89-12 v )� SS .
RESOLUTION NO. 89-12
A Resolution of the City Commission of Atlantic Beach
relating to the investment of public funds in the possession of
the City.
NOW THEREFORE BE IT RESOLVED BY THE CITY COMMISSION OF
ATLANTIC BEACH AS FOLLOWS :
Section 1. INVESTMENT OF FUNDS REQUIRED.
The City Manager and the Director of Finance of the
City, jointly and not severally, are authorized to invest and
reinvest idle funds of the City in such amounts and in the types
of investments permitted by outstanding bond ordinances or
resolutions of the City and by applicable state law. The City
Manager is authorized to contract for custodial and safekeeping
services, investment counseling services and related matters so
that the best return on invested funds can be obtained and so
that unnecessary transfers of security are eliminated. All
investments shall be evidenced in the form of safekeeping
receipts, bank trust receipts, Federal Reserve Bank, book-entry
notices or confirmation/purchase notices in the name of the City.
Notwithstanding the provisions of the first sentence of this
section, the Director of Finance or the City Manager, acting
separately, is authorized to release investments held for
safekeeping other than in the City Treasury and to designate the
City depository to which the funds shall be transferred.
Section 2 . CLASSES AND TYPES OF INVESTMENTS .
Any surplus funds of the City shall by invested in:
(a) The Local Government Surplus Funds 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;
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(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,
in 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;
(d) Obligations of the federal farm credit banks; the
Federal Home Loan Mortgage Corporation, including
Federal Home Loan Mortgage Corporation participation
certificates; or the Federal Home Loan Bank or its
district banks or obligations guaranteed by the
Government National Mortgage Association;
(e) Obligations of the Federal National Mortgage
Association, including Federal National Mortgage
Association participation certificates and mortgage
pass-through certificates guaranteed by the Federal
National Mortgage Association; or
(f) Securities of, or other interest in, any open-end
or closed-end management type investment company or
investment trust registered under the Investment
Company Act of 1940, 15 U. S .C. ss. 80a-1 et seq. , as
amended from time to time, provided the portfolio of
such investment company or investment trust is limited
to United States Government obligations and to
repurchase agreements fully collateralized by such
United States Government obligations and provided such
investment company or investment trust takes delivery
of such collateral either directly or through an
• authorized custodian.
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Section 3 . SURPLUS FUNDS .
For the purpose of this Resolution, the term
"surplus funds" is defined as funds in any general or special
account or fund of the municipality, held or controlled by the
City of Atlantic Beach, which funds are not reasonably
contemplated to be needed for the purposes intended within a
reasonable time from the date of such investment. Any surplus
public funds subject to a contract, bond ordinance or resolution
shall not be invested contrary to the contract, bond ordinance,
or resolution but shall be invested and managed in accordance
with the terms set forth therein.
This Resolution adopted this day of March, 1989 .
. ul . ifor• ,
Approved as to form and correctness:
\
Claude L. Mullis, City Attorney
ATTEST:
Maureen King, City Clerk
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