HomeMy WebLinkAboutR-21-0241City of Miami
Legislation
Resolution: R-21-0241
File Number: 9221
City Hall
3500 Pan American Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 6/10/2021
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
DIRECTING THE CITY MANAGER, IN CONSULTATION WITH THE CITY
ATTORNEY, FINANCIAL ADVISOR, AND ALL OTHER NECESSARY CITY OF
MIAMI ("CITY") INDIVIDUALS OR ENTITIES AND IN ACCORDANCE WITH
THE CITY'S AMENDED AND RESTATED INVESTMENT POLICY, TO INVEST
ONE MILLION DOLLARS ($1,000,000.00) OF THE CITY'S SURPLUS PUBLIC
FUNDS INTO BONDS, NOTES, OR INSTRUMENTS BACKED BY THE FULL
FAITH AND CREDIT OF THE GOVERNMENT OF ISRAEL.
SPONSOR(S): Commissioner Joe Carollo
WHEREAS, Chapter 218, Part IV, Florida Statutes, provides a framework for local units
of government to invest surplus public funds to maximize the net interest earnings on said funds
based on the principles of investor protection, mandated transparency, and proper governance;
and
WHEREAS, pursuant to Section 218.415, Florida Statutes, investment activity by a unit
of local government must be consistent with a written investment plan adopted by the governing
body; and
WHEREAS, the City Commission adopted Resolution No. R-15-0081 on February 26,
2015, wherein the City Commission accepted and approved the City of Miami's ("City")
Amended and Restated Investment Policy, attached and incorporated as Exhibit "A"; and
WHEREAS, pursuant to Section 218.415(16)(c), Florida Statutes, the City may invest
and reinvest any surplus public funds in bonds, notes, or instruments backed by the full faith
and credit of the government of Israel; and
WHEREAS, the City Commission believes it is in the best interest of the City to invest
surplus public funds into bonds, notes, or instruments backed by the full faith and credit of the
government of Israel; and
WHEREAS, pursuant to Section 2-33(f) of the Code of the City of Miami, Florida, as
amended, the City Commission, by a majority vote, deems this Resolution to be of an
emergency nature in order to immediately protect the public's health, welfare, and safety;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The recitals and findings set forth in the Preamble to this Resolution are
hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section.
Section 2. The City Commission directs the City Manager, in consultation with the City
Attorney, Financial Advisor, and all other necessary individuals or entities, and in accordance
City of Miami Page 1 of 2 File ID: 9221 (Revision:) Printed On: 6/23/2021
File ID: 9221
Enactment Number: R-21-0241
with the City's Amended and Restated Investment Policy and all other applicable laws, rules
and regulations, to invest One Million Dollars ($1,000,000.00) of the City's surplus public funds
into bonds, notes, or instruments backed by the full faith and credit of the government of Israel.
Section 3. The Resolution shall become effective immediately upon its adoption.
APPROVED AS TO FORM AND CORRECTNESS:
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City of Miami Page 2 of 2 File ID: 9221 (Revision:) Printed on: 612312021