br /> Repurchase Agreements. Throughout the year, Garden Grove utilizes overnight repurchase <br /> agreements for temporary investment of City funds. Such repurchase agreements are used daily, but <br /> generally do not exceed two percent of Garden Grove's investment portfolio. <br /> Description of Leased Premises <br /> The following real property and improvements constitute the Leased Premises under Garden <br /> Grove's Site Lease and Lease Agreement: <br /> The Leased Premises for Garden Grove consists of the City Police Headquarters located at 11301 <br /> Acacia Parkway in the City of Garden Grove. This is a 33,189 square foot facility which houses the <br /> City Police. It is currently listed on the City's property and casualty insurance schedule as having an <br /> improvement value of$4,509,794. No estimate was provided for the land underlying the facility. <br /> The City of Garden Grove's Site Lease and Lease Agreement will support the City's share of the <br /> bonds which is $3,680,000*. <br /> * Preliminary, subject to change. <br /> B-47 <br />