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A RESOLUTION OF THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, APPROVING <br />A REVISED INVESTMENT POLICY OF THE CITY OF <br />SUNNY ISLES BEACH, ATTACHED HERETO AS <br />EXHIBIT "A"; AUTHORIZING THE CITY MANAGER TO <br />DO ALL THINGS NECESSARY TO EFFECTUATE THIS <br />RESOLUTION; PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, Section 166.21, of the Florida Statutes provides the City with the authority <br />to invest surplus funds in certain securities; and <br />WHEREAS, the City Commission desired to invest surplus funds in accordance with <br />State law by adopting an investment policy to earn higher returns on its investments; and <br />WHEREAS, on November 17, 2005 via Resolution No. 2005-861, the City Commission <br />adopted an Investment Policy, and on May 17, 2006 via Resolution No. 2006-925, that Policy <br />was revised; and <br />WHEREAS, the City Commission now wishes to again revise the Investment Policy to <br />update, eliminate and incorporate certain provisions including a divestment requirement mirrored <br />after the State Investment Policy Guidelines which prohibits doing business with any company <br />that engages in business with the countries of Iran and Sudan. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE <br />CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br />Section 1. Approval of a Revised Investment Policy. The City Commission hereby approves <br />the Revised Investment Policy attached hereto as Exhibit "A". <br />Section 2. Authorization of City Manager. The City Manager is hereby authorized to do all <br />things necessary to effectuate this Resolution. <br />Section 3. Effective Date. This Resolution will be become effective upon adoption. <br />PASSED and ADOPTED this 170i day of December 2009. <br />Nftman S. Edelcup, <br />ATTEST: <br />Jane A. Hines, CMC, City Clerk <br />59 <br />