Local Investment Program

The Sarasota Manatee Aviation Authority will set aside for investment in local financial institutions an amount not to exceed 5% of all funds invested in financial instruments that have a maturity of 12 months or longer as calculated on the month that the solicitation is advertised.

A. An informal solicitation will determine which financial institutions will be chosen to submit bids for the local set aside.

B. Each participating institution must conform to the following criteria:

1. Institution shall be a "qualified public depository" as defined in Florida Statutes, Chapter 280. A listing of Qualified Public Depositories is available on a quarterly basis from the Florida Administrative Weekly.

2. Each institution must be headquartered in either Sarasota or Manatee counties and listed as such in the Florida Administrative Weekly.

3. Institution shall offer a "qualified deposit", as defined in Florida Statutes, Chapter 280, which is collateralized with US Government Treasury or Agency securities.

4. Any investment placed with any such institution shall be available for withdrawal at any time without penalty.

C. Investment of any set aside funds will be from a list of financial institutions that have met the above criteria. No more than four such institutions will be solicited for bids.

D. Such list will be reviewed semiannually for continued conformance to the criteria in section B, and competitiveness of bids received to date.

E. Successful bid selection will be based solely on rate of return offered.

F. Rate of return of any bid must be greater than the composite rate of those instruments in the Authority's existing portfolio with terms of 12 months or greater.

G. Each selected financial institution and financial instruments offered shall comply with all provisions of the Authority's Investment Policy.