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Indian River County, Florida <br /> Notes To Financial Statements <br /> Year Ended September 30, 2015 <br /> NOTE 4 - CASH AND CASH EQUIVALENTS - Continued <br /> C. Investments - Continued <br /> Florida PRIME (formerly known as the Local Government Surplus Funds Trust Investment (SBA) <br /> Fund A) is a money market fund classified as a"2a-7 like fund" using the SEC investment requirements <br /> for 2a-7 funds. The fund was established by Florida Statute 218.405 and is administered by the Florida <br /> State Board of Administration. <br /> The Florida Local Government Investment Trust Fund is a pool of various securities with maturities of <br /> less than five years. The fund was established by Florida Statute 163.01, is administered by the Florida <br /> Association of Court Clerks, and is marked to market daily. <br /> Interest Rate Risk <br /> The County's investment policy limits interest rate risk by attempting to match investment maturities <br /> with known cash needs and anticipated cash flow requirements. All investments must have stated <br /> maturities of ten (10) years or less and no more than 25% of the portfolio shall be invested in. <br /> instruments with stated final maturities greater than five (5) years. The portfolio shall have securities <br /> with varying maturity and at least 10% of the portfolio shall be invested in readily available funds. <br /> All constitutional officers with the exception of the Tax Collector and Clerk follow this policy. The Tax <br /> Collector's policy is to limit maturities to 24 months or less. The Clerk's policy is to limit maturities to <br /> three years or less and maintain at least 50% of the portfolio in readily available funds. <br /> 69 <br />