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July 1, 2025 - <br />June 30, 2026 <br /> City of Santa - Annual <br />Statement of Investment Policy Page 11 <br />I. California Cooperative Liquid Assets Securities System (CLASS) Prime Fund – <br />Joint Powers of Authority Pool. The City may invest in the California CLASS <br />Prime Fund established by a joint exercise of powers entity authorized under <br />California Government Code Section 6509.7 for the benefit of all public agencies <br />in the State of California that have authority to invest their treasury funds. The <br />California CLASS Prime Fund provides daily liquidity; therefore, there is no final <br />stated maturity for this investment category. Although there is no percentage <br />limitation on this fund, the “prudent investor” rule shall apply for a single agency <br />name. The California CLASS Prime Fund does not limit a maximum or minimum <br />investment balance, in which case City California CLASS Prime Fund <br />investments may increase or decrease based on pool performance, daily cash <br />flow needs, etc. <br /> <br />J. City of Santa Ana Bonds. The City may invest in bonds issued by the City or <br />agency of the City including bonds payable solely out of the revenues from a <br />revenue-producing property owned, controlled, or operated by the City or agency <br />of the City. The City shall at all times adhere to restrictions and limitations of the <br />bond indenture. Purchases of this category shall not exceed five years to <br />maturity. There is no percentage limit in this category. <br /> <br />K. Other State of California Local Agency Bonds. The City may invest in other State <br />of California Local Agency Bonds. Notes, warrants or other evidence of <br />indebtedness of any local agency within this state, including bonds payable solely <br />out of the revenues from a revenue-producing property owned, controlled, or <br />operated by the local agency, or by a department, board, agency, or authority of <br />the local agency. Investments in this category shall be restricted to instruments <br />that have a ranking of A-1 or higher, or the equivalent by not less than two of the <br />following nationally recognized statistical rating organizations: Moody’s, Standard <br />& Poor’s or Fitch. Purchases of this category shall not exceed five years to <br />maturity. There is no percentage limit in this category. <br /> <br />L. Medium Term Corporate Notes (MTN) defined as all corporate and depository <br />institution debt securities with a maximum remaining maturity of five years or less, <br />issued by corporations organized and operating within the United States or by <br />depository institutions licensed by the United States or any state and operating <br />within the United States. Notes eligible for investment shall be rated in a rating <br />category of "A" or its equivalent or better by a nationally recognized rating service. <br />Purchases in this category shall not exceed five (5) years to maturity or thirty <br />percent (30%) of the cost value of the investment portfolio. Purchases in a single <br />issuer in this category shall not exceed five percent (5%) of the cost value of the <br />investment portfolio. <br /> <br />M. A mortgage pass-through security, collateralized mortgage obligation, mortgage- <br />backed or other pay-through bond, equipment lease-backed certificate, consumer <br />receivable pass-through certificate, or consumer receivable-backed bond. Securities <br />eligible for investment under this subdivision shall be rated in a rating category of “AAA” <br />or its equivalent or better by an NRSRO and have a maximum remaining maturity of