§ 2-4. Clerk of circuit court as chief financial officer.

(a)

Investment authority. The clerk [of circuit court] is hereby authorized to purchase and sell investment securities at prevailing market prices/rates on behalf of and in the name of the board of county commissioners when, in the judgement of the clerk:

(1)

Sufficient surplus funds have accumulated in the board's accounts; or

(2)

The board has on hand or has accumulated monies by reason of the sale of its own securities.

The Clerk shall allocate the proceeds of such security sales into the proper accounts or funds of the board of county commissioners.

(b)

Authorized instruments. Surplus funds may be invested in the following:

(1)

The Local Government Surplus Trust Fund.

(2)

The Florida Counties Investment Trust.

(3)

Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guaranteed by, the United States government (government agencies).

(4)

Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by United States agencies, provided such obligations are backed by the full faith and credit of the United States government (federal agencies).

(5)

Bonds, debentures, notes or other evidence of indebtedness issued or guaranteed by United States government agencies which are not full faith and credit agencies (federal instrumentalities).

(6)

Interest bearing time certificates of deposits, money market accounts or savings accounts in banks/savings and loan associations organized under the laws of the United States, doing business and situated in this state, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes, and provided that the bank is not listed with any recognized credit watch information service.

(7)

Repurchase agreements for any securities as set forth in the investments authorized above in subsections (b)(3), (4) and (5).

(8)

Securities and Exchange Commission (SEC) registered money market funds with the highest credit rating by Standard & Poor's (AAA) and Moody's Investors Service (AAA), consisting of only those investments in subsections (b)(3), (5) and (7) above.

(9)

Any other instruments as authorized in section 125.31, Florida Statutes.

(10)

The provisions of the section are supplemental to any and all other laws relating to the legal instruments by counties.

(c)

Conflict or resolution. This section is not intended to and shall not be interpreted to abrogate any provision contained in any bond resolution, trust indenture, or ordinance of the board relating to the investment and bond proceeds or pledged revenues for such bonds temporarily available in specific funds or accounts.

(Ord. No. 91-34, §§ 1—3, 12-3-91; Ord. No. 2005-10, § 2, 8-16-05)

Editor's note

Ord. No. 2005-10, § 2, adopted Aug. 16, 2005, amended the Code by redesignating former § 2-117 as § 2-4.