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<br />portfolio as a whole may not exceed five (5) years. This calculation also <br />applies to the expected average life of asset-backed securities and mortgage <br />-backed securities (rather than the stated final maturity). Limitation <br />percentages of the portfol io are measured from the date the securities are <br />acquired. Unless matched to a specific cash flow requirement, the City will <br />not directly invest in securities with an expected average life of more than <br />twenty (20) years from the date of purchase. No more than 30% of the City's <br />total investment portfolio shall be placed in securities with an expected <br />average maturity of more than five (5) years. <br /> <br />PORTFOLIO COMPOSITION <br /> <br />The following are the authorities for investments and limits on security <br />issues, issuers, and maturities as established within this policy. The Finance <br />Director or the investment adviser/manager shall have the option to fUliher <br />restrict investment in selected instruments, to conform to then-present <br />market conditions. <br /> <br />A. Investment Plans and Trusts <br /> <br />I. Authority to Invest <br /> <br />The Finance Director or the designee may invest in the following: <br /> <br />a. Local Government Surplus Trust Fund "Trust Fund" <br /> <br />b. Any intergovernmental investment trust developed by <br />the Florida Interlocal Cooperation Act as provided in <br />Section 163.0 I. <br /> <br />c. Any other investment plan or investment trust <br />developed by the Florida League of Cities, the Florida <br />Association of Counties, the Florida Association of <br />Court Clerks, the State Board of Administration or <br />similar state 0 national associations approved by the <br />City. <br /> <br />2. P0I1folio Composition <br /> <br />A maximum of 100% of the p0l1folio may be invested 111 the <br /> <br />Page 5 of 12 <br />