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OVERVIEWAND PURPOSE <br />This policy applies to all cash and surplus funds of Indian River County except 1) debt <br />proceeds and 2) monetary assets held by other entities on behalf of the County. <br />Indian River County often has funds available in excess of those required to meet short- <br />term expenses (surplus funds). It is in the best interest of the citizens of Indian River <br />County that an investment policy be established to provide guidelines for the investment <br />of those surplus funds in such a manner as to preserve the safety and liquidity of those <br />funds and to provide a competitive return on investments consistent with proper <br />safeguards for the handling of government funds. The investment policy must comply <br />with all applicable State laws regarding investment of public monies. The purpose of this <br />document is to provide the Clerk of the Circuit Court, who is responsible for the <br />investment of County surplus funds, a set of procedures and guidelines for investment <br />selection and monitoring of invested funds. Investment objectives, performance <br />measurement, prudence and ethical standards, authorized investments, maturity and <br />liquidity requirements, portfolio composition, risk and diversification, authorized <br />investment institutions and dealers, third party custodial agreements, master repurchase <br />agreements, bid requirements� internal controls, reporting and continuing education will <br />be established by this investment policy and serve as the framework for all investment <br />activities. <br />II. OBJECTIVES <br />The primary objectives of investment activities carried out by the Clerk shall be the <br />following in order of importance: <br />1. To preserve capital in the overall portfolio and to maintain the safety of principal; <br />2. To remain sufficiently liquid to meet disbursement requirements that might be <br />reasonably anticipated; and <br />3. To manage the investment portfolio to provide a competitive return consistent <br />with objectives in Items I and 2 and other risk limitations described in this policy. <br />The highest priority of all investment activities shall be the safety of principal and <br />liquidity of funds. The optimization of investment returns shall be secondary to the <br />requirements for safety and liquidity. <br />P150 <br />