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authorized to make program changes, including frequency. The <br /> description must include how program participants are informed of <br /> program changes and impacts. <br /> iv. A schedule for receiving statements and portfolio listings. <br /> v. A description of how reserves, retained earnings, etc. are utilized by <br /> the pool. <br /> vi. A model of the fee schedule, and when and how it is assessed. <br /> vii. A description of eligibility and/or acceptance of bond proceeds. <br /> viii. The pool must contain only the types of investment allowed by <br /> California Code. <br /> Upon approval for participation in one or more additional investment pools the FMSA <br /> investment staff shall thereafter on an annual basis investigate and reconfirm the <br /> pool's compliance with items listed above and shall monitor the pool's performance <br /> reports. <br /> 11.0 COLLATERALIZATIONISECURITY FOR DEPOSIT OF PUBLIC FUNDS <br /> Money must be deposited in state or national banks, state or federal savings associations <br /> or state or federal credit unions in the State of California. It may be in inactive deposits, <br /> active deposits or interest-bearing active deposits. The deposits cannot exceed the amount <br /> of the bank's or savings and loan's paid up capital and surplus. <br /> The bank or savings and loan must secure the active and inactive deposits with eligible <br /> securities having a market value of one-hundred, ten percent (110%)of the total amount of <br /> the deposits. State law also allows as an eligible security, first trust deeds having a value of <br /> one-hundred, fifty percent (150%) of the total amount of the deposits. A third class of <br /> collateral is letters of credit drawn on the Federal Home Loan Bank (FHLB). <br /> The Treasurer may waive, at his/her discretion, security for that portion of a deposit which <br /> is insured pursuant to federal law. Currently, the first two-hundred, fifty-thousand dollars <br /> ($250,000) of a deposit is federally insured. <br /> 12.0 SAFEKEEPING AND CUSTODY <br /> 12.1 Perfected Interest and Delive[y versus Payment <br /> In accordance with California Government Code Section 53601, to protect against potential <br /> losses caused by collapse of individual securities dealers, all securities owned by the City, <br /> except securities used as collateral for repurchase agreements, shall be kept in safekeeping <br /> with "perfected interest"by the City's custodial bank or a third party bank trust department, <br /> acting as agent for the City under the terms of a custody agreement executed by the bank <br /> and by the City. Perfected interest refers to establishment of a superior ownership right in <br /> and legal control over the securities assets held by the bank custodian on the City's behalf <br /> and is intended to protect the City from the custodial bank's own creditors in the event of <br /> Resolution No. 2025-019 <br /> Page 19 of 24 <br />