Sarasota County Investment Policy 2018

Sarasota County Investment Policy 7 vii. Municipal Obligations: Municipal obligations with a minimum NRSRO category rating of A whose payments are secured by taxes or essential services revenue – i.e. water, sewer or power systems. viii. Money Market Funds : Shares in an open-end and no-load money market fund, provided such fund is registered under the Investment Company Act of 1940, with a maximum weighted average maturity of 60 days whose underlying investments would be permitted for purchase under this policy and has a minimum AAm or equivalent NRSRO rating. As well as any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01, having a minimum NRSRO rating equivalent of AAm. ix. Fixed Income Funds: Shares in an open-end and no-load fixed income mutual fund, provided such fund is registered under the Investment Company Act of 1940, whose underlying investments would be permitted for purchase under this policy and has a minimum AAf or equivalent NRSRO rating. As well as any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01, having a minimum NRSRA rating equivalent of AAf. x. Asset Backed Securities: Asset Backed Securities (ABS) and ABS commercial paper limited to traditional consumer receivables, such as auto, equipment, utility or credit card receivables provided that such securities have a minimum NRSRO category rating equivalent of AAA or A-1+. xi. Supranational Bonds: U.S. dollar denominated debt obligations of a multilateral organization of governments, with the largest capital contributor being the U.S.A., with a minimum NRSRO rating equivalent to obligations guaranteed by the U.S.A. For example, the International Bank for Reconstruction and Development (IBRD or World Bank), the International Finance Corporation (IFC), and the Inter-American Development Bank (IADB). xii. RepurchaseAgreements: Sarasota County is herewith authorized to enter into Repurchase Agreements (for purchase and subsequent sale) for any of the investments authorized in Section III, A, 1, a, i, ii, iv, v, vii, x and xi of this Policy. These investments shall be managed in accordance with the limitations set forth in the following schedule: