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City of Pleasanton Operating Budget • FY 2023/24 - FY 2024/25C - 32 <br />i. Other State Obligations <br />Registered treasury notes or bonds of any of the other 49 United States in addition to California, <br />including general obligation bonds or essential service bonds secured with revenue from a water, <br />sewer, power or electric system of any of the other 49 United States, in addition to California, provided <br />that such obligations are rated A or better. No more than 5% of the City’s total portfolio shall be <br />invested in any one issuer in this category and the aggregate investment in categories (h. & i.) shall <br />not exceed 30% of the City’s total portfolio. <br />j. Medium-term notes <br />Medium-term notes, defined as all corporate and depository institution debt securities with a <br />maximum remaining maturity of five years or less, issued by corporations licensed by the United <br />States or any state and operating in the United States. Purchases are limited to securities rated in a <br />rating category of “A” or its equivalent or better by an NRSRO. The aggregate investment in Medium- <br />term corporate notes shall not exceed 30% of the City’s total portfolio. <br />k. Repurchase and Reverse Repurchase Agreements <br />Repurchase and Reverse Repurchase Agreements collateralized by securities of the U.S. Government <br />or its agencies. The purchase securities shall have a minimum market value including accrued <br />interest of 102% of the dollar value of funds borrowed and a term not to exceed one year. The <br />aggregate investment in repurchase and reverse repurchase agreements shall not exceed 15% of the <br />City’s total portfolio. <br />l. Money Market and Mutual Funds <br />Money market and mutual funds whose portfolios consist of government securities or diversified <br />money market securities such as acceptable C/D’s, banker’s acceptances, agency discount notes, <br />commercial paper, and other full-faith and credit obligations of the U.S. Government or its agencies. <br />The aggregate investment in Government Security money market and mutual Funds shall not exceed <br />20% of the City’s total portfolio. <br />m. Managed Portfolio for Pension Liabilities <br />City Council authorized setting up a Section 115 Pension Trust Fund (Trust Fund), The Trust Fund assets <br />will be managed by an external Manager and the Investment policy related to the trust will be a <br />separate document that is approved by Council. <br />n. California Asset Management Program (CAMP) <br />California Asset Management Program “CAMP” is a California Joint Powers Authority (“JPA”) <br />established in 1989 to provide California public agencies with professional investment services. The <br />CAMP Pool is a permitted investment for all local agencies under California Government Code Section <br />53601(p). The aggregate investment in CAMP shall not exceed 30% of the City’s investment portfolio. <br />o. Supranational Organizations Securities <br />United States dollar denominated senior unsecured unsubordinated obligations issued or <br />unconditionally guaranteed by IBRD, IFC, or IADB, with a maximum remaining maturity of five years <br />or less and eligible for purchase and sale in the United States. Purchases are limited to securities <br />rated in a rating category of “AA” or its equivalent or better by an NRSRO. The aggregate investment <br />in Supranational Organizations Securities shall not exceed 30% of the City’s investment portfolio. <br />Supranational Organizations Securities are permitted investment under California Government Code <br />53601(q).