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government should be properly designated as an asset of the unit of local government. No <br />withdrawal of securities, in whole or in part, shall be made from safekeeping or custody, <br />except by the Finance Director or other designee by the City Manager on an as -needed <br />basis. <br />To protect against potential fraud and embezzlement, the assets of the City shall be secured <br />through third -party custody and safekeeping procedures. Bearer instruments shall be held <br />only through third party institutions. Investment officials shall be bonded to protect the <br />public against possible embezzlement and malfeasance. Collateralized securities such as <br />repurchase agreements shall be purchased using the delivery — vs- payment procedure. <br />Unless prevailing practices or economic circumstances dictate otherwise, ownership shall <br />be protected through third party custodial safekeeping. Securities transactions between a <br />broker-dealer and the custodian involving purchase or sale of securities by transfer of <br />money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure <br />that the custodian will have the security or money, as appropriate, in hand at the conclusion <br />of the transaction. <br />VI. Suitable and Authorized Investments <br />This investment policy shall be authorized by the City Commission. Investments not listed <br />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 listed <br />minimums, maximums, and individual security type concentrations. <br />The City and its Investment Managers shall comply with the applicable requirements of <br />Chapter 2023-28, Laws of Florida, including Section 112.662, along with regulations <br />adopted by the Department of Management Services. The term "pecuniary factor" is <br />defined as a factor that a named fiduciary "prudently determines is expected to have a <br />material effect on the risk or returns of an investment based on appropriate investment <br />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, <br />political, or ideological interests." [112.662(1)]. In selecting Investment Managers, only <br />pecuniary factors may be considered, and the interests of the participants and beneficiaries <br />of the system may not be subordinated to other objectives, including sacrificing investment <br />return, or undertaking additional investment risk to promote any nonpecuniary factor. The <br />weight given to any pecuniary factor must appropriately reflect a prudent assessment of its <br />impact on risk or returns. [112.662(2)]. Only pecuniary factors may be considered when <br />voting proxies. [112.662(3)] <br />5 <br />