§ 1-7-2. Investment of surplus funds by county officers—Generally.

(a)

Except as provided in section 1-7-3, the tax collector of the county, or any other county officer having, receiving or collecting any money either for his office or on behalf of and subject to subsequent distribution to another officer of local government, while such money is surplus to current needs of his office or is pending distribution, shall deposit such money in a savings account in a bank or savings institution qualified to be a county depository. These deposits shall be planned so as not to slow the normal distribution of the subject funds. The interest earnings shall be reasonably apportioned and allocated and shall be credited to the account of and paid to the office or distributee together with the principal on which such interest accrued.

(b)

Except as provided in section 1-7-3, the tax collector shall, as soon as feasible after collection, deposit in a bank qualified to be a depository of public funds, as provided in F.S. section 658.60, all taxes, fees and other collections received by him and held prior to distribution to the appropriate taxing authority. Immediately after such funds have cleared and have been properly credited to his account, the tax collector shall invest such funds according to the provisions of this article, subject to the provisions of F.S. section 219.07, relating to disbursements. The earnings from such investments shall be apportioned at least quarterly on a pro rata basis to the appropriate taxing authorities. However, the tax collector may deduct therefrom such reasonable amounts as are necessary to provide for cost of administration of such deposits.

(c)

Except as provided in section 1-7-3, the clerk of the circuit court, as custodian of funds of the board of county commissioners, is directed to deposit all surplus funds in savings accounts in authorized national and state banks or authorized savings and loan associations.

(d)

For the purposes of this section, the term "surplus funds" is defined as funds in any general or special account, or fund of the county held or controlled by the county commissioners which, in reasonable contemplation, will not be needed for the purposes intended within a reasonable time from the date of such deposit.

(Ord. No. 79-14, § 1, 4-24-79)

State law reference

County depositories, F.S. Ch. 136; investment of local government surplus funds, F.S. § 218.40 et seq.; political subdivision savings accounts, F.S. § 665.0611.