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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.