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"Participant" shall mean the Initial Participants and the <br />Public Entities which comply hereafter with the provisions of <br />Section 2.03 hereof. <br />"Permitted Investments" shall mean the investments authorized <br />by the Trustees for any specific Investment Fund, as authorized by <br />Section 4.02 hereof. <br />"Public Entity or Public Entities" shall mean any <br />municipality, county, public utility, or other political <br />subdivision of the State, or any department, agency, or <br />instrumentality thereof, or any political or public corporation <br />thereof, existing as a local government entity under the <br />Constitution and laws of the State, which is authorized to invest <br />in the Trust. <br />"Share" shall mean the unit used to denominate and measure the <br />respective pro rata beneficial interest of the Participants in the <br />Trust Property, as described in Article VII. <br />"Share Register" shall mean the register of Shares maintained <br />pursuant to Article VIII hereof. <br />"Share Value" shall mean the value of each Share in an <br />Investment Fund, determined in accordance with Section 9.03 hereof. <br />"State" shall mean the State of Florida. <br />"Transaction Execution Date" means the Business Day on which <br />a Participant makes an investment in or redemption from an <br />Investment Fund. <br />"Transaction Valuation Date" means the Business Day <br />immediately preceding each Transaction Execution Date. <br />"Trust" shall mean the "Florida Counties Investment Trust" as <br />established and governed by this Agreement. <br />"Trust Counsel" shall mean the attorney or firm of attorneys, <br />experienced in matter of local government law and duly admitted to <br />practice law in the State, as may be engaged or employed by the <br />Board pursuant to Section 5.04 of this Agreement. <br />"Trust Property" shall mean, as of any particular time, any <br />and all property, real, personal, or otherwise, tangible or <br />intangible, which is transferred, conveyed or paid to the Trust or <br />Trustees, and all assets, income, profits and gains therefrom and <br />which, at such time, is owned or held by or for the account of the <br />Trust or the Trustees, including but not limited to Permitted <br />Investments. <br />5 <br />