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4. Safekeeping, Custody & Perfection of Interest - Securities shall be held with a <br />third party; and all securities purchased by, and all collateral obtained by, the unit of local <br />government should be properly designated as an asset of the unit of local government. <br />No withdrawal of securities, in whole or in part, shall be made from safekeeping or <br />custody, except by the Finance Director or other designee by the City Manager on an as - <br />needed basis. <br />To protect against potential fraud and embezzlement, the assets of the City shall be <br />secured through third -party custody and safekeeping procedures. Bearer instruments shall <br />be held only through third party institutions. Investment officials shall be bonded to <br />protect the public against possible embezzlement and malfeasance. Collateralized <br />securities such as repurchase agreements shall be purchased using the delivery — vs - <br />payment procedure. Unless prevailing practices or economic circumstances dictate <br />otherwise, ownership shall be protected through third party custodial safekeeping. <br />Securities transactions between a broker-dealer and the custodian involving purchase or <br />sale of securities by transfer of money or securities must be made on a "delivery vs. <br />payment" basis, if applicable, to ensure that the custodian will have the security or <br />money, as appropriate, in hand at the conclusion of the transaction. <br />VI. Suitable and Authorized Investments <br />This investment policy shall be authorized by the City Commission. Investments not <br />listed in the investment policy are prohibited. <br />The City may enter into investment advisory agreements with State certified qualified <br />public depositories or certified investment managers, who shall invest in accordance with <br />the terms and conditions of this investment policy. <br />The following is a list of specific securities hereby specifically authorized in which the <br />City may invest and reinvest any surplus funds in its control or possession. The <br />composition or types of securities in the investment portfolio must conform with the <br />listed minimums, maximums and individual security type concentrations. <br />Consistent with the Florida Statutes the following investments will be permitted by this <br />policy: <br />67 <br />