Laserfiche WebLink
Ar <br />? FLOW <br />c, a <br />Tp OF 5.) 14 Tk� <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br />MEMORANDUM <br />TO: Honorable Mayor and City Commissioners <br />VIA: Stan Morris, City Manager <br />FROM: Tiffany D. Neely, Finance Director <br />DATE: February 15, 2024 <br />RE: Revise Investment Policy to add Israeli bonds as Authorized Investments <br />RECOMMENDATION: <br />Staff recommends approval of this resolution. <br />REASONS: <br />This revision is necessary in order to add Israeli bonds as an authorized investment. <br />Israeli bonds are an acceptable investment option per the Florida statute 218.415(16)f which states: <br />Rated or unrated bonds, notes, or instruments backed by the full faith and credit of the government of <br />Israel. <br />The revised language being proposed under section IV. Listing of Authorized Investments is basec <br />upon Miami -Dade County's policy. <br />G. Bonds, notes or instruments backed by the full faith and credit of the government of Israel with an <br />A rating or above or equivalent rating by at least two accredited ratings agencies. <br />1. Portfolio Composition - A maximum of 3% of the available funds may be invested in bonds <br />backed by the full faith and credit of the government of Israel. <br />2. Limits on Maturities - The maximum length to maturity invested in bonds backed by the full <br />faith and credit of the government of Israel is five (5) years. <br />Item Number: 10.A <br />41 <br />