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investment policy, after which the Investment Advisory Committee would invest the existing <br />funds and decide where to put the 2009 contribution. <br />Commissioner O'Bryan wanted to know why REITs (Real Estate Investment <br />Trusts), were not included under approved investments, and learned from Director Bernardo that <br />it was due to the current volatility of the Market. Director Bernardo added that she would <br />discuss with the Investment Advisory Committee, the possibility of including the REITs. <br />MOTION WAS MADE by Commissioner O'Bryan, <br />SECONDED by Commissioner Solari to approve the <br />Investment Policy, with a request that the Investment <br />Advisory Committee look again at including the REITs <br />(Real Estate Investment Trusts) in the authorized <br />investments. <br />Director Bernardo advised that the Investment Advisory Committee meets on a <br />quarterly basis, and would be providing a quarterly report to the Board. <br />Chairman Davis asked that the OPEB Report be placed on the County website. <br />The Chairman CALLED THE QUESTION and the <br />Motion carried unanimously. The Board approved the <br />investment policy establishing the Indian River County <br />Investment Policy For Other Post Employment Benefits <br />Trust (OPEB), with the request that the Investment <br />Advisory Committee look again at including the REITs <br />(Real Estate Investment Trusts) in the authorized <br />investments. <br />20 <br />February 3, 2009 <br />