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B.A. JEFFREY K. BARTON, INDIAN RIVER COUNTY CLERK OF THE COURT: <br />INVESTMENTS OF COUNTY FUNDS <br />Clerk of the Circuit Court Jeffrey K. Barton briefed the Board on the status of the <br />County's Florida Local Government Investment Pool (LGIP) investments, managed by the State <br />Board of Administration (SBA). Due to rumors regarding difficulties that the SBA was <br />experiencing, and with the intention of protecting the County's and taxpayers' money, on <br />November 29, 2007, Mr. Barton transferred $66 million of the County's investment pool. This <br />was followed by the LGIP shutting down. Mr. Barton explained that although the County (and <br />everyone else in the fund) lost interest for the month of November, it was a small price to pay for <br />saving the principal. He noted that quite a few other counties had also pulled out their resources <br />due to uncertainly about what was occurring at LGIP. <br />Mr. Barton reported that when everything was closed down, the State Board of <br />Administration allowed the $23 million that was in the Tax Collector's SBA account to be <br />transferred to the Board of County Commissioners' SBA account. Subsequent to November 29, <br />2007, SBA froze fourteen percent (14%) of the funds into a separate account and eighty-six <br />percent (86%) was made available to be pulled out in the future. When the SBA reopened, we <br />were allowed to take fifteen percent (15%) or $3.4 million, out of the account. This money was put <br />into US Treasury Obligations, which have the highest marketability of anything available, if we <br />need cash. Mr. Barton assured the Board that every necessary precaution had been taken to <br />safeguard the County's and citizen's money. <br />Vice Chairman Davis asked how much money was currently in the investment fund <br />in Tallahassee. Mr. Barton divulged that there was $23 million in the SBA. <br />December 11, 2007 11 <br />