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1. All securities purchased or sold will be transferred only under the "delivery versus <br />payment' (DVP) method to ensure that funds or securities are not released until <br />all criteria relating to the specific transaction are met, <br />2. The Clerk of the Circuit Court or his designee is authorized to accept, on behalf of <br />and in the name of Indian River County OPEB Trust Fund, bank trust receipts or <br />confirmations as evidence of actual delivery of the obligations or securities in <br />return for investment of funds, <br />3. Trust receipts or confirmations shall fully describe the various obligations or <br />securities held. The receipt or confirmation shall state that the investment is held <br />in the name of Indian River County OPEB Trust, and <br />4. The written system of internal controls shall be <br />approved by the Investment Advisory Committee and shall be subject to review <br />by the external auditors as part of the annual financial audit. <br />XIVIII. REPORTING <br />Quarterly reports concerning the investment activities, investment portfolio and <br />performance will be submitted to the Investment Advisory Committee and placed on the <br />agenda of the Board of County Commissioners. Other information may include recent <br />market conditions, economic developments, and anticipated investment conditions. <br />XIV. CONTINUING EDUCATION <br />Given the often complex and diverse nature of investments, and the importance of <br />balancing the safety and liquidity of investments against the desire to maximize interest <br />earnings, OPEB Trust Fund staff responsible for making investment decisions must <br />annually complete sufficient continuing education as specified in Florida Statue Section <br />218.415(14). <br />7 108 <br />