§ 17-5. Investment of county funds.

(a)

Permitted investments. The county comptroller is hereby authorized to invest public funds on hand at prevailing market rates in the following permitted investment instruments:

(1)

The Florida Local Government Surplus Funds Trust Fund (SBA).

(2)

Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guaranteed by, the United States government. Such securities will include but not be limited to the following:

a.

Cash management bills.

b.

Treasury securities—State and local government series (SLGS).

c.

Treasury bills.

d.

Treasury notes.

e.

Treasury bonds.

f.

Treasury strips.

g.

Treasury inflation-indexed securities, commonly known as treasury inflation-protected securities (TIPS).

(3)

Bonds, debentures, or notes issued and guaranteed by United States Government federal agencies, provided such obligations are backed by the full faith and credit of the United States government. Such securities are limited to the following:

a.

United States Export-Import Bank: Direct obligations or fully guaranteed certificates of beneficial ownership.

b.

Farmers Home Administration: Certificates of beneficial ownership.

c.

Federal Financing Bank: Discount notes, notes and bonds.

d.

Federal Housing Administration debentures.

e.

United States Maritime Administration Guaranteed Title XI Financing.

f.

New Communities debentures: United States Government guaranteed debentures.

g.

United States public housing notes and bonds: United States Government guaranteed public housing notes and bonds.

h.

United States Department of Housing and Urban Development: Project notes and local authority bonds.

(4)

Bonds, debentures, or notes issued and guaranteed by the full faith and credit of United States government sponsored agencies (federal instrumentalities) which are not guaranteed by the full faith and credit of the United States Government, limited to the following:

a.

Federal Farm Credit Bank (FFCB).

b.

Federal Home Loan Bank (FHLB) or its district banks.

c.

Federal National Mortgage Association (Fannie Mae).

d.

Federal Home Loan Mortgage Corporation (Freddie Mac)

e.

Student Loan Marketing Association (Sallie Mae).

(5)

Nonnegotiable interest-bearing time certificates of deposit or savings accounts in banks organized under the laws of this state and in national banks organized under the laws of the United States and doing business and situated in this state, provided that any such deposits are secured by the Florida Security for Public Deposits Act, F.S. 280, and provided that the bank is not listed with any recognized credit watch information service.

(6)

Repurchase agreements comprised of only those investments as authorized in paragraphs (2) and (4) of this subsection (a).

(7)

Bankers' acceptances which are inventory based and issued by a domestic bank which has at the time of purchase, an unsecured, uninsured and unguaranteed obligation rating of at least "Prime-1" and "A" by Moody's Investors Service and "A-1" and "A" by Standard & Poor's Corporation and ranked in the top fifty (50) domestically chartered insured commercial banks that have consolidated assets of one hundred million dollars ($100,000,000.00) or more as compiled and reported quarterly by the Federal Reserve Board in its large commercial banks release.

(8)

Commercial paper of any United States company which is rated, at the time of purchase, "Prime-1" by Moody's Investors Service and "A-1" by Standard & Poor's Corporation (prime commercial paper). If backed by a letter of credit (LOC), the long-term debt of the LOC provider must be rated at least "A" by at least two (2) nationally recognized rating agencies. The LOC provider must be ranked in the top fifty (50) domestically chartered insured commercial banks that have consolidated assets of one hundred million dollars ($100,000,000.00) or more as compiled and reported quarterly by the Federal Reserve Board in its large commercial banks release.

(9)

State and local government taxable and tax-exempt debt, general obligation and revenue bonds rated at least "AA" by Moody's Investors Service and "AA" by Standard & Poor's Corporation for long-term debt, or rated "MIG-2" by Moody's Investors Service and "SP-2" by Standard & Poor's Corporation for short-term debt, but only in situations necessary to comply with arbitrage regulations.

(10)

Securities and Exchange Commission qualified constant net asset value money market mutual funds which authorize only those investment instruments as authorized in subsections (a)(2), (a)(4), (a)(6), (a)(7), (a)(8) and, for arbitrage compliance only, subsection (a)(9), provided that said funds contain no derivatives. The funds must have a Standard & Poor's Corporation rating of "AAAm" or "AAAg."

(11)

Florida Local Government Investment Trust Fund (FLGIT).

(b)

Resolution of conflicts. In any instance whereby the permitted investments authorized in this section are in conflict with permitted investments specified in any resolution or agreement approved by the board of county commissioners related to short-term or long-term debt issuances of the county, then the provisions of the debt-related resolution or agreement shall be deemed to prevail.

(Code 1965, § 1-50; Ord. No. 86-8, § 2, 4-29-86; Ord. No. 91-6, 3-12-91; Ord. No. 92-8, § 1, 3-10-92; Ord. No. 97-25, § 1, 12-16-97; Ord. No. 2003-07, § 1, 6-3-2003; Ord. No. 2004-10, § 1, 8-31-04)

State law reference

Investment of local government surplus funds, F.S. §§ 125.31, 218.40 et seq.