Senate Bill sb2224er
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ENROLLED
2007 Legislature SB 2224
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2 An act relating to authorized investments for
3 local governments; amending s. 218.415, F.S.;
4 allowing local governments to invest surplus
5 public funds in rated or unrated bonds, notes,
6 or instruments backed by the full faith and
7 credit of the government of Israel; providing
8 an effective date.
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10 Be It Enacted by the Legislature of the State of Florida:
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12 Section 1. Subsection (16) of section 218.415, Florida
13 Statutes, is amended to read:
14 218.415 Local government investment
15 policies.--Investment activity by a unit of local government
16 must be consistent with a written investment plan adopted by
17 the governing body, or in the absence of the existence of a
18 governing body, the respective principal officer of the unit
19 of local government and maintained by the unit of local
20 government or, in the alternative, such activity must be
21 conducted in accordance with subsection (17). Any such unit
22 of local government shall have an investment policy for any
23 public funds in excess of the amounts needed to meet current
24 expenses as provided in subsections (1)-(16), or shall meet
25 the alternative investment guidelines contained in subsection
26 (17). Such policies shall be structured to place the highest
27 priority on the safety of principal and liquidity of funds.
28 The optimization of investment returns shall be secondary to
29 the requirements for safety and liquidity. Each unit of local
30 government shall adopt policies that are commensurate with the
31 nature and size of the public funds within its custody.
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CODING: Words stricken are deletions; words underlined are additions.
ENROLLED
2007 Legislature SB 2224
1 (16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT
2 POLICIES.--Those units of local government electing to adopt a
3 written investment policy as provided in subsections (1)-(15)
4 may by resolution invest and reinvest any surplus public funds
5 in their control or possession in:
6 (a) The Local Government Surplus Funds Trust Fund or
7 any intergovernmental investment pool authorized pursuant to
8 the Florida Interlocal Cooperation Act as provided in s.
9 163.01.
10 (b) Securities and Exchange Commission registered
11 money market funds with the highest credit quality rating from
12 a nationally recognized rating agency.
13 (c) Interest-bearing time deposits or savings accounts
14 in qualified public depositories as defined in s. 280.02.
15 (d) Direct obligations of the United States Treasury.
16 (e) Federal agencies and instrumentalities.
17 (f) Rated or unrated bonds, notes, or instruments
18 backed by the full faith and credit of the government of
19 Israel.
20 (g)(f) Securities of, or other interests in, any
21 open-end or closed-end management-type investment company or
22 investment trust registered under the Investment Company Act
23 of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to
24 time, provided that the portfolio of such investment company
25 or investment trust is limited to obligations of the United
26 States Government or any agency or instrumentality thereof and
27 to repurchase agreements fully collateralized by such United
28 States Government obligations, and provided that such
29 investment company or investment trust takes delivery of such
30 collateral either directly or through an authorized custodian.
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ENROLLED
2007 Legislature SB 2224
1 (h)(g) Other investments authorized by law or by
2 ordinance for a county or a municipality.
3 (i)(h) Other investments authorized by law or by
4 resolution for a school district or a special district.
5 Section 2. This act shall take effect July 1, 2007.
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