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V. INVESTMENT DECISIONS In accordance with Section 218.415 of the Florida Statutes, investment decisions will be made based solely on pecuniary factors and may not subordinate the interests of the people of this state to other objectives, including sacrificing investment return or undertaking additional investment risk, to promote any nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a prudent assessment of its impact on risk or returns. "Pecuniary factor," is defined in Section 218.415 as follows: a factor that the governing body of the unit of local government, or in the absence of the existence of a governing body, the respective principal officer of the unit of local government, prudently determines is expected to have a material effect on the risk or returns of an investment based on appropriate investment horizons consistent with applicable investment objectives and funding policy. The term does not include the consideration of the furtherance of any social, political, or ideological interests. VI. PORTFOLIO INVESTMENTS AUTHORIZED INVESTMENTS Authorized surplus funds shall be subject to restrictions as may be imposed by law (Section 218.415 of Florida Statutes). Funds will only be invested in the following securities: 1. Direct obligations of the United States Treasury; 2. Any intergovernmental investment pool, with the exception of SBA pools, authorized pursuant to the Florida Interlocal Cooperation Act as provided in FS 163.01. 3. Florida Local Government Investment Trust Fund (FLGIT); 4. Interest-bearing time deposits or savings accounts in qualified public depositories as defined in Section 280.02, Florida Statutes; 5. Federal agencies and instrumentalities; 6. Securities of, or other interests in, any open-end or closed-end management -type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, provided that the portfolio of such investment company or investment trust is limited to obligations of the United States Government or any agency or instrumentality thereof and to repurchase agreements fully collateralized by such United States Government obligations, and provided that such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian; Securities and Exchange Commission registered money market funds with the highest credit quality rating from a nationally recognized rating agency; or 3 74