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Florida Statute 218.407 | Lawyer Caselaw & Research
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F.S. 218.407 Case Law from Google Scholar Google Search for Amendments to 218.407

The 2024 Florida Statutes

Title XIV
TAXATION AND FINANCE
Chapter 218
FINANCIAL MATTERS PERTAINING TO POLITICAL SUBDIVISIONS
View Entire Chapter
F.S. 218.407
218.407 Local government investment authority.—
(1) Prior to any determination by the governing body that it is in the interest of the unit of local government to deposit surplus funds in the trust fund, the board or a professional money management firm must provide to the governing body enrollment materials, including a trust fund profile containing impartial educational information describing the administration and investment policy of the trust fund, including, but not limited to:
(a) All rights and conditions of participation, including potential restrictions on withdrawals.
(b) The historical performance, investment holdings, credit quality, and average maturity of the trust fund investments.
(c) The applicable administrative rules.
(d) The rate determination processes for any deposit or withdrawal.
(e) Any fees, charges, penalties, and deductions that apply to the account.
(f) The most recently published financial statements or independent audits, if available, prepared under generally accepted accounting principles.
(g) A disclosure statement for signature by the appropriate local government official.
(2) Upon review of the enrollment materials and upon determination by the governing body that it is in the interest of the unit of local government to deposit surplus funds in the trust fund, a resolution by the governing body and the signed acceptance of the disclosure statement by the local government official, who may be the chief financial or administrative officer of the local government, shall be filed with the board and, if appropriate, a copy shall be provided to a professional money management firm authorizing investment of its surplus funds in the trust fund established by this part. The resolution shall name:
(a) The local government official, who may be the chief financial or administrative officer of the local government, or
(b) An independent trustee holding funds on behalf of the unit of local government,

responsible for deposit and withdrawal of such funds.

(3) The board or a professional money management firm shall, upon the filing of the resolution, invest the moneys in the trust fund in the same manner and subject to the same restrictions as are set forth in s. 215.47. All units of local government that qualify to be participants in the trust fund shall have surplus funds deposited into a pooled investment account.
(4) The provisions of this part shall not impair the power of a unit of local government to hold funds in deposit accounts with banking or savings institutions or to invest funds as otherwise authorized by law.
History.—s. 1, ch. 77-394; s. 6, ch. 82-45; s. 3, ch. 84-137; s. 5, ch. 87-239; s. 9, ch. 98-47; s. 4, ch. 98-124; s. 4, ch. 2008-59.

F.S. 218.407 on Google Scholar

F.S. 218.407 on Casetext

Amendments to 218.407


Arrestable Offenses / Crimes under Fla. Stat. 218.407
Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 218.407.

Annotations, Discussions, Cases:

Cases Citing Statute 218.407

Total Results: 3

Ago

Court: Fla. Att'y Gen. | Date Filed: 1994-11-16T23:53:00-08:00

Snippet: , Op. Att'y Gen. Fla. 79-9 (ss. 125.31 and 218.407, Fla. Stat., authorize boards of county commissioners

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Court: Fla. Att'y Gen. | Date Filed: 1986-02-18T23:53:00-08:00

Snippet: provided in s. 215.47, F.S. Section 218.407(2), F.S. See, ss. 218.407(3), F.S. (power of units of local …Act. See also, s. 218.411, F.S. Pursuant to s. 218.407(1), F.S., the governing body, as defined by s. …and submitting the resolution as described in s. 218.407, F.S. Thus, I am of the opinion that the Holiday

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Court: Fla. Att'y Gen. | Date Filed: 1979-02-04T23:53:00-08:00

Snippet: 394, codified as ss.218.407(2) and 125.31, F. S.? SUMMARY: Sections 125.31 and 218.407, F. S., authorize…Florida, now codified in its relevant part as s. 218.407, F. S., provides: (1) Upon the determination…authorized by law. (Emphasis supplied.) Section 218.407(2), F. S., does not, by itself, authorize the board… funds as otherwise authorized by law. Section 218.407(1), F. S., clearly vests a discretion in the county… Local Government Surplus Funds Trust Fund, s. 218.407(1), F. S., requires additionally that the board