6634-00
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ORDINANCE NO. 6634-00
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO THE INVESTMENT OF
TEMPORARY SURPLUS MONIES; AMENDING SECTION
2.524, CODE OF ORDINANCES, TO PROVIDE FOR A
CHANGE IN THE TYPES OF INVESTMENTS OF CITY
FUNDS; PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Clearwater, Florida, has
determined that it is in the best interests of the City to prudently invest temporary
surplus monies; now, therefore,
BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF CLEARWATER, FLORIDA:
Section 1. Section 2.524, Code of Ordinances, is amended as follows:
Sec. 2.524. Investments.
Funds of the city not required for immediate disbursement shall be invested at
the discretion of the finance director in the Local Government Surplus Trust Fund. any
interQovernmental investment pool authorized pursuant to the Florida Interlocal
Cooperation Act. Security and Exchanae Commission registered money market funds
with the hiahest credit Quality ratinQ from a nationally recognized ratina agency. interest-
bearing time deposits or savinQs accounts in Qualified public depositories. direct
obliaations of the United States Treasury. Federal aaencies and instrumentalities.
repurchase agreements. commercial paper of prime Quality of the highest letter and
numerical ratina as provided for by at least one nationally recoanized rating service.
and debt issued by the State of Florida or any political subdivision thereof including
pools Unitod Statos gO'lerAFRont seoLJrities, oertifiGatos of doposit in 10Gal banks,
ropurchaso agreomonts, or v.'t:leR apf:)ropriate, iR savings aGOounts in ***H banks, All
securities s::lvings aGOOLJnts or investments shall be in the name of the city Invostments
in seouritios issuod l3y varimls agonGios of tho fodoFaI ge'lOrnmoRt, in munioipal bonds
other than tho oity issuos, aAet in bOAets issued l3y tho state or oouAtios within tho stato
may bo made with tho OOAourrense of the sity oommission.
Ordinance #6634-00
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Section 2. This ordinance shall take effect 31 days after its adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Approved as to form:
~AV{ e~
ne C. Hayman
ssistant City Attorney
November 2. 2000
November 16, 2000
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Brian J. Au6Qst
Mayor-Commissioner
Attest:
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Ordinance No. 6634-00