Laserfiche WebLink
Indian River County, Florida <br />Notes To Financial Statements <br />Year Ended September 30, 2020 <br />NOTE 3 - CASH AND INVESTMENTS - Continued <br />C. Investments - Continued <br />Credit Risk - Continued <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 Company Act <br />of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, provided that the <br />portfolio of such investment company or investment trust is limited to obligations of <br />the United States Government or any agency or instrumentality thereof and to <br />repurchase agreements fully collateralized by such United States Government <br />obligations, and provided that such investment company or investment trust takes <br />delivery of such collateral either directly or through an authorized custodian; <br />7. Securities and Exchange Commission registered money market funds with the highest <br />credit quality rating from a nationally recognized rating agency; <br />8. Repurchase agreements with a term of one year or less collateralized by direct <br />obligations of the United States Government which have maturities of three (3) years <br />or less and a market value 103% or more of the repurchase amount. <br />Concentration Risk <br />The Indian River County Board of County Commissioners, the Clerk of the Circuit Court and <br />Comptroller, and the Tax Collector follow their own investment policies. The policies have <br />established asset allocation and issuer limits to reduce concentration of credit risk. Their <br />investments are stated at fair value. <br />The County's investment policy does not allow for more than 20% of the entire portfolio to <br />be invested in any one issuer, with the exception of United States Treasury Obligations and <br />state authorized pools. No more than 10% of the portfolio may be placed in certificates of <br />deposit (CD) and no more than $6.5 million of the portfolio may be placed in certificates of <br />deposit with any one financial institution. No more than 10% of the entire cash and <br />investment portfolio may be placed in any one money market fund, mutual fund, or <br />intergovernmental investment pool. <br />67 <br />