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<br />in one (1) or more federally insured banks or savings and loan associations, wherever <br />located, for the account of the City. <br /> <br />C. The full amount of principal and accrued interest of each such certificate of deposit is <br />insured by the Federal Deposit Insurance Corporation. <br /> <br />D. The selected depository acts as custodian for the City with respect to such certificates <br />of deposit issued for its account. <br /> <br />E. At the same time the City's funds are deposited and the certificates of deposit are <br />issued, the selected depository receives an amount of deposits from customers of <br />other federally insured financial institutions, wherever located, equal to or greater than <br />the amount of the funds initially invested by the City through the selected depository. <br /> <br />xv. PROHIBITED INVESTMENTS <br /> <br />The City is prohibited from investing in any company that engages in business with any <br />countries that are on the prohibited list as part of the Protecting Florida's Investment Act <br />(Chapter 2007-88 FS). The City Manager may promulgate specific requirements for the <br />implementation of this provision based upon criteria applied by the Local Government <br />Surplus Funds Trust Fund for such purpose. <br /> <br />XVI. INVESTMENT POLICY REVIEW <br /> <br />The Finance Director shall review this Investment Policy on an annual basis. Any <br />recommended changes to this policy must be approved by the City Manager and <br />subsequently by the City Commission. <br /> <br />10 <br />