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O61-18ORDINANCE NO. 61-18 AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FL(~LtID~, REPEALING ORDINANCE NO. 61-14 and ESTABLISHING AUTHORITY FOR INVESTMENT OF CERTAIN SURPLUS MUNICIPAL FUNDS. PREAMBLE This ordinance is deemed to be an emergenc.y measure enacted for the immediate preservation of the public peace, property, health and safety, and for the daily operation of the Municipal Finance Department of the CITY OF BOYNTON BEACH, FLORIDA, to avoid loss of certain interest income relative surplus municipal fu~nds. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA: SECTION 1. ORDINANCE No. 61-14 of the CITY OF BOYNTON BEACH, FLORIDA, enacted June 19, 1961, is hereby repealed. SECTION 2. That henceforth the City Finance Director, with the approval of the City ~, is hereby authorized to invest any surplus funds of the City, as hereinafter defined, in negotiable direct obligations of, or obligations, the principal and interest of which are un- conditionally guaranteed by, the United States Government, at the then pre- vailing market price for such securities, or to place such funds on time deposit in authorized depositoriss under the laws of the State of Florida. SECTION 3. For the purposes of this ordinance, the term "surplus funds" is defined as funds in any general or special account, or funds of the City held or controlled by the City Council of said municipality which in reasonableexpectation will not be needed for the purposes intended within a period of six months from the date of such investment and which do not constitute special funds which the investment thereof, in the manner hereinabove prescribed, would be encompassed by ..any contractual, statutory, ~r other legal prohibition, pertaining thereto. SECTION 4. Separability. ordinance are separable, including word, Each of the provisions of this clause, phrase or sentence, and if any provision hereof shall be declared invalid by a court of competent juris- diction, the remaining provisions shall not be affected but shall remain in full force and effect. SECTION 5. Repealing Provisions. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 5. Effective Date. This ordinance is deemed to be an emergency ordinance and shall take effeci immediately upon passage. Dated this lq~ day of July, A. D. 1961. (CORPORATE SEAL) City Clerk y ' CITY OF B© FL~DA. BY /~ .... '- ~'~gjb / :/ ~ Mayor u~ ~ ' ,~i~ Mayor : ~, ~ncilman Councilman Councilman -2-