§ 2-8. Investment of surplus funds.

(a)

Definitions.

(1)

"Surplus funds." Those funds held in any municipal account which would not be called upon for payment by the city for a period of at least thirty (30) calendar days.

(b)

Custodian; duties. The director of financial management (investment officer) of the City of Coral Springs is hereby designated as custodian of the surplus funds of the city and is hereby empowered, within the confines of this section, to prudently invest the surplus funds of the City of Coral Springs. Notwithstanding, this section does not preclude the city commission from appointing an external investment manager.

(c)

Investment policy. Surplus funds of the city may be invested by the director of financial management (investment officer), or an external investment manager appointed by the city commission, pursuant to the requirements of Section 218.415, Florida Statutes, as amended from time to time and as provided for in the City of Coral Springs Investment Policy ("policy"), incorporated herein by reference. The policy, as amended from time to time, shall be adopted by the city commission by resolution. Copies of the policy shall be kept by the city clerk and available for public inspection.

(Ord. No. 74-136, §§ 1—3, 8-6-74; Ord. No. 93-151, § 2, 10-19-93; Ord. No. 97-119, § 2, 6-10-97; Ord. No. 2000-130, § 2, 11-21-00)

Editor's note

Section 2-8 is derived from Ord. No. 74-136, §§ 1—3. Section 4 of said ordinance authorized inclusion in this Code, but did not specify the manner of codification. Also, it should be noted that Exhibit "A," the City of Coral Springs Investment Policy, is not set out herein, but is on file and available for inspection in the office of the city clerk.