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RESOLUTION NO. £+3-55 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE <br />DIRECTOR, OFFICE OF MANAGEMENT AND BUDGET WITH THE <br />CONCURRENCE OF THE COUNTY ADMINISTRATOR TO INVEST <br />SURPLUS COUNTY FUNDS AS PROVIDED BY FLORIDA <br />STATUTES §125.31. <br />WHEREAS, it is necessary for the Board of County <br />Commissioners to authorize the investment of surplus county funds <br />to achieve the maximum public benefit by insuring that said funds <br />earn the highest interest allowable while deposited in prudent and <br />safe investments, securities and institutions. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that: <br />1. For the purposes of this resolution the term surplus <br />funds is defined as funds in any general or special account or <br />fund of Indian River County held or con`.rolled by the County <br />Commission or the Clerk to the Board of County Commissioners which <br />in reasonable contemplation will not be needed for the purposes <br />intended within a reasonable time from the date of such invest- <br />ment. Surplus funds shall not include any funds subject to any <br />contract or agreement on the date of enactment of this resolution; <br />such funds shall not be invested contrary to such contract or <br />agreement. <br />2. The Board of County Commissioners of Indian River <br />County hereby authorizes the Director, OMB with the concurrence of <br />the County Administrator to invest and reinvest any Indian River <br />County surplus public funds in the control or possession of the <br />Clerk to the Board of County Commissioners in: <br />a) the local government surplus fund trust fund; <br />b) negotiable direct obligations of, or obligations <br />the principal and interest of which are unconditionally guaranteed <br />by, the United States Government at the then prevailing market <br />price for such securities; <br />c) interest- bearing time deposits or savings <br />accounts in banks organized under the laws of. this State, in <br />national banks organized under the laws of the United States and <br />doing business and situated in this state, and savings and loan <br />