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F. Registered Investment Companies (Money Market Mutual Funds) <br />Registered with the Securities and Exchange Commission with the highest credit <br />quality rating from a nationally recognized rating agency; portfolio is limited to <br />direct obligations of the United States Government or any agency or <br />instrumentality thereof. <br />Portfolio Composition <br />A maximum of 100% of available funds may be invested in money market funds. <br />Limits of Individual Issuers <br />A maximum of 100% of available funds may be invested with any one (1) money <br />market fund. <br />V. PROHIBITIONS <br />The purchase of derivative instruments as defined by the Government Account <br />Standards Board ("GASB") or any investment instrument which is structured to <br />derive a rate of return from an investment source other than the originally <br />purchased investment is strictly prohibited. <br />VI. INVESTMENT PARAMETERS <br />To the extent possible, the City shall attempt to match its investments with <br />anticipated cash flow requirements. Unless matched with a specific cash flow, <br />the City will not directly invest in securities maturing more than ten (10) years <br />from the date of purchase. Average life will be used as the maturity for mortgage- <br />backed securities and the intergovernmental pool investments. <br />Because of inherent difficulties in accurately forecasting cash flow requirements, <br />a portion of the portfolio should be continuously invested in readily available funds <br />such as Local Government Investment Pools, or money market funds to ensure <br />that appropriate liquidity is maintained to meet ongoing obligations. <br />VII. SAFEKEEPING AND CUSTODY <br />A. Authorized Investment Institutions and Dealers <br />The City shall only purchase investments from the State Board of Administration, <br />Florida Municipal Investment Trust, financial institutions which are qualified as <br />public depositories by the Treasurer of the State of Florida, primary security <br />dealers (or their agents) as designated by the Federal Reserve Bank of New York, <br />or by secondary securities dealers (or their agents) who act as investment <br />banking arms of local qualified banking institutions. <br />B. Delivery vs. Payment <br />All trades where applicable will be executed by delivery versus payment ("DVP") <br />to ensure that securities are deposited in an eligible financial institution prior to <br />463 <br />