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<br />RESOLUTION NO. 2005-~l <br /> <br />A RESOLUTION OF THE CITY COMMISSION OF <br />THE CITY OF SUNNY ISLES BEACH, FLORIDA, <br />APPROVING AN INVESTMENT POLICY FOR <br />SURPLUS FUNDS; PROVIDING THE INTERIM <br />CITY MANAGER AND THE FINANCE DIRECTOR <br />WITH THE AUTHORITY TO DO ALL THINGS <br />NECESSARY TO EFFECTUATE THE TERMS OF <br />THIS RESOLUTION; PROVIDING FOR AN <br />EFFECTIVE DATE. <br /> <br />WHEREAS, Section 166.21, Florida Statutes provides the City with the authority <br />to invest surplus funds in certain securities; and <br /> <br />WHEREAS, The City Commission has the desire to invest surplus funds in <br />accordance with state law; and <br /> <br />WHEREAS, by adopting an investment policy the City will be able to earn <br />higher returns on its investments. <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION <br />OF THE CITY OF SUNNY ISLES BEACH, FLORIDA, AS FOLLOWS: <br /> <br />Section 1. Approval of Investment Policy. The City Commission hereby approves the <br />Investment Policy attached hereto as Exhibit "A". <br /> <br />Section 2. Authorization of Interim City Manager and Finance Director. The Interim <br />City Manager and Finance Director are hereby authorized to do all things necessary to <br />effectuate the terms of this Agreement. <br /> <br />Section 3. <br /> <br />Effective Date. This Resolution will be become effective upon adoption. <br /> <br />PASSED and ADOPTED this <br /> <br /> <br />ATTEST: , " <br />~ <br />~;"""I\"'. . '\",' <br />, '. '_.... " c <br />. /ti....J . <br />Jane A. H~ne~, City Clerk' . <br /> <br />, . <br /> <br />Approving Investment Policy for Surplus Funs <br />