83-12 v RESOLUTION NO. 83-12
A RESOLUTION AUTHORIZING THE FINANCE DIRECTOR/
TREASURER TO INVEST EXCESS FUNDS WITH THE STATE
BOARD OF ADMINISTRATION, STATE OF FLORIDA
WHEREAS, the City of Atlantic Beach on occasion has funds on hand
in excess of current needs, and
WHEREAS, it is in the best interest of the City and its citizens
that these excess funds be invested to return the highest yield consistent
with proper and legal safeguards,
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
That the Finance Director/Treasurer be and is hereby authorized to
transmit such funds to the State Board of Administration to be invested
according to applicable laws of the State of Florida consistent with the
needs of the City of Atlantic Beach. Such authorization includes authority
to withdraw funds from the State Board of Administration by giving timely
notice and confirmation by letter.
That this authorization shall be continuing in effect until revoked
by the City Commission of the City of Atlantic Beach, Florida.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Passed by the City Commission on August 22, 1983
ATTEST:
(SEAL) •
Adelaide R. Tucker, City Clerk
CITY OF ATLANTIC BEACH
ANALYSIS OF INVESTMENTS
AUGUST 16, 1983
AMOUNT INTEREST INVESTMENT MATURITY
DESCRIPTION INVESTED YIELD PERIOD DATE NOTES
Money Management Account-Clearing 103,234 9.00% Variable N/A Interest rate fluctuates on a weekly
basis. Rate shown as of 8/16/83
Money Management Account-Investment 1,203,239 9.00% Variable N/A Same as above
Certificate of Deposit 2,595 11.75% 30 Months 10/3/83
Certificate of Deposit 100,000 10.50% 36 Months 5/15/86
Certificate of Deposit 100,000 8.9% 6 Months 11/17/83
Certificate of Deposit 100,000 9.25% 6 Months 10/11/83
Certificate of Deposit 200,000 9.00% 6 Months 10/24/83
Treasury Bill 100,000 8.63% 6 Months 11/17/83
Treasury Bill 100,000 9.19% 3 Months 11/6/83
Treasury Bill 100,000 9.5% 3 Months 10/27/83
New England Life Insurance 360,856 10.94% Variable N/A Interest rate estimated by insurance
company for period 4/1/82-3/31/83. If
City decided to withdraw funds from
company and terminate relationship,
the actual amount of interest yield
would be substantially less.
Local Government Investment Trust -0- 9.36% Variable N/A Interest rate varies on a daily basis.
Fund with State Board of Administration Rate shown as of 8/16/83.