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Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2016 <br />NOTE 3 - CASH AND INVESTMENTS - Continued <br />C. Investments - Continued <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, 2016, 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 Florida Local Government <br />Investment Trust which was held by the Bank of New York/Mellon. <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 contribution for the year ended September <br />30, 2016 was $12,096,411. Cash balance in the Trust at September 30, 2016 was $3,001,455. The <br />investments are reported at fair value based upon market -close price on the last business day of each <br />month. <br />The County approved a separate investment policy for the OPEB Trust assets on February 3, 2009 (last <br />amended on November 5, 2013). The County adopted a broadly diversified investment portfolio <br />composition consisting of equity, debt, and cash. Asset allocations are divided between short-term and <br />long-term investments. Short-term asset allocations include cash and investments with maturities of <br />180 days or less. Long-term asset allocations range from 0-60% for equities, 0-60% for fixed income <br />securities, and 0-100% for cash. <br />65 <br />