HomeMy WebLinkAboutItem #17 - First Reading Ordinances
J-86-432
6/2/86
ORDINANCE NO.
AN ORDINANCE AMENDING CHAPTER 18,
ENTITLED "FINANCE" OF THE CODE OF THE
CITY OF MIAMI, FLORIDA, AS AMENDED, BY
AMENDING SUBSECTION (b) OF SECTION 18-2
OF SAID CHAPTER, PROVIDING BY SAID
AMENDMENT FOR THE FINANCE DIRECTOR'S
AUTHORITY TO PURCHASE AND INVEST IDLE
FUNDS PRUDENTLY IN: BONDS AND
OBLIGATIONS OF AGENCIES OF THE UNITED
STATES, PROVIDED SUCH ARE GUARANTEED BY
THE UNITED STATES OR BY THE ISSUING
AGENCY; GENERAL OBLIGATIONS OF STATES,
COUNTIES, MUNICIPALITIES, SCHOOL
DISTRICTS, OR OTHER POLITICAL
SUBDIVISIONS; REVENUE AND EXCISE TAX
BONDS OF THE VARIOUS MUNICIPALITIES OF
THE STATE OF FLORIDA, PROVIDED NONE OF
SUCH SECURITIES HAVE BEEN IN DEFAULT
WITHIN FIVE (5) YEARS PRIOR TO DATE OF
PURCHASE; NEGOTIABLE CERTIFICATES OF
DEPOSIT; BANKERS ACCEPTANCE DRAFTS;
REPURCHASE AGREEMENTS; OR PRIME
COMMERCIAL PAPER; CONTAINING A REPEALER
PROVISION AND A SEVERABILITY CLAUSE.
WHEREAS, City investments must be imadewith j d men and care,
considering the probable safety of cwell s probable
income to be derived; and _
WHEREAS, several areas of invjfVents have proven*rb be highly
safe while providij% better
currently authori
WHEREAS, a
rules and regulati
t return than those investments
f Miami Code; and
ent Policy Committee will adopt such
,y be required by the Investment Manager
to effioient9,yjadminiltttr the operations of the City's Portfolio;
NOW W REFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY
AMI , FWR A :
Sefi Subsection (b) of Seotion 18-2 of Chapter 18,
ledCE". of the Code of the City of Miami, Florida, as
Aamendeeby amended in the following partioulars:1
1 Words and/or figures strick--
Undersoord words and/or figure
provisions are now in effeot
indicate omitted and unchanged
CITY COMMISSION
MEETING Of
JUN12
QROINItNCE NO.
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