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"County" means Indian River County, a political subdivision of the State of Florida. 11FCIT11 means the Florida Counties Investment Trust. "Government Fund" means the initial Investment Fund established pursuant to the Trust Agreement. "Investment Fundi) means a trust fund established pursuant to the Trust Agreement to enable public entities to pool their surplus funds for joint investment. "Ordinancell means this Ordinance, as the same may from time to time be amended, modified or supplemented. "Trust Agreementif means the Agreement and Declaration `of Trust, dated as of November 1, 1991, creating and establishing the FLIT. SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that: (A) It furthers the public interest for the County to invest any monies not immediately required to be disbursed and to maximize `. the net earnings on such funds. (B) Section 125.31, Florida Statutes, provides certain limitations and regulations applicable to the investment of surplus public funds where not otherwise authorized by law or ordinance. (C) It is the intent and desire of the Board to authorize additional investments for surplus public funds in order to seek a higher rate of return without compromising the safety of such funds and to provide by this Ordinance authorization for investment opportunities in addition to those set forth in Section 125.31(1)(a) through (f), Florida Statutes. (D) The FLIT, the trustees of which are appointed by the Florida Association of Counties, Inc. and the Florida Association of Court Clerks and County Comptrollers, has been created for the purpose of establishing Investment Funds for pooling the surplus funds of participating public entities for joint investment in order to seek a higher rate of return without compromising the safety of such funds. 17 AUG 10 1993 BOOK 0