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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2013 <br />NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br />C. Investments - Continued <br />Concentration Risk - Continued <br />The Tax Collector's cash and investment policy limits portfolio composition to the following maximum <br />guidelines: <br />Local Government Surplus Funds Trust Fund 95% <br />Florida Trust Day to Day Fund 95% <br />Direct Obligations of the U.S. Government 25% <br />Money Market, CD's, and Savings Accounts 95% <br />Securities & Exchange Commission Money Funds 25% <br />Bank Super NOW Accounts 95% <br />Bank Repo Agreements 50% <br />United States Government Agencies 25% <br />The Clerk's cash and investment policy limits portfolio composition to no more than 10% or $1 million <br />in certificates of deposit with a qualified public depository with any one financial institution. <br />The Clerk's investment in the Florida Trust Day to Day Fund of $5,603,429, the Tax Collector's <br />investment of $25,278, and the Board's investment of $11,054,404 have a combined total of <br />$16,683,111. <br />Custodial Credit Risk <br />The Board's investment policy pursuant to Section 218.415 (18), Florida Statutes requires securities to <br />be registered and shall be held with a third party custodian and all securities purchased by, and all <br />collateral obtained by, the Board shall be held in the name of the Board. The securities must be held in <br />an account separate and apart from the assets of the financial institution. As of September 30, 2013, the <br />County's investment portfolio in U.S. Treasuries, U.S. Agencies, and money market funds, was held by <br />The Bank of New York/Mellon. Additional investments include the following: the SunTrust NOW <br />account, the Regions Bank Money Markets, Harbor Community Bank certificates deposit, CenterState <br />Bank certificate of deposit, the Florida Local Government Investment Trust (held by the Bank of New <br />York/Mellon) and the Florida Trust Day to Day Fund (held by UMB Bank). <br />D. OPEB Trust Investments <br />Funds are held in the name of the Indian River County OPEB Trust (OPEB Trust), an irrevocable trust, <br />by a third party custodian, Bank of New York/Mellon. The investments are reported at fair value based <br />upon market -close price on the last business day of each month. <br />66 <br />