HomeMy WebLinkAboutCity of Tamarac Ordinance O-1990-0197
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Temp. Ord. #1486
Revised 4/2/90
CITY OF TAMARAC, FLORIDA
ORDINANCE No. 0-90--iJ
AN ORDINANCE AMENDING SECTION 6-26 OF CHAPTER
6, OF THE TAMARAC CITY CODE ENTITLED "FINANCE
AND TAXATION" BY ADDING A NEW SENTENCE TO
SUBSECTION (3); PROVIDING FOR INVESTMENT OF
CITY SURPLUS FUNDS IN AN OVERNIGHT
REPURCHASE ACCOUNT UNDER CERTAIN CONDITIONS,
AND BY ADDING A NEW SUBSECTION (8); PROVIDING
FOR INVESTMENT OF CITY SURPLUS FUNDS IN
FLORIDA'S LOCAL GOVERNMENT SURPLUS FUNDS
TRUST FUND INVESTMENT POOL; PROVIDING FOR
SEVERABILITY OF INVALID PROVISIONS; PROVIDING
FOR REPEALER; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, the City Council of'the City of Tamarac finds
that it is in the best interests of the health, safety and
welfare of its residents to invest surplus funds of the City
in secure investments which yield the highest possible
return; and
WHEREAS, Section 7.08(c) of the City Charter authorizes
investment in those instruments or institutions authorized by
Florida Statutes; -
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF TAMARAC, FLORIDA:
SECTION 1: That Chapter 6, Section 6-26 (3) is hereby
amended to read as follows:
. Sec. 6-26. Investment of city funds.
(3) The city shall not purchase or hold any instrument
evidencing the debt of a nongovernmental business
organization regardless of the type or amount of
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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-maycity-may invest in overnight re--
urchase agreements/accounts as long as said
investments are fully collaterized by United States
Government Securities equal to or greater than the
face value of the agreement.
SECTION 2: That Chapter 6, Section 6-26 is amended by
adding a new subsection (8) to read as follows:
Sec. 6-26. Investment of city funds.
(8) Notwithstanding any of the other provisions of this
section the City of Tamarac may invest surplus
funds in the Local Government Surj2lus Funds Trust
Fund Investment Pool administered by State Board of
Administration, State of Florida.
SECTION 3 All Ordinances or parts of Ordinances in
conflict herewith are hereby repealed to the extent of such
conflict.
SECTION' 4 : 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 sever-
able.
:WM
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SECTION 5: This Ordinance shall become effective
immediately upon adoption and passage.
Vk,
PASSED FIRST READING this ,, day of 1990.
PASSED SECOND READING this � day of 1990.
I
ATTEST:
CAROL A. EVANS
CITY CLERK
z
RECORD OF COUNCIL VOTE
I HEREBY CERTIFY that I have MAYOR ABRAMOWITZ /�-
approved thORDINANCE as ! f C/10 ROHR
D;S-, R-I T 2: C1.10 SC_Fil.iMANr l �
AL F. R L7lvTiliCT _ ... ..._„
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INTERIM ITY ATTORNEY DlSTRICT4: C,'Vi BENDER �L �—
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"surplus.funds"
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