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changes and additions were discussed. The next meeting of the Investment Advisory Committee was held on Wednesday, August 2, 1995 to discuss the second drift of the investment policy. Additional modifications were made based on the discussions and comments at that meeting and a third draft of the policy was distributed to the Committee members, the County Administrator and the County Attorney's office for their review and comment. All comments and recommendations received from the review of the third draft of the investment policy have been addressed. The Investment Policy will serve as the primary guide for the investment of surplus county funds. Some key points of the Policy are 1) the requirement for the safety of principal and for maintaining liquidity, 2) a "prudent person rule", 3) a detailed listing of authorized investments which specifically prohibits derivatives, reverse repurchase agreements or other forms of leverage, 4) a requirement for diversification of investments, 5) bid requirements, 6) the establishment of internal controls, and 7) safekeeping and custody guidelines. RECOMMENDATION I recommend that the Board of County Commissioners adopt the attached Investment Policy, which will serve as the controlling document for the investment of all surplus funds of the Board. Commissioner Eggert commended Clerk Jeffrey Barton on a job well-done, and Clerk Barton stated that he was very pleased with the community effort. ON MOTION by Commissioner Eggert, SECONDED by Commissioner Tippin, the Board unanimously, by a 4-0 vote (Chairman Macht being absent), adopted and accepted as policy the 1995 Investment Policy as prepared by the Clerk of the Circuit Court, August, 1995. INVESTMENT POLICY BOOKLET IS ON FILE IN THE OFFICE OF THE BOARD OF COUNTY COMMISSIONERS SCHOOL DISTRICT OF IRC - TELEVISION SERVICES AGREEMENT Commissioner Eggert questioned Items 3 and 4 in the proposed Agreement under the School District responsibilities as being identical to Items 2 and 3 under the Board's responsibilities, and Administrator Chandler advised that these Items 3 and 4 under the School District responsibilities should be deleted. ON MOTION by Commissioner Eggert, SECONDED by Commissioner Bird, the Board unanimously, by a 4-0 vote (Chairman Macht being absent), approved the Agreement with the School District of Indian River County for television services, as corrected by deleting Items 3 and 4 under the School District responsibilities. AGREEMENT IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD SEPTEMBER 5, 1995 18 Bm 95 f, -n 8