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INSTRUMENT OF ADOPTION
<br />For the Florida Surplus Asset Fund Trust
<br />This Instrument of Adoption (Instrument") is executed as of the 8th day of May, 2023 by and
<br />on behalf of City of Zephyrhills (hereinafter "The Participant''). Reference is made to that
<br />certain Indenture of Trust for the Florida Surplus Asset Fund Trust (hereinafter "FLSAFE" or
<br />"Trust", dated as of December 11, 2007, as amended and restated as of July 13, 2012, made by
<br />and among certain Initial Participants (as defined therein) and such additional Participants who
<br />may have heretofore and may hereafter join therein, and as may have been and may be
<br />modified or amended as provided therein (the "Indenture of Trust"). Capitalized terms not
<br />defined in this Instrument shall have the meanings given in the Indenture of Tmst.
<br />WHEREAS, The City of Zephyrhills ("Participant") desires to pool its surplus public funds with other local government
<br />entities by becoming a Participant, and purchasing shares of beneficial interest, in the Florida Surplus Asset Fund Trust
<br />("FSAFE" or the "Trust"), a common law tmst under the laws of the State of Florida, and therefore passes the following
<br />ordinance/resolution:
<br />WHEREAS, Art. VIII, Sec. 2, Fla. Const., in part provides municipalities shall have governmental, corporate, and
<br />proprietary powers to enable them to conduct municipal government, perform municipal functions, and render municipal
<br />services, and may exercise any power for municipal purposes except as otherwise provided by law;
<br />WHEREAS, Sec. 166.021, Fla. Stat., in part provides municipalities shall have the governmental, corporate, and
<br />proprietary powers to enable them to conduct municipal government, perform municipal functions, and render municipal
<br />services, and may exercise any power for municipal purposes, except when expressly prohibited by law, and further
<br />defines a municipal purpose to mean activity or power which may be exercised by the state or its political subdivisions;
<br />WHEREAS, Sec. 125.01, Fla. Stat., in part provides counties, by and through theu- legislative and governing bodies, shall
<br />have the power to cany on county government and may exercise all powers and privileges not specifically prohibited by
<br />law;
<br />WHEREAS, Sec. 218.415, Fla. Stat., authorizes units of local government to invest and reinvest public funds in
<br />excess of the amounts needed to meet current expenses in certain enumerated investments, in any other investments
<br />authorized by the municipality or county by law or by ordinance or by a school district or special district by law or by
<br />resolution, and in addition authorizes units of local government to invest and reinvest such surplus public fimds in any
<br />intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided m Sec.
<br />163.01,Fla.Stat.;
<br />WHEREAS, Sec. 163.01, Fla. Stat., authorizes a political subdivision, agency, or officer of the State of Florida, including
<br />but not limited to state government, county, city, school district, single and multipurpose special district, single and
<br />multi-purpose public authority, metropolitan or consolidated government, a separate legal entity or administrative entity
<br />created under subsection (7) of Section 163.01, Fla. Stat., or an independently elected county officer (each of the
<br />foregoing a "Local Government Entity" or "Entity"), to exercise jointly with any other Entity any power, privilege,
<br />or authority which such Entities share in common and which each might exercise separately;
<br />WHEREAS, Sec. 163.01, Fla. Stat., further authorizes such public agencies to enter into contracts m the form of
<br />interlocal agreements to accomplish such purposes;
<br />WHEREAS, under the terms of an Indenture ofTmst dated as of December 11, 2007, as amended and restated as of July
<br />13, 2012, relating to the Trust (the "Indenture ofTmst") any Local Government Entity desiring to participate in the Trust
<br />as a member must become a party to the Indenture ofTmst;
<br />WHEREAS, it is the intent of the Participant, with other Local Government Entities, to join in an intergovernmental
<br />investment pool pursuant to Sections 163.01 and 218.415, Fla. Stat. and to enter into the Indenture of Tmst for such
<br />purpose, and that the Indenture of Trust will serve as an interlocal agreement under Section 163.01, Fla. Stat.;
<br />Page 433 of 483
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