CopyAgo (Fla. Att'y Gen. 1986).
Published | Florida Attorney General Reports
...Fisk: This is in response to your request for an opinion on substantially the following question: MAY THE HOLIDAY PARK, PARK AND RECREATION DISTRICT PARTICIPATE IN THE LOCAL GOVERNMENT SURPLUS FUNDS TRUST FUND? Part IV, Ch. 218 , F.S., comprising ss.
218.40 -
218.411 , is the "Investment of Local Government Surplus Funds Act" (hereafter the Act). Section
218.40 , F.S. It is the intent of the Act "to promote, through state assistance, the maximization of net interest earnings on invested surplus funds of local units of government, thereby reducing the need for imposing additional taxes." Section
218.401 , F.S. See, ss.
218.403 (3), F.S., defining "surplus funds" as "any funds in any general or special account or fund of a unit of local government which in reasonable contemplation will not be immediately needed for the purposes intended," and
218.403 (5) defining "unit of local government" as "a county, municipality, school district, special district, or any other political subdivision of the state." (e.s.) Cf., s.
1.01 (9), F.S. Section
218.405 , F.S., creates the Local Government Surplus Funds Trust Fund (hereafter trust fund) which is administered by the State Board of Administration and composed of local government surplus funds deposited therein by units of local government under the procedures as set forth in the Act. See also, s.
218.411 , F.S. Pursuant to s.
218.407 (1), F.S., the governing body, as defined by s.
218.403 (2), F.S., must initially determine that it is in the interest of the unit of local government to deposit surplus funds into the trust fund....
...nment for the surplus funds to be invested. Upon the filing of the resolution, the State Board of Administration invests the surplus monies in the trust fund in the same manner and subject to the same restrictions as are provided in s.
215.47 , F.S. Section
218.407 (2), F.S. See, ss.
218.407 (3), F.S....
...(power of units of local governments to hold funds in deposit accounts with banking or savings institutions or to invest monies as otherwise authorized by law not impaired by Part IV, Ch. 218 , F.S.) and 665.104, F.S. (savings accounts as legal investments). See also, s. 218.409 , F.S., concerning administration of the trust fund, and Ch....
...218.345 provides that "[t]he 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 ." See, AGO 82-43....
...218.345, F.S., provide limited statutory authority for special districts to invest their surplus funds, as defined therein, in the trust fund upon said districts' exercising their discretionary authority and submitting the resolution as described in s. 218.407 , F.S....
