HomeMy Public PortalAbout1992-16 Transmittal of surplus funds to State Board of Administration for investmentRESOLUTION NO. qZ- t6
A RESOLUTION OF THE VILLAGE OF KEY BISCAYNE,
FLORIDA; AUTHORIZING THE VILLAGE MANAGER OR
HIS DESIGNEE TO TRANSMIT SURPLUS FUNDS TO THE
STATE BOARD OF ADMINISTRATION FOR INVESTMENT
AND TO WITHDRAW SURPLUS FUNDS FROM THE STATE
BOARD OF ADMINISTRATION UPON NOTICE AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Village of Key Biscayne from time to time has
funds on hand in excess of current needs ("Surplus Funds"); and
WHEREAS, it is in the best interest of the Village that
Surplus Funds be invested to return the highest yield consistent
with proper safeguards;
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
VILLAGE OF KEY BISCAYNE, FLORIDA, AS FOLLOWS:
Section 1. That the Village Manager or his designee is
hereby authorized to transmit Surplus Funds to the State Board of
Administration to be invested according to applicable laws of the
State of Florida consistent with the needs of the Village. Such
authorization includes authority to withdraw Surplus Funds from the
State Board of Administration by giving timely notice and
appropriate confirmation.
Section 2. That this authorization shall be continuing in
nature until revoked by the Village.
Section 3. Effective Date. This resolution shall
become effective upon adoption.
PASSED AND ADOPTED this
Attest:
VILLAGE CLERK
4F' I G
day of Nth, 1992.
RAFAEL
Approved as to Legal Sufficiency:
14
VILLAGE ATTOR
�t
u,t,AL..
CONTE, MAYOR