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<br />of the City's total investment portfolio shall be placed III securities with an <br />expected average maturity of more than five (5) years. <br /> <br />PORTFOLIO COMPOSITION <br /> <br />The following are the authorities for investments and limits on security issues, <br />issuers, and maturities as established within this policy. The Finance Director or <br />the investment adviser/manager shall have the option to further restrict investment <br />in selected instruments, to conform to then-present market conditions. <br /> <br />A. Investment Plans and Trusts <br /> <br />1. Authority to Invest <br /> <br />The Finance Director or the designee may invest in the following: <br /> <br />a. Local Government Surplus Trust Fund "Trust Fund" <br /> <br />b. Any intergovernmental investment trust developed by the <br />Florida Interlocal Cooperation Act as provided in Section <br />163.01. <br /> <br />c. Any other investment plan or investment trust developed by <br />the Florida League of Cities, the Florida Association of <br />Counties, the Florida Association of Court Clerks, the State <br />Board of Administration or similar state 0 national <br />associations approved by the City. <br /> <br />2. Portfolio Composition <br /> <br />A maximum of 100% of the portfolio may be invested in the "Trust <br />Fund". Bond proceeds may be deposited in the "Trust Fund" until <br />alternative investments have been purchased. <br /> <br />B. Government Securities <br /> <br />1. Authority to Purchase <br /> <br />5 <br />