O61-14ORDINANCE NO. 61-14
AN ORDINANCE OF THE CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING THE !NVEST1VIENT,OF CERTAIN SURPLUS
MUNICIPAL FUNDS IN SHORT T~PJ~ :~OVERNMENT SECURITIES
AND TIME DEPOSITS.
PREAMBLE.
This Ordinance is deemed to be an emergency measure enacted fer the
immediate preservation of the public peace, property, health and safety, and
for the daily operation of the ~¥Iunicipa! Finance Department, of the CITY OF
BOYNTON BEACH, FLORIDA, to avoid loss of certain interest income
relative surplus municipal funds.
WHEREAS, various surplus municipal funds are presently
on deposit in General City Depositories; and
WHEREAS, said. funds are now lying idle and not being put to
their most beneficial use by earning interest income; and
WHEREAS, no immediate need exists for said funds for budget.
ary purposes or debt service payment for a minimum period of twelve months;
and
WHEREAS, it is deemed to the best interest of the City that
said surplus funds be invested in short term government securities, or placed
on time deposit for periods not exceeding twelve months from the date of such
inve stme nt;
NOW, THEREFORE~ BE IT ORDAINED by the City Council
of the CITY OF BOYNTON BEACH, FLORIDA:
SECTION 1: That henceforth the City Finance Director, with
the approval of the City Manager, is hereby authorized to inves~ any surplus
funds of the City, as hereinafter defined, in short term government securities
or to place same on time deposit, for periods not exceeding twelve months
fDom the date of their investment.
SECTION 2: For the purpose of this Ordinance "Surplus
Funds" shall be deemed to be municipal funds on deposit for which there is no
budgetary, debt service, or other municipal requirement, for a period of
twelve months from date of investment, and which do not constitute special
funds which the investment thereof, in the manner hereinabove prescribed,
would be encompassed by any ¢ontraetual,
pertaining thereto.
SECTION $.
statutory, or other legal prohibition
Separability.. Each of the provisions of this
Ordinance are separable, including word, clause, phrase or sentence, and if
any provision hereof shall be declared invalid by a coui>2 of competent juris-
diction, the remaining provisions shall not be affected but shall remain in full
force and effect.
SECTION 4. 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of Ordinances in conflict herewith are hereby repealed.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 effect immediately upon passage.
Dated this 19th day of June, A. D. 1961.
(CORPORATE SEAL)
City Clerk
CITY OF BOYNTON BEACH, FLORIDA
By
Mayor
Vice Mayor
Counci~s[~
~quncilman
Councilman