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business in this state as defined in s. 658.12, or by a national association <br />organized and existing under the laws of the United States which is authorized <br />to accept and execute trusts and which is doing business in this state, and <br />must be kept by the depository in an account separate and apart from the <br />assets of the financial institution; or <br />3. If physically issued to the holder but not registered with the issuer or its <br />agents, must be immediately placed for safekeeping in a secured vault. <br />XI. SALE OF SECURITIES <br />When the invested funds are needed in whole or in part for the purposes originally <br />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 />XIII. AUDITS <br />Certified public accountants conducting audits of the City pursuant to Section 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 to the investments authorized for the City in subsection (VIII), 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 Section 280.02, F.S. 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 />53) <br />