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5. Performance evaluations and interim reporting. <br />F. The Finance Director will coordinate all daily investment activity. The City <br />Manager has designated the position of Finance Director with the authority <br />to initiate all investment activities: other positions may be designated as the <br />City Manager deems necessary. <br />XIV. PORTFOLIO COMPOSITION <br />The guidelines for investments and limits on security issues, issuers, and <br />maturities as established by the City are addressed herein. The City Manager or <br />the City Manager's designee shall have the option to further restrict or increase <br />investment percentages from time to time based on market conditions. Any <br />changes to the established portfolio composition must be in writing from the <br />City Manager directed to the Finance Director. Purchases of investments based <br />on bond covenane requirements shall not be included in the portfolio's <br />composition calculations. <br />A. Florida Local Government Surplus Trust Fund (SBA) and the Florida <br />Municipal Investment Trust. <br />1. Investment Authorization -The Finance Director, with prior approval <br />of the City Manager, may invest in the SBA and the Florida <br />Municipal Investment Trust <br />2. Portfolio Composition -A maximum of 100% of the portfolio may be <br />invested in the SBA and the Florida Municipal Investment Trust. <br />B. United States Government Securities <br />1. The Finance Director, with prior City Manager approval, may invest <br />in negotiable direct obligations or obligations, the principal and <br />interest of which are unconditionally guaranteed by the United <br />States Government. Such securities will include, but not be limited <br />to the following: <br />Treasury Bills <br />Treasury Notes <br />Treasury Bonds <br />Cash Management Bills <br />Treasury Securities -State & Local Government Series <br />(SLGS) <br />2. Portfolio Composition -A maximum of 50% of the portfolio may be <br />invested in the United States Government Securities. <br />3. Maturity Limitations- The maximum length of maturity of any <br />direct investment in government securities is three (3) years, except <br />for the underlying securities of repurchase agreements. <br />C. United States Federal Agencies (full faith and credit of the United States <br />Government). <br />1. Purchase Authorization —With prior City Manager approval, the <br />Finance Director may invest in United States Federal Agency <br />securities that include obligations of the: <br />United States Export -Import Bank -Direct obligations or full <br />guaranteed certificates of beneficial ownership. <br />Farmers Home Administration -Certificates of beneficial <br />ownership. <br />Federal Financing Bank -Discount notes, notes and bonds. <br />Federal Housing Administration Debentures. <br />General Services Administration Participation Certificates. <br />Government National Mortgage Association (GNMA) <br />GNMA-guaranteed mortgage -back bonds <br />GNMA-guaranteed pass-through obligations. <br />United States Maritime Administration <br />