CopyAgo (Fla. Att'y Gen. 1979).
Published | Florida Attorney General Reports
...unty adopted pursuant to Ch. 77-394, Laws of Florida, directing the clerk of the circuit court to obtain bids from local banking institutions and to invest the county's available surplus funds comply with those provisions of Ch. 77-394, codified as ss. 218.407 (2) and 125.31, F. S.? SUMMARY: Sections 125.31 and 218.407 , F....
...Authorization for investments with local banking institutions and procedures therefor must be found in other statutes. Your question, as stated, is answered in the negative. The resolution in question was adopted by the Board of County Commissioners of Okaloosa County pursuant to ss. 125.31 and 218.407 (2), F....
...However, if a county elects to avail itself of the provisions of this law and invest its surplus funds pursuant to s. 125.31, then the board of county commissioners must comply with the applicable provisions thereof. Section 1 of Ch. 77-394, Laws of Florida, now codified in its relevant part as s. 218.407 , F....
...urplus funds to be invested. (2) The provisions of [part IV] shall not impair the power of a unit of local government to hold funds in deposit accounts with banking institutions or to invest funds as otherwise authorized by law. (Emphasis supplied.) Section 218.407 (2), F....
...vest such funds. Such power must be found in other statutes. This subsection simply operates to reserve the power of the county commission to hold funds in deposit accounts with banking institutions or to invest funds as otherwise authorized by law. Section
218.407 (1), F. S., clearly vests a discretion in the county commission, when it is in the best interest of the county, to utilize the provisions of part IV of Ch. 218, F. S. Thus, while the provisions of ss.
215.31 and
218.407 , F....
...ny surplus funds that may become available at the highest and best rate obtainable.' Such authority, if any, must be found elsewhere in other laws. If the board of county commissioners elects to utilize the Local Government Surplus Funds Trust Fund, s. 218.407 (1), F....
...nds to be invested in the trust fund and that the resolution name the local official responsible for deposit and withdrawal of the surplus funds along with `the approximate cash flow requirements for the surplus funds.' In conclusion, ss. 125.31 and 218.407 , F....
CopyAgo (Fla. Att'y Gen. 1986).
Published | Florida Attorney General Reports
...rust fund) which is administered by the State Board of Administration and composed of local government surplus funds deposited therein by units of local government under the procedures as set forth in the Act. See also, s.
218.411 , F.S. Pursuant to s.
218.407 (1), F.S., the governing body, as defined by s....
...nment for the surplus funds to be invested. Upon the filing of the resolution, the State Board of Administration invests the surplus monies in the trust fund in the same manner and subject to the same restrictions as are provided in s.
215.47 , F.S. Section
218.407 (2), F.S. See, ss.
218.407 (3), F.S....
...218.345, F.S., provide limited statutory authority for special districts to invest their surplus funds, as defined therein, in the trust fund upon said districts' exercising their discretionary authority and submitting the resolution as described in s. 218.407 , F.S....
