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V. AUTHORIZED INVESTMENTS <br /> Authorized investments will be limited to the following securities: <br /> 1. Direct obligations of the United States Treasury; <br /> 2. Intergovernmental investment pool authorized pursuant to the Florida Interlocal <br /> Cooperation Act as provided in FS 163.01; <br /> 3. Interest-bearing time deposits or savings accounts in qualified public depositories <br /> as defined in Section 280.02, Florida Statutes; <br /> 4. Federal agencies and instrumentalities, including but not limited to, Federal Home <br /> Loan Mortgage Corporation, Federal National Mortgage Association, Federal <br /> Home Loan Banks, Federal Farm Credit Banks; <br /> 5. Shares in, any open-end or closed-end mutual fund or Exchange Traded Funds <br /> (ETF); <br /> 6. Securities and Exchange Commission registered money market funds with the <br /> highest credit quality rating from a nationally recognized rating agency; <br /> 7. Repurchase agreements with a term of 180 days, collateralized by direct <br /> obligations of the United States Government; <br /> 8. Corporate fixed income securities issued by any corporation in the United States <br /> ..► with any A rating or better; <br /> 9. Asset back securities issued by the United States; <br /> 10. Guaranteed investment contract (GIC) with insurance companies rated "A" or <br /> better by two of the nationally recognized rating agencies or a comparable <br /> nationally recognized statistical rating organization. <br /> 11. Equity assets, including common stock, preferred stock, and interest-bearing <br /> obligations having an option to convert into common stock. <br /> VI. MATURITYAND LIQUIDITY <br /> The OPEB trust assets shall provide sufficient liquidity to meet the annual funding <br /> payment. <br /> VII. PERFORMANCE MEASURES <br /> The expected annual rate of return for the long-term portfolio is 6%, which is an actuarial <br /> assumption, until amended by the OPEB Trust Board. The portfolio will be split into two <br /> categories for investment and performance measurement purposes. The first category <br /> will include an amount equal to the expected pay-as-you-go payment for the upcoming <br /> 12-24 months (short-term portion) and the remainder will be included in the long-term <br /> category. <br /> 3 17 <br />