The Florida Senate

218.407  Local government investment authority.--

(1)  Upon determination by the governing body that it is in the interest of the unit of local government to deposit surplus funds in the trust fund, a resolution by the governing body shall be filed with the State Board of Administration authorizing investment of its surplus funds in the trust fund established by this part. The resolution shall name:

(a)  The local government official, who may be the chief financial or administrative officer of the local government, or

(b)  An independent trustee holding funds on behalf of the unit of local government,

responsible for deposit and withdrawal of such funds.

(2)  The State Board of Administration shall, upon the filing of the resolution, invest the moneys in the trust fund in the same manner and subject to the same restrictions as are set forth in s. 215.47 Except when authorized by the board, all units of local government which qualify to be participants in the Local Government Surplus Funds Trust Fund after January 1, 1982, will normally have surplus funds deposited into a pooled investment account.

(3)  The provisions of this part shall not impair the power of a unit of local government to hold funds in deposit accounts with banking or savings institutions or to invest funds as otherwise authorized by law.

History.--s. 1, ch. 77-394; s. 6, ch. 82-45; s. 3, ch. 84-137; s. 5, ch. 87-239; s. 9, ch. 98-47; s. 4, ch. 98-124.