HomeMy WebLinkAboutO-99-17ORDINANCE NO. O-99-17
AN ORDINANCE OF THE CITY OF SEBASTIAN, INDIAN RIVER
COUNTY, FLORIDA, AMENDING CODE OF ORDINANCES
CHAPTER 2 INVESTMENT POLICY PROVISIONS; PROVIDING
FOR CONFLICTS; PROVIDING FOR SEVERABILITY;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Sebastian Code contains directives as to investment of funds in the City
treasury; and
WHEREAS, state law has specific provisions as to the investment policy required of
municipalities; and
WHEREAS, the City desires to bring its investment policies into compliance with state law;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, iNDIAN RIVER COUNTY, FLORIDA, as follows:
Section 1. That section 2-110 of the Code of Ordinances, City of Sebastian, Florida is hereby
amended to read as follows:
Sec. 2-110. Report of invested funds.
The director of finance shall submit reports on
all invested funds to the city manager and the city
council quarterly. The report shall give a complete
list of all invested funds, indicating the financial
institution or name of the securities in which the
funds are invested, description, amount invested,
maturity date and amount, if any, market value, and
interest or dividend yield.
Section2. Thm section2-111ofthe Code ofOrdinances, CityofSebaaian, Floridaishereby
amendedtoreadas ~llows:
Sec. 2-111. Investments.
An investment policy in conformance with Florida
Statute 218.415 shall be adopted by resolution and
updated from time to time as mandated by changes in
the law and financial conditions.
Section 3. That section 2-112 of the Code of Ordinances, City of Sebastian, Florida is
hereby deleted and reserved:
shall .bc -ade by ~^ ~4___~_~ ^~ ~4 ........ ~,~^-~- to
ity
~'~4dc t~c c limits,
4 ..... ~-~ ~"~ the city ,~imits.
(2) Old money
re~ ..... ~
be requira~ as follows:
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~ub~c ...... (a) ~ thzs .~
of:
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~ t~c
b. =~..~ ...... ~= ~=~catas .... several
o County a~d .... ~ ~
d County ~ ~~ ~ ~
...... ~ ~ ............... , school
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by any of the ~t.~ agenc~cs,
to.~=~ ..... ~.~ or cert.ificates,
~ete lcgi~
foregoing ~ ...... ~~ shall be
accep ~ ........ l
~ t~s ~ ~ ..... ~ ~" sba~ have
qualitics,. ~~~~ ~ ~-~- ~ ..... ~ nd
providcd ~"~ ~ ..... ~ *~ ~ direct
state,. ~ ..... ~ ........... ~ ~ ...... i
obligat~ ~ ~ ~ ......
............. ~n ................... rated
~ting '
scrvic~ .
In ~u of tRc actual ~ ....
curit, ics ..... ~ ~ ~ thi
director o~ finance may ..... ~
States., Thc ~~~~ shall ~~~~ ~ ~st
of a~ ...... ~.~ ~~ in city dcpcsi
~ .......... y ............. t of
s
confirm ~-d ~.~]~A~+~ thc ~-~"~ .... ~ os
se .... t4 cs .... c:ty.
(3) ,,Thc ~4~.~+^~ 0-~ ~ .............. +
......... ~ ......... ~ m~nk ~..4~ actual
any~ar~ ~ .... ~ ~"ts ~ ~+~
or
~thorizaticn ~ the ~.~ 'ssuinw ~
~,~ All regular~"~=~o .... ,,,~4 ~ in=~o~,~ .......
co ....... ~ ....... wi not be
pool inve, s tmsnt ....... ~ Funds ~ ~ ....
~"~+~ ( ) and (~' ~ ~ .... ~4~ ~ +~
of each fiscal year an avcrage~o**~R w~*~**o~~] ........ u~A~wz~{ 1
average ycar!y balancc that was ............
Section 4. That section 2-113 of the Code of Ordinances, City of Sebastian, Florida is
hereby deleted and reserved:
F.S § °48 40 ^~ ......... A^A ---- ~i ~-~Test
and care, undcr e~^ ~ ...... · ..... e~ ........ ~ ] ~
which parsons ~ ~ .... ·~ .... A
~ prudcnse, ...............
intcl~ igencc~ ~o~ ~ in the ,~=,~.~ o~ their
investmants shall in a~ ...... ~ ..... n .... 4~ ~+.+~
Section 5.
are hereby repealed.
Section 6.
CONFLICT. All ordinances or parts of ordinances in conflict herewith
SEVERABILITY. In the event a court of competent jurisdiction shall hold or
determine that any part of this Ordinance is invalid or unconstitutional, the remainder of the Ordinance
shall not be affected and it shall be presumed that the City Council of the City of Sebastian did not intend
to enact such invalid or unconstitutional provision. It shall further be assumed that the City Council
would have enacted the remainder of this Ordinance without said invalid or unconstitutional provision,
thereby causing said remainder to remain in full force and effect.
Section 7. EFFECTIVE DATE. This Ordinance shall take effect following its adoption by
the City Council.
The foregoing Ordinance was moved for adoption by Councilmember ~ The
motion was seconded by Councilmember ~__ and, upon being put to a vote, the vote
was as follows:
Mayor Chuck Neuberger
Councilmember Joe Barczyk
Councilmember Walter Barnes
Councilmember Ben A. Bishop
Councilmember Edward J. Majcher, Jr.
The Mayor thereupon declared this Ordinance duly passed and adopted this 3rd
day of November, 1999.
CITY OF SEBASTIAN, FLORIDA
ATTEST:
~'~th~yn0tVl. O'Halloran~ CMC/AAE
City Clerk
By: C---~uck Neubergcr'/~Iay°r~x~J
Approved as to form and legality for
reliance by the City of Sebastian only:
Rich Stringer, City A~omey