The Florida Senate

218.345  Special districts; investments.--

(1)  The governing body of each special district shall, by resolution to be adopted from time to time, invest and reinvest any surplus public funds in its control or possession in:

(a)  The Local Government Surplus Funds Trust Fund, as created by s. 218.405;

(b)  Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guaranteed by, the United States Government at the then prevailing market price for such securities;

(c)  Interest-bearing time deposits or savings accounts in qualified public depositories as defined in s. 280.02;

(d)  Obligations of the Federal Farm Credit Banks, Federal Home Loan Mortgage Corporation, or Federal Home Loan Bank or its district banks, including Federal Home Loan Mortgage Corporation participation certificates, or obligations guaranteed by the Government National Mortgage Association; or

(e)  Securities of, or other interests in, any open-end or closed-end management type investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, provided the portfolio of such investment company or investment trust is limited to obligations of the United States Government or any agency or instrumentality thereof and to repurchase agreements fully collateralized by such United States Government obligations, and provided such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian.

(2)(a)  All securities purchased by any such governing body under this section shall be properly earmarked and immediately placed for safekeeping in a safe-deposit box in a bank or institution carrying adequate safe-deposit box insurance within the district, and no withdrawal of such securities in whole or in part shall be made from such safe-deposit box except upon authority evidenced by resolution of the governing body of the district.

(b)  The governing body may also receive bank trust receipts in return for investment of surplus funds in securities. Any trust receipts received must enumerate the various securities held, together with the specific number of each security held. The actual securities on which the trust receipts are issued may be held by any bank depository chartered by the United States Government, the State of Florida, or any other state or territory of the United States, that has a branch or principal place of business in this state as defined in s. 658.12, or their designated agents.

(3)  When the money invested in such securities is needed in whole or in part for the purposes originally intended, the governing body of the special district is authorized to sell such security or securities at the then prevailing market price and to pay the proceeds of such sale into the proper account or fund of the district.

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

(5)  Any surplus public funds subject to any contract or agreement on the date of this enactment shall not be invested contrary to said contract or agreement.

(6)  The provisions of this section are supplemental to any and all other laws relating to the legal investments of special districts.

(7)  The provisions of this section are supplemental to any and all other laws relating to the legal investments of special districts.

History.--s. 5, ch. 77-394; s. 3, ch. 79-119; s. 5, ch. 79-262; s. 4, ch. 89-299; s. 1, ch. 89-326; s. 6, ch. 94-332; s. 4, ch. 95-194; s. 8, ch. 98-409.