City of Port St . Lucie , Florida Community Redevelopment Agency Notes to the Financial Statements For the Year Ended September 30 , 2021
NOTE 3 . CASH AND INVESTMENTS ( CONTINUED )
B . INVESTMENTS ( CONTINUED )
The investment guidelines allow the following investments :
Negotiable obligations unconditionally guaranteed by the United States Government and its agencies .
Fully collateralized United States Agency obligations , which carry an implied guarantee and the implied full faith and credit of the United States Government .
Other United States Agency obligations , which carry an implied guarantee and the implied full faith and credit of the United States Government .
Interest-bearing savings accounts , money market accounts , certificates of deposit , or time deposits constituting direct obligations of any bank or savings and loan association certified as a Qualified Public Depository by the State of Florida .
Repurchase agreements collateralized by U . S . Treasury Bills or Notes .
State of Florida Local Government Surplus Funds Trust Fund ( F . S . Chapter 218 ).
Local government investment pool shares organized under F . S . Chapter 163 and rated AAA .
Money market mutual fund shares of any money market fund registered as an investment company under the federal " Investment Company Act of 1940 ", as amended .
The policy also establishes guidelines for diversification by the above classification varying from a maximum of 5 % to 90 % in each category and to maintain no more than 20 % of available resources in any one financial institution .
Except for the investments held in local government investment pools , the City ' s pooled investments are 100 % insured through a combination of the implied guarantee of the United States Government , the Federal Depository Insurance Corporation ( FDIC ), and Florida ' s Qualified Public Depository coverage . United States Agency and Treasury obligations are held for the City by a third-party safe-keeping custodian through a " delivery-versus-payment " ( DVP ) process .
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