HomeMy WebLinkAbout1993-28ORDINANCE NO. 93- 28
AN ORDINANCE OF INDIAN RIVER COUNTY, FLORIDA;
AUTHORIZING THE INVESTMENT OF SURPLUS PUBLIC
FUNDS IN SHARES OF INVESTMENT FUNDS CREATED BY
THE FLORIDA COUNTIES INVESTMENT TRUST; AND
PROVIDING AN EFFECTIVE DATE.
NOW THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA:
SECTION 1. DEFINITIONS. Unless the context of use
indicates another meaning or intent, the following words and terms
as used in this Ordinance shall have the following meanings.
'@Board" means the Board of County Commissioners of the County.
'Klerk" shall mean the Clerk of the Circuit Court for the
County, ex -officio Clerk of the Board, or such other person as may
be duly authorized to act on his or her behalf.
'$County" means Indian River County, a political subdivision
of the State of Florida.
11FCIT11 means the Florida Counties Investment Trust.
"Government Fund" means the initial Investment Fund
established pursuant to the Trust Agreement.
"Investment Fundle means a trust fund established pursuant to
the Trust Agreement to enable public entities to pool their surplus
funds for joint investment.
"Ordinancell means this Ordinance, as the same may from time
to time be amended, modified or supplemented.
"Trust Agreement" means the Agreement and Declaration of
Trust, dated as of November 1, 1991, creating and establishing the
SECTION 2. FINDINGS. It is hereby ascertained, determined
and declared that..
(A) It furthers the public interest for the County to invest
any monies not immediately required to be disbursed and to maximize
the net earnings on such funds.
(B) Section 125.31, Florida Statutes, provides certain
limitations and regulations applicable to the investment of surplus
public funds where not otherwise authorized by law or ordinance.
(C) It is the intent and desire of the Boara to aurnori.ze
additional investments for surplus public funds in order to seek
a higher rate of return without compromising the safety of such
funds and to provide by this Ordinance authorization for investment
opportunities in addition to those set forth in Section
125.31(1)(a) through (f), Florida Statutes.
(D) The FLIT, the trustees of which are appointed by the
Florida Association of Counties, Inc. and the Florida Association
of Court Clerks and County Comptrollers, has been created for the
purpose of establishing Investment Funds for pooling the surplus
funds of participating public entities for joint investment in
order to seek a higher rate of return without compromising the
safety of such funds.
SECTION 3. AUTHORIZATION OF INVESTMENT. Surplus public
funds managed or held by the Clerk on behalf of any officer, board,
authority or agency of the County may be invested in shares of the
Government Fund or any other Investment Fund, the assets of which
are restricted to investment instruments authorized by Section
125.31, Florida Statutes or by ordinance of the County.
SECTION 4. EFFECTIVE DATE. A certified copy of this
Ordinance shall be filed in the Department of State by the Clerk
of the Board within ten (10) days after enactment by the Board.
This Ordinance shall take effect immediately upon receipt of the
official acknowledgment from the Department of State that the same
has been duly filed.
DULY ENACTED this 10th day of August , 1993.
( SEAL)
ii 1V�tR'f i�..i't
Attest.,,
BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA
By '10
Chairman
Richard N. Bird
Board of County Commissioners
APPROVED AS TO FOR4
AND A FFICIENCY:
Charles P. Vilunac
County Attorney
Acknowledgement by the Department of State of the State of Florida this 17th day of
August 1993.
Effective Date: Acknowledgement from the Department of State received on this 23rd day
of p„jus fi 1993, at lQ .�0 a.m.; i, aril filen in 't"kie office
of the Clerk of the Board of County Commissioners of Indian River County, Florida.