Ordinance 87-065ORDINANCE NO. 87- 65
AN OPJ3INANCE AUTHORIZING THE INVESTMENT AND
REINV£S~'MENT OF SURPLUS PUBLIC FUNDS BY THE
CLERK TO THE BOARD ON BEHALF OF AND IN THE
NA~4E OF THE BOARD OF COUNTY COMMISSIONERS;
AUTHORIZING THE INVESTMENT AND REINVESTMENT
OF SUCH SURPLUS FUNDS IN INVESTMENT SECURI-
REQUIRING THAT A CASH MANAGEMENT AND
INVEST~LENT POLICY BE ADOPTED PURSUANT TO
RESOLUTION OF THE BOARD; PROVIDING FOR
CONFLICT AND SEVERABILITY; PROVIDING AN
EFFECTIVE DATE.
WHEREAS, in 1981, the Board of County Commissioners
authorized the Clerk to the Board to invest surplus public funds
in the Local Government Surplus Funds Trust Fund pursuant to
Section 125.31(1) (a}, Florida Statutes; and
WHEREAS, Section 125.31, Florida Statutes, provides that the
Board of County Commissioners may adopt an ordinance to authorize
investment opportunities in addition to those set forth in
Section 125.31(1) (a)-(e); and
WHEREAS, it is the desire and intent of the Board of County
Commissioners to authorize additional investments for surplus
public funds in order to seek a higher rate of return on such
funds; and
WHEREAS, the Board also wishes to establish a policy for the
cash management and investment alternatives applicable to said
surplus funds;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY
COMMISSIONERS OF COLLIER COUNTY, FLORIDA, that:
SECTION ONE.
In accordance with. a Cash Management and Investment Policy
established by the Board of County Commissioners by Resolution,
the Clerk to the Board is h~reby authorized to purchas~ and sell
investment securities at prevailing market prices/rates on behalf
of and in the name of the Board of County Commissioners when, in
the judgment of the Clerk to the Board,
(a) sufficient surplus funds have accumulated in the
accounts of the Board of County Commissioners, or
(b) The Board of County Commissioners has on hand or has
accumulated monies by reason of the sale of its own
securities.
The Clerk to the Board, in accordance with the Cash
Management and Investment Policy adopted by the Board, shall pay
the proceeds of such security sales into the proper accounts or
funds of the Board of County Commissioners.
SECTION TWO.
Upon adoption of this Ordinance, the Clerk to the Board
shall prepare and propose to the Board of County Commissioners a
Cash Management and Investment Policy which shall address, at a
minimum, the issues of general investment objectives, types of
instruments to be selected, maturity, risk and diversification of
investments, and investment institutions, issuers and dealers to
be selected. Upon review of the Clerk's proposed policy and such
other matters as the Board may deem appropriate, the Board shall
establish a Cash Management and Investiment Policy by resolution.
In addition, the Clerk to the Board shall establish
appropriate written internal control and investment procedures
which shall address, at a minimum, master accounts, separation of
functions, investment delivery and payment procedure, custodial
arrangements, trust receipts and confirmation, performance
evaluations and operations auditing and reporting, both interim
and annual. Such procedures shall be reviewed periodically as
may be determined by the Clerk to the Board to assure optimum
fiscal control.
SECTION THREE.
This Ordinance is not intended to and shall not be
interpreted to abrogate an~ provision contained in any bond
resolution or ordinance of the Board of County Commissioners
relating to the investment of bond proceed~ temporarily available
in specific funds or accounts.
SECTION FOUR: Conflict and Severability.
In the event this Ordinance conflicts with any other
ordinance of Collier County or other applicable law, the more
restrictive shall apply. If any phrase or portion of this
Ordinance is held invalid or unconstitutional by any court of
competent jurisdiction, such portion shall be deemed a separate,
distinct and independent provision and such holding shall not
affect the validity of the remaining portion.
SECTION FIVE: Effective Date.
This Ordinance shall become effective upon receipt of notice
from the Secretary of State that this Ordinance has been filed
with the Secretary of State.
PASSED AND DULY ADOPTED by the Board of County Commissioners
of Collier County, Florida, this~/~day of ~~~-~87.
ATTEST:
JAMES C. GILES, Clerk
'Ap. proved,aS to form and
Kenneth B~ Cuyler~
County Attorney
BOARD OF COUNTY COMMISSIONERS
OF COLLIER COUNTY, FLORIDA
This ordln~nce filed with the
Secre~ry of State's Office the
~--.s~.--~lay~'"~' of ~--~-t-ef~/?''~-~
and acknowledgement of that
filing, received this-,~'~/day
STATE OF FLORIDA )
COUNTY OF COLLIER )
I, JAMES C. GILES, Clerk of Courts in amd for the Twentieth
Judicial Circuit, Collier County, Florida, do hereby certify that the
foregoing is a true copy of:
ORDINANCE 87-65
which was adopted by the Board of County Commissioners on the 25th
day of August, 1987 during Regular Session.
WITNESS my hand and the official seal of the Board of County
Commissioners of Collier County, Florida, this 25th day of
August, 1987, -
JAMES C. GILES ~',
Clerk of Courts ar%d Clerk
Ex-officio to Board of'
County~ommissi~er~ '
- ..&/ .... -,~:.'~' F~ "' .-
~y: vzrglnza Magrk~ -- -. ..'
Deputy Clerk '-~,~;'....;. ....
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