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circumstances dictate otherwise, ownership shall be protected through third party custodial <br />safekeeping. Securities transactions between a broker-dealer and the custodian involving purchase <br />or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" <br />basis, if applicable, to ensure that the custodian will have the security or money, as appropriate, in <br />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 listed in the <br />investment policy are prohibited. <br />The City may enter into investment advisory agreements with State certified qualified public <br />depositories or certified investment managers, who shall invest in accordance with the terms and <br />conditions of this investment policy. <br />The following is a list of specific securities hereby specifically authorized in which the City may <br />invest and reinvest any surplus funds in its control or possession. The composition or types of <br />securities in the investment portfolio must conform with the listed minimums, maximums and <br />individual security type concentrations. <br />The City and its Investment Managers shall comply with the applicable requirements of Chapter 2023-28, <br />Laws of Florida, including Section 112.662, along with regulations adopted by the Department of <br />Management Services. The term "pecuniary factor" is defined as a factor that a named fiduciary "prudently <br />determines is expected to have a material effect on the risk or returns of an investment based on appropriate <br />investment horizons consistent with the investment objectives and funding policy of the investment <br />program. The term does not include the consideration of the furtherance of any social, political, or <br />ideological interests." [112.662(l)]. In selecting Investment Managers, only pecuniary factors maw <br />considered and the interests of the participants and beneficiaries of the system may not be subordinated to <br />other objectives, including sacrificing investment return or undertaking additional investment risk to <br />promote any nonpecuniary factor. The weight given to any pecuniary factor must appropriately reflect a <br />prudent assessment of its impact on risk or returns. [ 112.662(2)]. Only pecuniary factors may be considered <br />when voting proxies. [112.662(3)] <br />Consistent with the Florida Statutes the following investments will be permitted by this policy: <br />Cily Funds <br />5 <br />