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RESOLUTION NO. 93-136 <br />A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, <br />AUTHORIZING THE INVESTMENT OF SURPLUS FUNDS, AS <br />PROVIDED BY SECTION 125.31, FLORIDA STATUTES, AND <br />IN THE FLORIDA COUNTIES INVESTMENT TRUST. <br />WHEREAS, Indian River County from time to time has funds on hand in <br />excess of current needs; and <br />WHEREAS, it is in the best interest of the citizens of Indian River <br />County that funds be invested in such a manner as to yield the highest return <br />possible consistent with proper safeguards for the handling of government <br />funds; and <br />WHEREAS, it is necessary for the Board of County Commissioners to <br />authorize the investment of surplus County funds to achieve the maximum <br />public benefit by ensuring that said funds earn the highest interest <br />allowable while deposited in prudent and safe investments, securities, and <br />institutions, <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, than <br />1. For the purposes of this resolution the term "surplus funds" is defined <br />as funds in any general or special account or fund of Indian River <br />County held or controlled by the County Commissioners or the Clerk to <br />the Board of County Commissioners which, in reasonable contemplation, <br />will not be needed for the purposes intended within a reasonable time <br />from the date of such investment. Surplus funds shall not include any <br />funds subject to any contract or agreement on the date of enactment of <br />this resolution; such funds shall not be invested contract to such <br />contract or agreement. <br />2. The Board of County Commissioners of Indian River County hereby <br />authorizes the investment of surplus funds in the control or possession <br />of the Clerk to the Board of County Commissioners in those investments <br />authorized by Section 125.31, Florida Statutes, as may be amended from <br />time to time, and in the shares of the Florida Counties Investment Trust <br />(FCIT) of which Indian River County is a member, and in any specific <br />additional investments authorized by a subsequent Board of County <br />Commissioners resolution. <br />