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intended or for more optimal investments, the City may sell such investments at the <br />then- prevailing market price and place the proceeds into the proper account or fund <br />of City. <br />XII. PRE-EXISTING CONTRACT <br />Any public funds subject to a contract or agreement existing on November 19, 2009 <br />may not be invested contrary to such contract or agreement. <br />XII1. AUDITS <br />Certified public accountants conducting audits of the City pursuant to, ctionI 218.39 <br />F.S] shall report, as part of the audit, whether or not the City has complied with <br />Section 218.415, F.S., and this Investment Policy. <br />XIV. AUTHORIZED DEPOSITS <br />In addition tothe investments authorized forthe City in subsection (Vill), as authorized <br />by paragraph (23) of Section 218.415, F.S., the City may deposit any portion of surplus <br />public funds in its control or possession in accordance with the following conditions: <br />A. The funds are initially deposited in a qualified public depository, as defined <br />in $ectloril 280.02, jr,- selected by the City. <br />B. The selected depository arranges for the deposit of the funds in certificates of <br />deposit in one (1) or more federally insured banks or savings and loan <br />associations, wherever located, for the account of the City. <br />C. The full amount of principal and accrued interest of each such certificate of deposit <br />is insured by the Federal Deposit Insurance Corporation. <br />D. The selected depository acts as custodian for the City with respect to such <br />certificates of deposit issued for its account. <br />E. At the same time the City's funds are deposited and the certificates of deposit are <br />issued, the selected depository receives an amount of deposits from customers <br />of other federally insured financial institutions, wherever located, equal to or <br />greater than the amount of the funds initially invested by the City through the <br />selected depository. <br />XV. PROHIBITED INVESTMENTS <br />The City is prohibited from investing in any company that engages in business with <br />any countries that are on the prohibited list as part of the Protecting Florida's <br />Investment Act (Chapter 2007-88 FS, codified as Section 215 473, F.8) .1 The City <br />Manager may promulgate specific requirements for the implementation of this <br />provision based upon criteria applied by the Local Government Surplus Funds Trust <br />Fund for such purpose. <br />49) <br />