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<br />~ / .ð - ....s- <br /> <br />Inveslment Policy <br />Page 4 of 6 <br /> <br />D. GOVERNMENT AGENCY SECURITIES: <br /> <br />The City will require physical delivery of these securities to an acceptable safekeeping <br />account in the City's name. Examples of these securities include Government National <br />Mortgage Association, Federal National Mortgage Association, Federal Land Bank, <br />Federal Home Loan Bank Board, and Federal Farm Credit Banks. <br /> <br />E. COMMERCIAL PAPER: <br /> <br />The City will require safekeeping documentation of the security in an acceptable <br />safekeeping account in the City's name. Commercial paper will be used solely as a <br />short term investment not to exceed 15 days. A rating of Standard and Poors A-1 or <br />Moodys P-1 is required. The City will only invest in the largest 15 banks (in terms of <br />total assets) in the United States. The investment in anyone institution will not exceed <br />$1 Million. <br /> <br />F. STATE LOCAL AGENCY INVESTMENT FUND (LAlF): <br /> <br />The investment in LAIF may not exceed the maximum amount permitted by State <br />regulation. <br /> <br />G. PASSBOOK SAVINGS ACCOUNTS: <br /> <br />Savings accounts may be maintained for amounts under $100,000 that are received too <br />late in the day to invest in other instruments. <br /> <br />H. SAN MATEO COUNTY INVESTMENT POOL: <br /> <br />...: <br /> <br />The investment with the County of San Mateo Investment Pool shall not exceed $40 <br />Million per account. <br /> <br />I. MONEY MARKET FUNDS: <br /> <br />Not more than 10% of the portfolio may be invested in money market funds. Funds <br />must comply with the investment restrictions of the California Government Code Section <br />53630 et seq., and be issued by diversified management companies or mutual funds. <br />They shall be rated in the highest rating category of at least two of the three nationally <br />recognized rating services (e.g., Moody's P-1 or S&P AAAm) , and must have in excess <br />of $500,000,000 in assets under management. <br /> <br />J. CORPORATE NOTES <br /> <br />Not more than 30% of the portfolio may be invested in Corporate Notes. Corporate <br />Notes must be rated "A" or better by Moody's or Standard and Poor's rating services at <br />the time of purchase. No more than $5 million may be invested in any single issuer. <br />