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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 long-term annual rate of return for the portfolio is targeted to be 6%, which <br />is an actuarial assumption, until amended by the OPEB Trust Board. The portfolio will be <br />split into two categories for investment and performance measurement purposes. The <br />first category will include an amount equal to the expected pay-as-you-go payment for <br />the upcoming 12-24 months (short-term portion) and the remainder will be included in <br />the long-term category. 61 <br />3 <br />