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existing objectives. The updated Policy is included as Attachment 1 (in strike-text <br />format) and in a “clean version” as Attachment 2. <br /> <br />The table below summarizes the current and proposed types of investments and limits: <br /> <br />Type of Investment Legal Limit Current Policy <br />Limits <br />Proposed Policy <br />Changes <br />Non-Negotiable <br />Certificates of <br />Deposit <br />none 10% of portfolio <br />2% per issuer <br />No changes proposed. <br />Bankers’ <br />Acceptances <br />40% of <br />portfolio <br />10% of portfolio <br />2% per issuer <br />No changes proposed. <br />Treasury Bills, <br />Notes, and Bonds <br />none none No changes proposed. <br />Government Agency <br />Securities <br />none 70% of portfolio <br />35% per agency <br />No maximum sector or <br />issuer limits <br />Prime Commercial <br />Paper <br />40% of <br />portfolio <br />10% of portfolio <br />2% per issuer <br />25% of portfolio <br />5% per issuer <br />LAIF (Local Agency <br />Investment Fund) <br />$65M $65M per account No changes proposed. <br />San Mateo County <br />Pool <br />none $50M No changes proposed. <br />Money Market and <br />Mutual Funds <br />20% of <br />portfolio <br />20% of portfolio <br />5% per fund <br />No changes proposed. <br />Medium Term <br />Corporate Note <br />30% of <br />portfolio <br />20% of portfolio <br />2% per issuer <br />3 years max maturity <br />30% of portfolio <br />5% per issuer <br />5 years max maturity <br />Bank Time Deposits none 20% of portfolio <br />2% per institution <br />No changes proposed. <br />State and Local <br />Agency Bonds <br />none 20% of portfolio <br />2% per issuer <br />“AA” credit rating <br />5% per issuer <br />Security credit rating “A” <br />Repurchase <br />Agreements <br />none 10% of portfolio <br />2% per institution <br />No changes proposed. <br />Negotiable <br />Certificates of <br />Deposit <br /> <br />30% of <br />portfolio <br />Not in the current <br />policy <br />30% of portfolio <br />5% per issuer <br />Security credit rating “A” <br />6.1.B. - Page 2