§ 2-29-3. Same—Florida Counties Investment Trust.

(a)

Definitions. 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:

Board shall mean the board of county commissioners of the county.

Clerk shall mean the clerk of the circuit court for the county, ex officio clerk of the board, or such other person as may be duly authorized to act on his or her behalf.

County shall mean Manatee County, a political subdivision of the State of Florida.

FCIT shall mean the Florida Counties Investment Trust.

Government fund shall mean the initial investment fund established pursuant to the trust agreement.

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

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

(b)

Findings. It is hereby ascertained, determined and declared that:

(1)

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

(2)

Section 125.31, Florida Statutes, 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 2-29-3 authorization for investment opportunities in addition to those set forth in Section 125.31(1)(a) through (f), Florida Statutes.

(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)

Authorization of investment. 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 investment fund, the assets of which are restricted to investment instruments authorized by Section 125.31, Florida Statutes, or by ordinance of the county.

(Ord. No. 92-22, §§ 1—3, 1-7-92)

Editor's note

Ord. No. 92-22, §§ 1—3, adopted Jan. 7, 1992, did not specifically amend this Code; hence, inclusion of its provisions as § 2-29-3 was at the discretion of the editor.