HomeMy WebLinkAboutCity of Tamarac Ordinance O-1992-051I__
l
Temp. Ord. WI
CITY OF TAMARAC, FLORIDA
ORDINANCE NO. O-92- 5
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF TAMARAC.
FLORIDA, AMENDING CHAPTER 6 OF THE TAMARAC CITY CODE
ENTITLED "FINANCE AND TAXATION", SECTION 6.26 ENTITLED
"INVESTMENT OF CITY FUNDS", MODIFYING ALLOWABLE CITY
INVESTMENTS TO ALLOW CITY INVESTMENTS TO BE CONSISTENT
WITH FLORIDA. STATUTE 166.261(1)(a) THROUGH (e);
PROVIDING FOR CODIFICATION; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, Florida Statute 166.261(1) provides for investment of surplus public funds
in certain types of investments; and
WHEREAS, the Investment Advisory Board has voted unanimously to amend City Code
Section 6-26(1), to make it more consistent with Florida Statute 166.261(1)(a) through
(e); and
WHEREAS, the City's Finance Department has reviewed the recommendation of the
Investment Advisory Board and concurs therein.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF TAMARAC,
r-
5l=-CT� , ION 1: That the foregoing whereas clauses are hereby ratified and confirmed as
being true and correct and are hereby made a specific part of this Ordinance upon adoption
hereof.
SECTION 2: That the Tamarac Code of Ordinances is hereby amended by revising
Section 6-26, Investment of city funds to read as follows:
Sec. - 6-26. Investment of city funds.
Funds in any general or special account or fund of the city, held or
controlled by the governing body of the city, which funds are not reasonably
contemplated to be needed for the purposes Intended within a reasonable time
from the date of the deposit, shall be invested only in accordance with the
following criteria:
1-0
00DING: Words in u type are deletions from existing law;
Words in underscored type are additions.
Temp. Ord. #U 2
Obligationa of the Filderal National Mortgage 6saociation, including
OW-p-) Debt of the United States Government shall be acquired only
through the agency of a bank or authorized dealers in such debt
instruments.
u1(-" TWcity shall not purchase or hold any instrument evidencing the
debt of a nongovernmental business organization regardless of the
type or amount of collateral securing such instrument, whether
such instruments are known as repurchase agreements or any
other similar arrangement. Except that as to banking institutions
designated as city depositories pursuant to city charter section
7.08(a), the city may invest in overnight repurchase
agreements/accounts as long as such investments are fully
collaterized by United States Government Securities equal to or
greater than the face value of the agreement.
(� The city .shall not purchase or hold an instrument evidencing the
debt of any governmental entity, foreign or domestic, other than
the United States of America, whether or not such debt is
guaranteed by an agency of the United States Government !ems
�g� ( The city shall not purchase or hold any equity position in any
corporation, partnership, limited partnership or other
nongovernmental business organization.
jj_U+ j All investments of the city shall be in the name of the city.
Physical possession of all instruments for which paper is issued
shall be acquired. All other instruments shall be evidenced by
authorized receipts or other equivalent documents sufficient to
conclusively evidence legal possession of such instruments. Book
entry at the Federal Reserve Bank is a permitted form of
ownership.
CODING: Words in type are deletions from existing law;
Words in ujjdeTsgor.Cd type are additions.
L] U011
Temp. Ord. #1624
Every security purchased by the city, receipts and other pertinent
information shall be properly earmarked and immediately placed
for safekeeping in a safety deposit box in a bank or institution
carrying adequate safety deposit bank insurance within the county,
and no withdrawal of such securities in whole$ I opart shshall be
made except upon authority evidenced by
ity
council. seregarding covenants
for municipal bondwhich are a debt of the city may beheld
outside the county.
Specific authority is hereby granted to codify this Ordinance.
All Ordinances or parts of Ordinances in conflict herewith are hereby
repealed to the extent of such conflict.
If any provision of this Ordinance or the application thereof to any person
or circumstance is held invalid, such invalidity shall not affect other provisions or applications
of this Ordinance that can be given affect without the invalid provision or application, and to
this end the provisions of this Ordinance are declared to be severable.
c1=rTION 6: This Ordinance shall become effective immediately upon its passage and
adoption.
PASSED, FIRST READING Ibis 966h day oflVoaerA0992.
PASSED, SECOND READING this 9tt) day ofDe� n 992•
H.. BENDER
MAYOR
ATTEST:
CAROL A.EVANS
CITY CLERK
I HEREBY CERTIFY that I have
aZwo,
roved this ORDINANCE as to
f
I TCHELL S. K
CITY ATTORNEY
[Sec6-26(1629).ms]
RECORD OF COUNCIL NOTE
MAYOR _-- 9ENPER
DISTRICT 1: /M KAjZ—
DISTRICT2: VO S I- VMANN
DIS` ;;ICT 3: /M R=IRE
DISTRICT 4: C/M ABRAMOWITZ
CODING: Words Oft--eeveE-- type are deletions from existing law;
Words in AA911QDJ1A type are additions.