§ 1-7-3. Same—Trust fund.

(a)

The clerk shall be reasonable for the deposit and withdrawal of the surplus funds.

(b)

The clerk is hereby authorized to invest funds in:

(1)

Investments included in the investment policy required by F.S. § 218.415, as adopted by the board by resolution from time to time, and

(2)

Investments authorized in F.S. § 125.31.

(c)

The clerk is hereby authorized to purchase and sell investment securities at prevailing market prices/rates on behalf of and in the name of the board when, in the judgment of the clerk:

(1)

Sufficient surplus funds have accumulated in the board's accounts, or

(2)

The board has on hand or has accumulated monies by reason of the sale of its own securities.

(d)

The clerk shall allocate the proceeds of such security sales into the proper accounts or funds of the board.

(e)

The provisions of this section are supplemental to any and all other laws relating to the legal investments of counties.

(f)

This section is not intended to and shall not be interpreted to abrogate any provision contained in any bond resolution, trust indenture, or ordinance of the board relating to the investment of bond proceeds or pledged revenues for such bonds temporarily available in specific funds or accounts.

(Res. No. 85-24, §§ 1—5, 2-12-85; Ord. No. 95-039, § 1, 9-12-95)

State law reference

Investments in trust fund, etc., F.S. §§ 125.31, 218.40 et seq.