HomeMy WebLinkAbout691-15 Amend Fiscal Management Policy RESOLUTION NO. 691-15
A RESOLUTION OF THE CITY OF ZEPHYRHILLS, FLORIDA
AMENDING SECTION 300(6)(A) OF THE CITY'S FISCAL
MANAGEMENT POLICY; PROVIDING FOR PREEMPTION AND AN
EFFECTIVE DATE.
WHEREAS,the City of Zephyrhills, both now and in the past, have public funds in
excess of the amounts needed to meet current expenses; and
WHEREAS, interest income from such revenue has enhanced the City's financial
position in the past and is expected to provide additional revenue in the future, and
WHEREAS, Florida Statute 218.415 requires that certain investment activity by a unit o
local government be consistent with a written investment plan, and
WHEREAS, authorized investments identified in Florida Statute 218.415 (16) are in the
best interest of the City of Zephyrhills and its citizens.
NOW THEREFORE BE IT RESOLVED, BY THE CITY COUNCIL OF THE
CITY OF ZEPHYRHILLS,FLORIDA;
Section 1. Section 300(6)(A), Investment Policy, Authorized Instruments, of the City's
Fiscal Management Policy is hereby amended as follows:
6. AUTHORIZED INSTRUMENTS
The Finance Director or appropriate staff shall purchase or sell investment securities at
prevailing market rates with City Manager approval. Authorized instruments are as follows:
A. The Florida Local Government Surplus Funds Trust Fund (SBA).,-a4 the Florida
Municipal Investment Trust.., and the Florida Local Government Investment Trust.
Section 2. Preemption.
Any provision of any special act, municipal charter, or other law which prohibits or
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restricts the City of Zephyrhills from complying with Florida Statute 218.415 or any rules
adopted under the Statute is void to the extent of the conflict.
Section 3. Effective Date. -
This Resolution shall take effect immediately upon approval of the City Council and
signature by the Mayor.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Zephyrhills
-Florida sttirig,in,regular session this 9th day of February, 2015.
Attest:
Lima D. B n, City Clerk harles E. Proctor, Council President
Ge e Whitfield, or
Approved as to legal form and legal content
for the reliance of the City of Zephyrhills only
Jo h A. Poblick, City Attorney