§ 2-91. Investment of surplus public funds.

(a)

Unless the context of use indicates another meaning or intent, the following words and terms as used in this section shall have the following meanings.

FCIT means the Florida Counties Investment Trust.

Government fund means the initial investment fund established pursuant to the trust agreement.

Investment fund means a trust fund established pursuant to the trust agreement to enable public entities to pool their surplus funds for joint investment.

Trust agreement means the agreement and declaration of trust, dated as of November 1, 1991, creating and establishing the FCIT.

(b)

It is hereby ascertained, determined and declared that:

(1)

It furthers the public interest for the county to invest any monies not immediately required to be disbursed and to maximize the net earnings on such funds.

(2)

F.S. § 125.31 provides certain limitations and regulations applicable to the investment of surplus public funds where not otherwise authorized by law or ordinance.

(3)

It is the intent and desire of the board to authorize additional investments for surplus public funds in order to seek a higher rate of return without compromising the safety of such funds and to provide by this section authorization for investment opportunities in addition to those set forth in F.S. § 125.31(1)(a)—(1)(f).

(4)

The FCIT, the trustees of which are appointed by the Florida Association of Counties, Inc., and the Florida Association of Court Clerks and County Comptrollers, has been created for the purpose of establishing investment funds for pooling the surplus funds of participating public entities for joint investment in order to seek a higher rate of return without compromising the safety of such funds.

(c)

Surplus public funds managed or held by the clerk on behalf of any officer, board, authority or agency of the county may be invested in shares of the government fund or any other investment fund, the assets of which are restricted to investment instruments authorized by F.S. § 125.31 or by ordinance of the county.

(Ord. No. 93-2, §§ 1—3, 3-16-1993)