NOTES TO FINANCIAL STATEMENTSCITY OF EUSTIS, FLORIDA(Continued)Note 3 - Cash, Cash Equivalents, and InvestmentsCash and Cash EquivalentsThe Florida Security for Depositors Act identifies those financial institutions that havedeposited the required collateral in the name of the treasury of the State of Florida asqualified public depositories. The City places deposits only with qualified publicdepositories, Either FDIC or Florida’s Multiple Financial Institution Collateral Pool insuresall cash. Therefore, all deposits of the City are fully insured and collateralized. Theamount of deposits (cash and cash equivalents) at September 30, 2020, is $32,318,771.InvestmentsThe City’s investment policy states that it may invest surplus public funds in any of theauthorized instruments as is provided for in Florida Statutes 218.415(16). Authorizedinvestments include the following:■The Local Government Surplus Funds Trust Fund or any intergovernmentalinvestment pool authorized pursuant to the Florida Interlocal Cooperation Act, asprovided in Section 163.01.■Securities and Exchange Commission registered money market funds with thehighest credit quality rating from a nationally recognized rating agency.Interest-bearing time deposits or savings accounts in qualified public depositories, asdefined in Section 280.02.■■Direct obligations of the U.S. Treasury.■Federal agencies and instrumentalities.50
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