AgdaPkt 2017-09-25 Closed and Joint SA PFA

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CITY OF REDWOOD CITY INVESTMENT POLICY Last update: 1/21/2016 7 (A) Attained the highest ranking or the highest letter and numerical rating provided by not less than two NRSROs. (B) Retained an investment adviser registered or exempt from registration with the Securities and Exchange Commission with not less than five years’ experience managing money market mutual funds with assets under management in excess of five hundred million dollars ($500,000,000). The purchase price of shares of beneficial interest purchased pursuant to this subdivision shall not include commission that the companies may charge and shall not exceed 20% of the City’s moneys that may be invested pursuant to this section. However, no more than 5% of the City’s funds may be invested in shares of beneficial interest of any one mutual fund pursuant to paragraph (1). In addition, the City may invest in money market and mutual funds that are registered under the Investment Company Act of 1940 that (1) are “no‐load” (no commission or fee shall be charged on purchases or sales of shares) and (2) have a constant daily net asset value per share of $1.00; G. Local Government Investment Pools – Maximum 20% Shares of beneficial interest issued by a joint powers authority organized pursuant to Section 6509.7 that invests in the securities and obligations authorized in California Government Code section 53601 subdivisions (a) to (q), inclusive. Each share shall represent an equal proportional interest in the underlying pool of securities owned by the joint powers authority. To be eligible under this section, the joint powers authority issuing the shares shall have retained an investment adviser that meets all of the following criteria: (1) The adviser is registered or exempt from registration with the Securities and Exchange Commission. (2) The adviser has not less than five years of experience investing in the securities and obligations authorized in California Government Code section 53601 subdivisions (a) to (q), inclusive. (3) The adviser has assets under management in excess of five hundred million dollars ($500,000,000). H. Medium‐Term Corporate Notes– Maximum of 30% The City may invest in medium term notes, defined as all corporate and depository institution debt securities with a maximum maturity of 5 years or less, issued by corporations organized and operating within the United States or by depository institutions licensed by the United States or any state and operating within the United States. Notes eligible for investment under this subdivision shall be rated in a rating category of “A” or the equivalent or better, by an NRSRO. No more than 5% of the City’s portfolio may be invested in the medium‐term notes of any one issuer or its affiliates. The aggregate investment in such securities shall not exceed 30% of the City’s total portfolio. I. Non‐negotiable Certificates of Deposit – Maximum of 10% The City may invest in non‐negotiable certificates of deposit with a maturity not exceeding three years, in state or nationally chartered banks or savings banks that are insured by the FDIC, subject to the limitations of California Government Code Section 53638. Amounts in excess of FDIC insurance coverage shall be secured in accordance with California Government Code Section 53652. The City may use CD Placement Service for ease of administration to benefit from FDIC Deleted: T Deleted: ; Deleted: (3) invest only in the securities and obligations authorized ; and (4) have a rating of at least AAA, or the equivalent, by at least 2 Nationally Recognized Statistical Rating Organizations (NRSRO). No more than 5% of the City’s total portfolio shall be invested in any one issuer and the aggregate investment in money market or mutual funds shall not exceed 20% of the City’s total portfolio. Deleted: ¶ Deleted: ¶ Attachment One6.1.B. - Page 15