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V. AUTHORIZED INVESTMENTS <br /> Authorized investments shall be subject to restrictions as may be imposed by law <br /> (Section 218.415 of Florida Statutes). Funds will only be invested in the following <br /> securities: <br /> 1. Direct obligations of the United States Treasury; <br /> 2. State of Florida Local Government Surplus Funds Trust Fund (SBA) for existing <br /> funds only; or any intergovernmental investment pool authorized pursuant to the <br /> Florida Interlocal Cooperation Act as provided in FS 163.01. <br /> 3. Florida Local Government Investment Trust Fund (FLGIT); <br /> 4. Interest-bearing time deposits or savings accounts in qualified public depositories <br /> as defined in Section 280.02, Florida Statutes; <br /> 5. Federal agencies and instrumentalities; <br /> 6. Securities of, or other interests in, any open-end or closed-end management-type <br /> investment company or investment trust registered under the Investment <br /> Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, <br /> provided that the portfolio of such investment company or investment trust is <br /> limited to obligations of the United States Government or any agency or <br /> instrumentality thereof and to repurchase agreements fully collateralized by such <br /> United States Government obligations, and provided that such investment <br /> �-- company or investment trust takes delivery of such collateral either directly or <br /> through an authorized custodian; <br /> 7. Securities and Exchange Commission registered money market funds with the <br /> highest credit quality rating from a nationally recognized Rating agency; or <br /> 8. Repurchase agreements with a term of one (1) year of less collateralized by direct <br /> obligations of the United States Government which have maturities of three (3) <br /> years or less and a market value of 103%or more of the repurchase amount; <br /> 9. Derivatives (defined as a financial instrument the value of which depends on, or is <br /> derived from,the value of one or more underlying assets or index or asset values), <br /> reverse repurchase agreements, or similar forms of leverage are prohibited; <br /> 10. Premiums will not be paid for any investments. All investments will be purchased <br /> at par or at a discount. <br /> VI. MATURITYAND LIQUIDITY <br /> County investments shall be managed to maintain liquidity for meeting the County's need <br /> for cash and to limit potential market risks. To the extent possible, an attempt will be <br /> made to match investment maturities with known cash needs and anticipated cash flow <br /> requirements. <br /> 3 <br /> 27 <br />