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INVESTMENT POLICY OF THE CITY OF COLTON <br />Repurchase agreements are limited to a maximum 7 -day maturity and may only be backed by U.S. <br />Government or federal agency collateral. The market value of securities underlying a repurchase <br />agreement shall be valued at 102 percent or greater of the funds borrowed against those securities. <br />Notes eligible for investment must be issued by corporations organized and operating within the <br />United States or by depository institutions licensed by the United States or any state and operating <br />within the United states. Notes shall be rated in a rating category of "A" or better by a nationally <br />recognized rating service if maturing in less than one year and "AA" or better if maturing in more <br />than two years. Purchases may not exceed 30% of the portfolio. <br />10. Money market mutual funds must attain the highest ranking or the highest letter and numerical <br />Rating by not less than two of the three largest nationally recognized rating services. The purchase <br />price of the shares of beneficial interest purchased pursuant to this subdivision shall not include <br />any commission that these companies may charge and shall not exceed 10% in any one fund and <br />no more than 20% of the City's surplus money which may be invested pursuant to this section. <br />11. No more than 40% of the portfolio may be invested in Agency securities at any time. <br />Effective: January 15, 2008 <br />Aurelio De La Torre <br />Treasurer <br />