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<br />Florida Association of Counties, the Florida Association of Court Clerks, <br />or similar state or national associations, approved by the City. <br /> <br />(b) Negotiable direct obligations of or obligations the principal and interest of <br />which are unconditionally guaranteed by the United States Government or <br />its agencies. <br /> <br />(c) Non-negotiable interest-bearing time certificates of deposits or savings <br />accounts in state or federal banks, state or federal savings and loan <br />associations as permitted and/or prescribed by chapter 280 of the Florida <br />Statutes. <br /> <br />(d) Government Sponsored Enterprises including but not limited to Federal <br />Farm Credit banks, Federal Home Loan Bank or its district banks, Federal <br />National Mortgage Association, Federal Home Loan Mortgage <br />Corporation, including Federal Home Loan Mortgage Corporation <br />Participation Certificates, Student Loan Marketing Association or <br />obligations guaranteed by the Government National Mortgage Association. <br /> <br />(e) State or local government taxable and tax exempt debt, general obligation <br />and/or revenue bonds rated at least "A a" by Moody's or "AA" by Standard <br />& Poor's for long-term debt or rated at least MIG -2 by Moody's or SP-2 <br />Standard & Poor's for short-term debt. <br /> <br />(f) Real estate, so long as the acquisition and sale complies with applicable <br />federal and state laws and regulations in addition to applicable City <br />Charter provisions, if any, and the city Code of Ordinances. <br /> <br />MATURITY AND LIQUIDITY REQUIREMENTS <br /> <br />To the extent possible, the City will attempt to match its investments with overall <br />anticipated cash flow requirements. The average maturity of the portfolio as a <br />whole may not exceed five (5) years. This calculation also applies to the expected <br />average life of asset-backed securities and mortgage -backed securities (rather than <br />the stated final maturity). Limitation percentages of the portfolio are measured <br />from the date the securities are acquired. Unless matched to a specific cash flow <br />requirement, the City will not directly invest in securities with an expected average <br />life of more than twenty (20) years from the date of purchase. No more than 30% <br /> <br />4 <br />