Agenda Packet_2023-06-06 - Laserfiche WebLink

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9.3 Prohibited Investment Practices Assets of the City shall not be invested pursuant to the following investment practices: • Trading of securities strictly for speculation or solely for the realization of short-term trading gains. • A contract providing for the compensation of an agent or fiduciary solely based upon the performance of the invested assets. • If a fiduciary or other third party with custody of public investment transaction records of the City fails to produce records within a reasonable time, when requested by the City, the City shall make no new investments with or through the fiduciary or third party and shall not renew maturing investments with or through the fiduciary or third party. 10.0 INVESTMENT POOLS/MUTUAL FUNDS The Executive Director for FMSA or his/her designee shall be required to investigate all local government investment pools and money market mutual funds, other than the state Local Agency Investment Fund (LAIF), prior to investing and perform at least a quarterly review thereafter while the City is invested in the pool or the money market fund. The City authorizes pooled investment fund deposits with LAIF, which is authorized under provisions in Section 16429.1 of the California Government Code as an allowable investment for local agencies, even though some of the individual investments of the pool are not allowed as a direct investment by a local agency such as the City of Santa Ana. The City also authorizes pooled investment fund deposits with California CLASS Prime Fund, which is authorized under Section 6509.7 of the California Government Code as an allowable investment for local agencies that have the authority to invest their treasury funds. Government sponsored investment pools (Local Agency Investment Fund (LAIF), County Pools, Joint Powers Authority Pools, and the State Treasury Voluntary Investment Program Fund), are sources for short-term cash management. Before seeking City Council approval for participation in one or more additional investment pools/money market mutual funds, the Executive Director for FMSA or his/her designees will conduct a thorough investigation the prospective pool prior to recommending City investment. Before recommending investing in a prospective pool, the following issues must be reviewed: A. The pool must meet the requirements of state statue. B. The pool must provide a written statement of policy and objectives. C. A questionnaire developed by FMSA investment staff and approved by the Treasury and Customer Services Manager or Assistant Director of Finance City of Santa - Annual Page 15 July 1.2023 - Statement of Investment Policy June 30, 2024 City Council 44 — 21 6/6/2023