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(i) The issuer is organized within the United States as a special <br /> purpose corporation, trust, or limited liability company <br /> (ii) The securities must have program-wide credit enhancements <br /> including, but not limited to, overcollateralization, letters of credit, or <br /> a surety bond <br /> (iii)The securities are rated "A-1" or its equivalent or better by at least <br /> one NRSRO <br /> • No more than 10% of the outstanding commercial paper of any single issuer <br /> is permitted <br /> • No more than 25% of the City's investment assets under management may <br /> be invested in Commercial Paper. <br /> • No more than 5% of the portfolio may be invested in any single issuer <br /> • The maximum maturity does not exceed 270 days <br /> g. State of California Local Agency Investment Fund (LAIF) <br /> The Local Agency Investment Fund was established by the State to enable local <br /> agency treasurers to place funds in a pool for investment (California Government <br /> Code Section 16429.1 et seq.). The City uses this investment vehicle for short- <br /> term liquidity, funds are available on demand and interest is paid quarterly. The <br /> City may invest up to the maximum permitted by LAIF. <br /> h. Municipal Securities That Are California State and Local Agency <br /> Obligations <br /> Obligations of the State of California or any local agency within the state, provided <br /> that such obligations are rated in a rating category of A or its equivalent or better <br /> by at least one NRSRO. 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 <br /> categories (h. & i.) shall not exceed 30% of the City's total portfolio. <br /> i. Municipal Securities from Other States <br /> Registered treasury notes or bonds of any of the other 49 United States in addition <br /> to California, including bonds payable solely out of the revenues from a revenue- <br /> producing property owned, controlled, or operated by a state or by a department, <br /> board, agency, or authority of any of the other 49 United States, in addition to <br /> California, provided that such obligations are rated in a rating category of A or its <br /> equivalent or better by at least one NRSRO. No more than 5% of the City's total <br /> portfolio shall be invested in any one issuer in this category and the aggregate <br /> investment in categories (h. & i.) shall not exceed 30% of the City's total portfolio. <br /> j. Medium-term notes <br /> 7 <br />