Sarasota County Investment Policy 2018

Sarasota County Investment Policy 3 These investment policies apply to all financial assets of Sarasota County, which are under the direct control of the Board of County Commissioners of Sarasota County. These policies do not include any financial assets under the direct control of any of the Constitutional Officers of Sarasota County or the Sarasota/ Manatee Airport Authority. At such time as the funds under their direct control pass to Sarasota County, these policies will become applicable. I. INVESTMENTRESPONSIBILITIES A. LEGAL REQUIREMENTS Investments of Sarasota County are subject to Florida Statutes, Chapter 218.415. These investment policies are established to supplement the existing statutory authority. 1. Investment Authority of Sarasota County Investments of Sarasota County must conform to the provisions of Florida Statutes, Chapter 218.415, as amended from time to time. The Board of County Commissioners shall establish the overall investment policies and the implementation is delegated to the Clerk of the Circuit Court and County Comptroller (“Comptroller”), acting in her capacity as Comptroller. The Comptroller is herewith delegated the responsibility of establishing detailed investment and accounting procedures to govern the day to day investment activities necessary to carry out these investment policies. 2. Authorized Investments Sarasota County is authorized under Florida Statutes, Chapter 218.415 to purchase the following authorized investments: a. The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01. b. Securities and Exchange Commission registered money market funds invested in the investment securities authorized hereunder. c. Interest-bearing time deposits or savings accounts in qualified public depositories as defined in s. 280.02. d. Direct obligations of the United States Treasury. e. Federal agencies and instrumentalities. f. Securities of, or other interest in, any open-end or closed-end management-type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, provided that the portfolio of such investment company or investment trust is limited to investment securities authorized hereunder and to repurchase agreements fully collateralized by such investment securities, and provided that such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian. g. Other investments authorized by law or by ordinance for a county or a municipality.