HomeMy WebLinkAboutCity of Tamarac Ordinance O-1986-009Introduced by: ma or Kravitz Temp. Ord. #12,U
1 Rev. 11/26/85
2 Rev. 1/20/86
Rev. 2/ 3/86
3 Rev. 2/10/86
Rev. 2/12/86
4
5 CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-8 6---�__
AN ORDINANCE OF THE CITY OF TAMARAC, FLORIDA
6 REPEALING SECTION 9-1 OF THE TAMARAC CITY
CODE, INVESTMENT OF CITY FUNDS; ENACTING A
NEW SECTION 9-1 PROVIDING SPECIFICATION OF
ALLOWABLE INVESTMENTS; PROVIDING FOR
10 SAFEKEEPING OF SUCH INVESTMENTS; PROVIDING A
NEW SECTION 9-2 "CITY COUNCIL INVESTMENT
11 DECISIONS"; PROVIDING A NEW SECTION 9-3;
WIRE TRANSFERS"; PROVIDING A NEW SECTION 9-4,
12 "INVESTMENTS REPORTS"; PROVIDING A REPEALER;
PROVIDING FOR SEVERABILITY; AND PROVIDING AN
13 �f�_CTjjtE DATE,
14 WHEREAS, Section 7.08 of the Tamarac City Charter
specifies the manner in which City funds may be invested; and
is WHEREAS, the Tamarac City Council finds that the present
16 Code section on investment of City funds needs revising to
ensure the safety and maximize the return on investment of
17 City funds.
28, NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF TAMARAC, FLORIDA;
9
ISF�ION 1: That Section 9-1 of the Tamarac City Code is
21 hereby repealed in full as follows:
22
23 P��i-_-f►�n�3s-a€-Lire-e�.-�p--�r-h��-l��r-Akre---eit�-�a�r€ear--a��
24 - $t}i€ �e-f{r�- reatmeirt-rtra -bs--rmveeteel- -Oft -be4-r&1f--of- the- =eit-�-
25 _43-y_e3-t-p-m&Tmger--err-h+a---de-argrm+eel--
26 _ i�dee�mer�t�--shs-�r-ber--ee�rsteirf-ate.-t}r--r�t�irr�t�-set-�or��r
27 - .tit h-i-rr-the�-PI or+da---&tatttt s -ae-ffm r-15e---saner-ded-ftam--t-i-me-to-
2 B
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52CTIM-2: That new Sections 9--1, 9-2 and 9-3 are
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hereby created to provide as follows:
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nSec. _ 9-1 In,Y�_�1y_a,.
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Funds in anvqtne.r,aj__� sper��}�gc-cgunt or fund of --t
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F.--All investments Qf _tb-e5 -t_y-�hall-De__I-n-tbe _nazneof
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���&h�&Qr_.�s - i s s t�.�.s��_.�hs�l��.�._s�s�ti r e d• -- A l l
other, instrumer�s _Bb_ajj_bg__evidenjc�_byy.__autbDr. i zed
rgceipts or g _ eoujy.&2ent docu�ients _suff i cj ent
to conclusivelv__eyio'ence legal r>opgegsion__Dj_Q.Q.
iaalila'.sI}trL._ 5Qok entry _ - at --tbe Fedgrsil Reserve.
Bank is a oermitted_form of Swngrrahip,
G. -City, receipts and
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ft�le,
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Inyjs ent all be the responsi_
"lity_4# _Citv�4�
j3—nroced!jres_for_inions,
11heaaver nos_sjtr1e---_Dr000sa3s-for _ _inveQIig �s (purchase _ -or
sale) shal _be.&YlCYn �I]Y�T��I _ �9�Y- -Commi tge
befor s_nts_d�o�. b�_� y_�45dI�S 1,_. The.Investment
&dyisory Committee may m� ��QQg►m�� buuhas nQ veto
22wra-over, invg TAD _S3gQ���ons.
SEC-9- 3 Wire-Trans#_rs.
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Specific authority is hereby granted to
codify this ordinance.
SECTQN4 : Should any section or provision of this
Ordinance or any portion thereof, or any paragraph, sentence
or word be declared by a Court of competent jurisdiction to
be in valid, such decision shall not affect the validity of
the remainder hereof as a whole or any part thereof, other
than the part declared to be invalid.
SECTIM-This Ordinance shall become effective
immediately upon its final passage. It shall govern all
investments made after that date. within sixty (60) days
after the effective date, the City Council shall adopt a
written report addressing the City's investments with
specific instructions to staff for the disposition of
investments held by the City upon the effective date of this
Ordinance.
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PASSED FIRST READING this,.,ZZ��day of1985.
PASSED SECOND READING this4Zfd'fay of , 1986.
MAYOR
ATTEST:
RECORD OF COUNCIL VOTE
CITY CLER
I HEREBY CERTIFY that I have MAYOR: KRAVITZ
approved the f rm and correct-DIST 4: C/M STEINi:�
ness of this DINANCE. T
DIST 3: C/M GOTTESMAN
� a
Y ATT RNEY DIST 2: C/M MUNITZ
DIST 1: V M MASSARO
12$$0120685/t ` /15
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