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<br />4. Maturity Limitations <br /> <br />The maximum expected average life for an investment in Federal <br />Agency securities is five (5) years. <br /> <br />D. Non-negotiable Interest Bearing Time Certificates of Deposit (CDs) <br /> <br />1. Authority to Purchase <br /> <br />The Finance Director or the investment adviser/manage may invest <br />in non-negotiable interest-bearing time certificates of deposit or <br />savings accounts in state or federal banks, state or federal savings <br />and loan associations as permitted and/or prescribed by Chapter <br />280 of the Florida Statute. <br /> <br />2. Portfolio Composition <br /> <br />A maximum of 50% of the portfolio may be invested III non- <br />negotiable CDs. <br />3. Limits on Individual Issuers <br /> <br />a. All issues must be approved as "Qualified Public Depositories" <br />by the State of Florida, as required by the Florida Security for <br />Public Deposits Act Chapter 280, Florida Statutes. <br /> <br />b. A maximum of 50% of the portfolio may be invested with a <br />maximum maturity of 5 years from date of purchase. <br /> <br />4. Maturity Limitations <br /> <br />a. A maximum of 50% of the portfolio may be invested with a <br />maximum maturity of 5 years from date of purchase. <br /> <br />E. Government Sponsored Enterprises <br /> <br />1. Authority to Purchase <br /> <br />Securities include but are not limited to obligations of the: <br /> <br />7 <br />