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Reso 2024-3599
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Reso 2024-3599
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Last modified
1/24/2024 9:42:51 AM
Creation date
1/23/2024 4:22:41 PM
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CityClerk-Resolutions
Resolution Type
Resolution
Resolution Number
2024-3599
Date (mm/dd/yyyy)
01/18/2024
Description
Approving a Revised Investment Policy of the City of Sunny Isles Beach.
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1/8/24, 3:15 PM <br />Statutes & Constitution :View Statutes : Online Sunshine <br />(a) The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool authorized <br />pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01. <br />(b) Securities and Exchange Commission registered money market funds with the highest credit quality rating <br />from a nationally recognized rating agency. <br />(c) Interest-bearing time deposits or savings accounts in qualified public depositories as defined in s. 280.02. <br />(d) Direct obligations of the United States Treasury. <br />(e) Federal agencies and instrumentalities. <br />(f) Rated or unrated bonds, notes, or instruments backed by the full faith and credit of the government of <br />Israel. <br />(g) Securities of, or other interests in, any open-end or closed-end management -type investment company or <br />investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended <br />from time to time, provided that the portfolio of such investment company or investment trust is limited to <br />obligations of the United States Government or any agency or instrumentality thereof and to repurchase <br />agreements fully collateralized by such United States Government obligations, and provided that such investment <br />company or .investment trust takes delivery of such collateral either directly or through an authorized custodian. <br />(h) . Other investments authorized by law or by ordinance for a county or a municipality. <br />(i) Other investments authorized by law or by resolution for a school district or a special district. <br />(17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.—Those units of local government electing <br />not to adopt a written investment policy in accordance with investment policies developed as provided in <br />subsections (1)-(15) may invest or reinvest any surplus public funds in their control or possession in: <br />(a) The Local Government Surplus Funds Trust Fund, or any intergovernmental investment pool authorized <br />pursuant to the Florida Interlocal Cooperation Act of 1969, as provided in s. 163.01. <br />(b) Securities and Exchange Commission registered money market funds with the highest credit quality rating <br />from a nationally recognized rating agency. <br />(c) Interest-bearing time deposits or savings accounts in qualified public depositories, as defined in s. 280.02. <br />(d) Direct obligations of the U.S. Treasury. <br />The securities listed in paragraphs (c) and (d) shall be invested to provide sufficient liquidity to pay obligations as <br />they come due. <br />(18) SECURITIES; DISPOSITION.— <br />(a) Every security purchased under this section on behalf of the governing body of a unit of local government <br />must be properly earmarked and: <br />1. If registered with the issuer or its agents, must be immediately placed for safekeeping in a location that <br />protects the governing body's interest in the security; <br />2. If in book entry form, must be held for the credit of the governing body by a depository chartered by the <br />Federal Government, the state, or any other state or territory of the United States which has a branch or principal <br />place of business in this state as defined in s. 658.12, or by a national association organized and existing under the <br />laws of the United States which is authorized to accept and execute trusts and which is doing business in this state, <br />and must be kept by the depository in an account separate and apart from the assets of the financial institution; or <br />3. If physically issued to the holder but not registered with the issuer or its agents, must be immediately placed <br />for safekeeping in a secured vault. <br />(b) The unit of local government's governing body may also receive bank trust receipts in return for investment <br />of surplus funds in securities. Any trust receipts received must enumerate the various securities held, together with <br />the specific number of each security held. The actual securities on which the trust receipts are issued may be held <br />by any bank depository chartered by the Federal Government, this state, or any other state or territory of the <br />United States which has a branch or principal place of business in this state as defined in s. 658.12, or by a national <br />association organized and existing under the laws of the United States which is authorized to accept and execute <br />trusts and which is doing business in this state. <br />www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299/0218/Sections/0218.415.html 3, 53 <br />
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