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V. AUTHORIZED INVESTMENTS <br />Authorized investments shall be subject to restrictions as may be imposed by law <br />(Section 218.415 of Florida Statutes). Funds will only be invested in the following <br />securities: <br />1. Direct obligations of the United States Treasury; <br />2. Any intergovernmental investment pool, with the exception of SBA pools, <br />authorized pursuant to the Florida Interlocal Cooperation Act as provided in FS <br />163.01. <br />3. Florida Local Government Investment Trust Fund (FLGIT); <br />4. Interest-bearing time deposits or savings accounts in qualified public depositories <br />as defined in Section 280.02, Florida Statutes; <br />5. Federal agencies and instrumentalities; <br />6. Securities of, or other interests in, any open-end or closed-end management -type <br />investment company or investment trust registered under the Investment <br />Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, <br />provided that the portfolio of such investment company or investment trust is <br />limited to obligations of the United States Government or any agency or <br />instrumentality thereof and to repurchase agreements fully collateralized by such <br />United States Government obligations, and provided that such investment <br />company or investment trust takes delivery of such collateral either directly or <br />through an authorized custodian; <br />7. Securities and Exchange Commission registered money market funds with the <br />highest credit quality rating from a nationally recognized rating agency; or <br />8. Repurchase agreements with a term of one (1) year of less collateralized by direct <br />obligations of the United States Government which have maturities of three (3) <br />years or less and a market value of 103% or more of the repurchase amount; <br />9. Derivatives (defined as a financial instrument the value of which depends on, or is <br />derived from, the value of one or more underlying assets or index or asset values), <br />reverse repurchase agreements, or similar forms of leverage are prohibited; <br />10. Premiums will not be paid for any investments. All investments will be purchased <br />at par or at a discount. <br />VI. MATURITYAND LIQUIDITY <br />County investments shall be managed to maintain liquidity for meeting the County's need <br />for cash and to limit potential market risks. To the extent possible, an attempt will be <br />made to match investment maturities with known cash needs and anticipated cash flow <br />requirements. <br />3 <br />16 <br />