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f. Commercial Paper Al/P1/F1 Commercial Paper not to exceed 270 days maturity from date of purchase. No more than 5% of the City's total portfolio shall be invested in commercial paper of any one issuer and the aggregate investment in commercial paper shall not exceed 25% of the City's total portfolio. g. State of California Local Agency Investment Fund (LAIF) The Local Agency Investment Fund was established by the State to enable local agency treasurers to place funds in a pool for investment (California Government Code Section 16429.1 et seq.). The City uses this investment vehicle for short- term liquidity, funds are available on demand and interest is paid quarterly. The City may invest up to the maximum permitted by LAIF. h. California State and Local Agency Obligations Obligations of the State of California or any local agency within the state that are general obligation bonds or essential service bonds secured with revenue from a water, sewer, power or electric system, provided that such obligations are rated A or better. No more than 5% of the City's total portfolio shall be invested in any one issuer in this category and the aggregate investment in categories (h. & i.) shall not exceed 30% of the City's total portfolio. Other State Obligations Registered treasury notes or bonds of any of the other 49 United States in addition to California, including general obligation bonds or essential service bonds secured with revenue from a water, sewer, power or electric system of any of the other 49 United States, in addition to California, provided that such obligations are rated A or better. No more than 5% of the City's total portfolio shall be invested in any one issuer in this category and the aggregate investment in categories (h. & i.) shall not exceed 30% of the City's total portfolio. j. Medium-term notes Medium-term notes, defined as all corporate and depository institution debt securities with a maximum remaining maturity of five years or less, issued by corporations licensed by the United States or any state and operating in the United States. Purchases are limited to securities rated A or better. The aggregate investment in Medium-term corporate notes shall not exceed 30% of the City's total portfolio.