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V. INVESTMENT DECISIONS <br />In accordance with Section 218.415 of the Florida Statutes, investment decisions will be <br />made based solely on pecuniary factors and may not subordinate the interests of the <br />people of this state to other objectives, including sacrificing investment return or <br />undertaking additional investment risk, to promote any nonpecuniary factor. The weight <br />given to any pecuniary factor must appropriately reflect a prudent assessment of its <br />impact on risk or returns. "Pecuniary factor," is defined in Section 218.415 as follows: <br />a factor that the governing body of the unit of local government, or in the absence <br />of the existence of a governing body, the respective principal officer of the unit of <br />local government, prudently determines is expected to have a material effect on <br />the risk or returns of an investment based on appropriate investment horizons <br />consistent with applicable investment objectives and funding policy. The term <br />does not include the consideration of the furtherance of any social, political, or <br />ideological interests. <br />VI. AUTHORIZED INVESTMENTS <br />Authorized investments will be limited to the following securities: <br />1. Direct obligations of the United States Treasury; <br />2. Intergovernmental investment pool authorized pursuant to the Florida Interlocal <br />Cooperation Act as provided in FS 163.01; <br />3. Interest-bearing time deposits or savings accounts in qualified public depositories <br />as defined in Section 280.02, Florida Statutes; <br />4. Federal agencies and instrumentalities, including but not limited to, Federal Home <br />Loan Mortgage Corporation, Federal National Mortgage Association, Federal <br />Home Loan Banks, Federal Farm Credit Banks; <br />Shares in, any open-end or closed-end mutual fund or Exchange Traded Funds <br />(ETF); <br />6. Securities and Exchange Commission registered money market funds with the <br />highest credit quality rating from a nationally recognized rating agency; <br />7. Repurchase agreements with a term of 180 days, collateralized by direct <br />obligations of the United States Government; <br />8. Corporate fixed income securities issued by any corporation in the United States <br />with any A rating or better; <br />9. Asset back securities issued by the United States; <br />10. Guaranteed investment contract (GIC) with insurance companies rated "A" or <br />better by two of the nationally recognized rating agencies or a comparable <br />nationally recognized statistical rating organization. <br />95 <br />