TITLE
RESOLUTION AMENDING THE MIAMI-DADE COUNTY INVESTMENT POLICY TO MODIFY THE COMPOSITION OF CERTAIN AUTHORIZED INVESTMENTS, REMOVE PROVISION NECESSITATING BOARD APPROVAL PRIOR TO INVESTMENT IN THE LOCAL GOVERNMENT SURPLUS FUND TRUST FUND, AND UPDATE CERTAIN REFERENCES TO CLARIFY THE ROLE OF THE COUNTY CLERK AND COMPTROLLER

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WHEREAS, section 218.415, Florida Statutes, authorizes local governments to invest public funds in accordance with a written investment plan adopted by the governing body; and
WHEREAS, this Board adopted a written investment policy for the investment of the County�s public funds pursuant to Resolution >>No.<<1 R-1074-04 as amended by Resolution Nos. R-31-09, R-367-16, and R-1181-20, setting forth the County�s investment objectives, strategies, and authorized securities as authorized by section 218.415, Florida Statutes (the �Investment Policy�); and
WHEREAS, in accordance with section 28.33, Florida Statutes, the County�s Investment Policy is administered by the County Clerk and Comptroller who serves as the custodian of County funds; and

WHEREAS, the County�s Investment Policy currently allows for the investment in bonds backed by the full faith and credit of the government of Israel with an �A� rating or above or equivalent rating by at least two accredited ratings agencies, which is consistent with the version of section 218.415, Florida Statutes, in effect when the County�s Investment Policy was last updated; and
WHEREAS, since then, section 218.415, Florida Statutes, was amended to allow for investment in both rated and unrated bonds, notes, or instruments backed by the full faith and credit of the government of Israel thereby no longer requiring that such bonds have an �A� rating or above or equivalent rating; and
WHEREAS, this Board finds that it is prudent to amend the Investment Policy to modify its composition consistent with recent changes in state law>>and, in consultation with the County�s investment advisor, Hilltop Securities Inc., adjust percentage thresholds of the various investments in a way that ensures the investment portfolio continues to provide for the County�s liquidity needs, minimize market exposure, and preserve principal<<; and
WHEREAS, this Board also wishes to update certain references in the Investment Policy necessitated by the County�s transition to independent constitutional county offices following Amendment 10,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board incorporates the foregoing recitals and hereby amends the Miami-Dade County Investment Policy in the manner set forth in Attachment �A�.


1 The differences between the substitute and the original item are indicated as follows: Words stricken through and/or [[double bracketed]] shall be deleted, words underscored and/or >>double arrowed<< are added