HomeMy WebLinkAbout1983-055RESOLUTION NO. £+3-55
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS
OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE
DIRECTOR, OFFICE OF MANAGEMENT AND BUDGET WITH THE
CONCURRENCE OF THE COUNTY ADMINISTRATOR TO INVEST
SURPLUS COUNTY FUNDS AS PROVIDED BY FLORIDA
STATUTES §125.31.
WHEREAS, it is necessary for the Board of County
Commissioners to authorize the investment of surplus county funds
to achieve the maximum public benefit by insuring that said funds
earn the highest interest allowable while deposited in prudent and
safe investments, securities and institutions.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA that:
1. For the purposes of this resolution the term surplus
funds is defined as funds in any general or special account or
fund of Indian River County held or con`.rolled by the County
Commission or the Clerk to the Board of County Commissioners which
in reasonable contemplation will not be needed for the purposes
intended within a reasonable time from the date of such invest-
ment. Surplus funds shall not include any funds subject to any
contract or agreement on the date of enactment of this resolution;
such funds shall not be invested contrary to such contract or
agreement.
2. The Board of County Commissioners of Indian River
County hereby authorizes the Director, OMB with the concurrence of
the County Administrator to invest and reinvest any Indian River
County surplus public funds in the control or possession of the
Clerk to the Board of County Commissioners in:
a) the local government surplus fund trust fund;
b) negotiable direct obligations of, or obligations
the principal and interest of which are unconditionally guaranteed
by, the United States Government at the then prevailing market
price for such securities;
c) interest- bearing time deposits or savings
accounts in banks organized under the laws of. this State, in
national banks organized under the laws of the United States and
doing business and situated in this state, and savings and loan
associations which are under state supervision, or in federal
savings and loan associations located in this state and organized
under federal law and federal supervision, provided that any such
deposits are secured by collateral as may be prescribed by law;
or
d) obligations of the federal farm credit banks,
federal home loan mortgage corporation, or federal home loan bank
or its district banks, including federal home loan mortgage cor-
poration participation certificates, or obligations guaranteed by
the government national mortgage association.
3. All securities purchased pursuant to this resolution
shall be properly earmarked and immediately placed for safekeeping
in a Safety deposit box in some bank or institution carrying
adequate safety deposit box insurance within Indian River County,
and no withdrawal of such securities in whole or in part shall be
made from such safety deposit box except upon the authority of the
Director, OMB with the concurrence of the County Administrator
pursuant to this resolution.
4. The Clerk with the concurrence of the Director, OMB
and the County Administrator is also hereby authorized to receive
bank trust receipts in return for investment of surplus funds and
securities. Any trust receipt received must enumerate the various
securities held together with the specific number of each security
held. The actual securities on which the trust receipts are
issued may be held by any bank depository chartered by the United
States Government or the State of Florida or their designated
agents.
5. When the money invested in such securities is needed
in whole or in part for the purposes originally intended, the
Director, OMB with the concurrence of the County Administrator is
authorized to sell such security or securities at the then
prevailing market price and to nay the proceeds of such sale into
the proper account or fund of the County.
6. This resolution shall not be construed to alter the
constitutional responsibilities of the Clerk to the Board of
County Commissioners.
The foregoing resolution was offered by Commissioner
Lyons who moved its adoption. The motion was seconded
by Commissioner Bowman and, upon being put to a vote, the
vote was as follows:
Chairman Richard N. Bird Aye
Vice -Chairman Don C. Scurlock, Jr. Absent
Commissioner Margaret C. Bowman Aye
Commissioner Patrick B. Lyons Aye
Commissioner William C. Wodtke, Jr. Aye
The Chairman thereupon declared the resolution duly
passed and adopted this 3rd day of. August , 1983.
BOARD OF COUNTY.COMMISSIONERS
OF INDIAN RIVE@', GQUNTY-,. FLORIDA
By
RICHARD N. `._ZIRD
� ��%%Chairman
Attest: YU4L " W
APPROVED 0 F RM
0+ AND LEGA F E Y
rhl By
Coo ty Attorney
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