The Florida Senate

¹240.488  Investment of funds of authority.--Except as otherwise provided in s. 240.487(3), an authority may invest any funds in:

(1)  Direct obligations of the United States of America;

(2)  Obligations as to which the timely payment of principal and interest is fully guaranteed by the United States of America;

(3)  Obligations of the Federal Intermediate Credit Banks, Federal Banks for Cooperatives, Federal Land Banks, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, and Student Loan Marketing Association;

(4)  Certificates of deposit or time deposits constituting direct obligations of any financial institution as defined by the financial institutions codes, as now or hereafter amended, except that investments may be made only in those certificates of deposit or time deposits in financial institutions which are insured by the appropriate federal regulatory agency as defined in s. 655.005; and

(5)  Withdrawable capital accounts or deposits of state or federally chartered savings and loan associations which are insured by an agency of the Federal Government. Any such securities may be purchased at the offering or market price thereof at the time of such purchase. All such securities so purchased shall mature or be redeemable on a date prior to the time when, in the judgment of the authority, the funds so invested will be required for expenditure. The express judgment of the authority as to the time when any funds will be required for expenditure or be redeemable is final and conclusive.

History.--s. 19, ch. 82-241; s. 118, ch. 83-217; s. 198, ch. 92-303; s. 3(7), ch. 2000-321.

¹Note.--Repealed January 7, 2003, by s. 3(7), ch. 2000-321, and shall be reviewed by the Legislature prior to that date.