HomeMy WebLinkAboutResolution 86-02 A
RESOLUTION NUMBER 86 -2
City of Ocoee, Florida
WHEREAS, the Ocoee City Board of
Commissioners believes it is in the best interest
of the Citizens and the City to establish a formal
policy for the investment of the City's monies, and
WHEREAS, the City Charter grants the
authority to the Commission to make such
investments as it believes are in the best interest
of the City, and therefore necessarily allows the
Commission the perogative of delegating this
authority, when said delegation makes the aforesaid
investments more efficient and timely;
NOW, THEREFORE BE IT RESOLVED BY THE OCOEE CITY
BOARD OF COMMISSIONERS
The City Finance Director shall have the
authority to invest the City's public funds, both
surplus funds and cash flow monies. The
institutions hereby designated as approved
depositories for these monies for the 1985 -86
Fiscal Year are: the Orange Bank, Sun Bank,
Osceola Federal, Tucker State Bank, and First
Bankers (also known as First Union). All deposits
and withdrawals must have two approved signatures;
i.e. the current Mayor, any current City
Commissioner, the current Finance Director, and the
current City Manager. ( refers to a per-
son in office on the date the investment document
is signed.) Deposits are to be made only at finan-
cial institutions designated as qualified public
depositories by the Florida State Treasurer.
All deposits must be in compliance with Florida
State Statute 166.261.
A prudent investment policy will be adhered to
tkow and shall include the following investment
theories: risk - return relationship,
diversification, matching maturities to fund needs
and liquidity.
All deposits must be fully insured by the
Federal Deposit Insurance Corporation [FDIC], the
Federal Savings and Loan Insurance Corporation
[FSLIC], or the U.S. Government, and /or must be
collateralized with eligible collateral having a
market value equal to 100% of the average daily
balance for each month. When accounts are
collateralized, the approved depository will
provide the City, through the personage of the
Finance Director, with a monthly report identifying
1
by CUSIP number, or a similar eXClUSIve Identirying
number the co~lateral wnicn is securing tne CIty s
monIes.
At least annually, at the first regular
meeting of each Fiscal Year, i.e. the first Tuesday
each October, the City Board of Commissioners is
required to review this policy, and this Resolu-
tion, to insure that tnis POlICY IS still the
Intent of the CommIssIon In seat. Adaitlonally at
thIS review meetIng, the Commission snaIl name tne
aepOSitorles In whicn they wIll allow tne CIty s
monies to be invested, in accordance wIth the city
Charter.
DONE AND RESOLVED THIS 5tn day of February, 198b.
City of Ocoee, Florida
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