years from date of purchase; otherwise five years from date of purchase 2. Direct Obligation Federal Agency Securities or United States Government-Sponsored Enterprise Obligations (allowable under Government Code Section 53601(f)) Securities of the following Federal agencies/Government-Sponsored Enterprises (GSE’s) are permitted investments: Federal Home Loan Bank, Federal Farm Credit Bank, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Maximum Amount: 60% Maximum Maturity: Five years from date of purchase Maximum Issuer Limit: 25% 3. State of California Local Agency Investment Fund The Local Agency Investment Fund (LAIF) is a voluntary investment alternative for California’s local governments and special districts authorized by the California Government Code. The LAIF is managed by the State Treasurer’s Office with oversight by the Local Agency Investment Board. All securities in LAIF are purchased under the authority of Government Code Sections 16430 and 16480.8. The State Treasurer’s Office purchases all securities on a delivery versus payment basis using a third-party custodian. All investments are purchased at market, and market valuation is conducted monthly. The LAIF is part of the State Treasurer’s Pooled Money Investment Account (PMIA). The PMIA Investment Policy is guided by the goals of: (1) Portfolio safety/diversification; (2) Liquidity; and (3) Yield. Maximum Amount Allowed: $40 million or 55% of the City’s total investment portfolio, whichever is less. 4. Collateralized or Insured Money Market Accounts and Demand Deposits with City’s Primary Banks Maximum Amount: No limit Maximum Maturity: Not applicable CITY INVESTMENT POLICY 3 of 8 COUNCIL POLICY ADOPTED 6/4/2024 129