Sarasota County Investment Policy 2018

Sarasota County Investment Policy Sector Sector Maximum % Per Issuer Maximum % Minimum Ratings Requirement (at time of purchase) Maximum EDUR* (at time of purchase) U.S. Treasury 100 100 N/A 5 years U.S. Government Securities (GNMA) 35 35 U.S. Government Agencies (GSE) 75 (inclusive of all security types) 25% per issuer / 20% per issue Federal Instrumentalities (TVA, REFCORP, FICO, etc.) Repurchase Agreements 50 10 Counterparty must be rated in the Highest NRSRO * rating category (or if not rated by an NRSRO, then the counterparty's parent). If the counterparty is a Federal Reserve Bank, no rating is required 31 days Commercial Paper 25 5 NRSRO rating category A or A‐1 270 days Corporates 5 years Banker Acceptance Notes 25 5 per entity / 10 per guarantor NRSRO rating category A (entity or guarantor) 180 days SEC Registered Money Market Funds 50 10 AAm or equivalent 60 days SEC Registered Bond Funds 25 10 AAf or equivalent 2 years FL Interlocal Investment Pools 50 smaller of 10% investment management entity AUM or 20% of Pool balance AAm /AAf equivalent 2 years State & Local Government Debt (Municipal Bonds and Certificates of Participation) 25 5 NRSRO rating category A (Issuer or Guarantor); source of payment limited to taxes or essential service utility revenue 5 years Asset Backed securities 25 10% per issuer / 5% per issue Highest NRSRO short term or long term rating category; limited to traditional consumer receivables, such as: auto, equipment, credit card receivables 5 years Agency Mortgage Backed securities (including GNMA) 35 35 N/A 5 years and FFIEC* compliant QPD CD 80 20 N/A 5 years QPD Money Market 1 day Supranational Bonds 10 5 NRSRO >or= to U.S. GSEs; U.S. must be largest capital contributor 5 years Sample NRSRO Rating Categories * FFIEC – Federal Financial Institutions Examination Council EDUR – Effective Duration GSE – Government Sponsored Enterprise FDIC – Federal Deposit Insurance Corporation NRSRO – Nationally Recognized Statistical Rating Organization Long Term Rating Short Term Rating AAA A‐1+ AA+ AA AA‐ A+ A‐1 A 8