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XI. BID REQUIREMENTS FOR DEBT INSTRUMENTS continued <br />1. Bids will be held in confidence until the best bid is determined and awarded, <br />2. Documentation will be retained for all bids, with the winning bid clearly <br />identified, <br />3. If for any reason the highest bid (on sales of investments) or the lowest bid (on <br />purchases of investments) is not selected, then the reasons leading to that decision <br />will be clearly documented, <br />4. If the maturing investment is a certificate of deposit, the present holder of the <br />funds will be one of the contacts made, subject to the portfolio diversification <br />requirements in this policy and the institutions' ability to maintain collateral. <br />XII. INTERNAL CONTROLS <br />The OPEB Trust Board shall adopt a written set of internal controls and operational <br />procedures to be implemented by the Clerk of the Circuit Court or his designee, which <br />said controls are designed to protect the OPEB funds and ensure proper accounting and <br />reporting of securities transactions. Such internal controls shall consist, .at a minimum, of <br />the following: <br />1. All securities purchased or sold will be transferred only under the "delivery versus <br />payment" (DVP) method to ensure that funds or securities are not released until <br />all criteria relating to the specific transaction are met, <br />2. The Clerk of the Circuit Court or his designee is authorized to accept, on behalf of <br />and in the name of Indian River County OPEB Trust Fund, bank trust receipts or <br />confirmations as evidence of actual delivery of the obligations or securities in <br />return for investment of funds, <br />3. Trust receipts or confirmations shall fully describe the various obligations or <br />securities held. The receipt or confirmation shall state that the investment is held <br />in the name of Indian River County OPEB Trust, and <br />4. The written system of internal controls and operational procedures shall be <br />approved by the Investment Advisory Committee and shall be. subject to review <br />by the external auditors as part of the annual financial audit. <br />XIII. .REPORTING <br />Quarterly : reports concerning the investment activities, investment portfolio and <br />performance will be submitted to the Investment Advisory Committee and placed on the <br />agenda of the Board of County Commissioners. Other information may include recent <br />market conditions, economic developments, and anticipated investment conditions. <br />64 <br />C <br />