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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2018 NOTE 3 - CASH AND INVESTMENTS - Continued C. Investments - Continued Credit Risk - Continued 7. Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; 8. Repurchase agreements with a term of one year or less collateralized by direct obligations of the United States Government which have maturities of three (3) years or less and a market value 103% or more of the repurchase amount. Concentration Risk The Indian River County Board of County Commissioners, the Clerk of the Circuit Court and Comptroller, and the Tax Collector follow their own investment policies. The policies have established asset allocation and issuer limits to reduce concentration of credit risk. Their investments are stated at fair value. The County's investment policy does not allow for more than 20% of the entire portfolio to be invested in any one issuer, with the exception of United States Treasury Obligations and state authorized pools. No more than 10% of the portfolio may be placed in certificates of deposit (CD) and no more than $6.5 million of the portfolio may be placed in certificates of deposit with any one financial institution. No more than 10% of the portfolio may be placed in any one money market fund, mutual fund, or intergovernmental investment pool. The Tax Collector's cash and investment policy limits portfolio composition to the following maximum guidelines: Local Government Surplus Funds Trust Fund 50% Florida Trust Day to Day Fund 50% Florida Cooperative Liquid Assets Securities System 95% Direct Obligations of the U.S. Government 25% Money Market, CD's, and Savings Accounts 95% Securities & Exchange Commission Money Funds 25% Bank Super NOW Accounts 95% Bank Repo Agreements 50% United States Government Agencies 25% The Clerk's cash and investment policy limits portfolio composition to no more than 10% or $1 million in certificates of deposit with a qualified public depository with any one financial institution. The Clerk's cash and investment policy was updated in April 2014 to limit no more than 40% of the portfolio in any money market fund or intergovernmental investment pool. 64