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� AUG 101993 <br />BOOK 90 VA E 164 <br />investments and keep the necessary liquidity to meet weekly <br />accounts payable requirements, biweekly payroll needs, periodic <br />bond payments and all other financial liabilities. <br />A copy of the most recent FCIT quarterly publication, the "Update", <br />is enclosed. It highlights that in the first sixteen months of <br />operation, the portfolio has grown to $148.8 million with <br />participation by over 12 counties. Page three lists the current <br />Board of Trustees and the Trust Staff. The investment advisor is <br />Payden & Rygel, Investment Counsel. The custodian is Nations Bank. <br />The auditor is Ernst & Young. . <br />The current Board policy on investments, IRC Resolution No. 89-76, <br />will be replaced by the enclosed proposed IRC Resolution 93- that <br />authorizes the use. of the FCIT Fund. I request the Board's <br />approval of the enclosed ordinance and two resolutions approving <br />the addition of the FCIT Fund as an alternative investment vehicle <br />for funds excess to the County's current needs. <br />The Chairman opened the public hearing and asked if anyone <br />wished to be heard in this matter. There being none, he closed the <br />public hearing. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Tippin, the Board unanimously adopted <br />Ordinance 93-28, authorizing the investment of <br />surplus public funds in shares of investment funds <br />created by the Florida Counties Investment Trust; <br />and providing an effective date. <br />ORDINANCE NO. 93- 28 <br />AN ORDINANCE OF INDIAN RIVER COUNTY, FLORIDA; <br />AUTHORIZING THE INVESTMENT OF SURPLUS PUBLIC <br />FUNDS IN SHARES OF INVESTMENT FUNDS CREATED BY <br />THE FLORIDA COUNTIES INVESTMENT TRUST; AND <br />PROVIDING AN EFFECTIVE DATE. <br />NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. DEFINITIONS. Unless the context of use <br />indicates another meaning or intent, the following words and terms <br />as used in this Ordinance shall have the following meanings. <br />'$Board" means the Board of County Commissioners of the County. <br />"Clerkil shall mean the Clerk of the Circuit Court for the <br />County, ex -officio Clerk of the Board, or such other person as may <br />be duly authorized to act on his or her behalf. <br />16 <br />