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Resolution 92-704A RESOLUTION O ~. TH FLORIDA, 6 THE r INVESTMENT OOFWO Ds WITH TH£ASTATE BOARD OF ADMINISTRATION FB wNEREA he City of Longwood from time tD time Ras funds on hand 1n excess of Ourrent noels; and WHEREAS, it is rn the best interest of the City of Longwood and its inha b.i.tants that funds be invested to return the highest yield consistent wsth property saf egiia rds. NOW, THEREFORE, BE IT RESOLV&D EY TBE CITY COMMIS620N OF THE CITY OF LONGWOOD, As FDELDWE: 1. That the Finance Orrector or his/her designee, be, and he/she is hereby authorized to transm rt .,uch funds to the State Board Of Administration to be invested according tD applicable laws of the sta [e -f Flor itla consistent with of Adm i.n istra t.i on by giving timely notrce an appropriate Phat this authorization shall be continuing rn nature PASSED AND ADOPTED TN ~nA F, A. n. 1992. ~qi, AT~YR ~ MA , C TY of LO Gw00 , FLORIDA GYI ~~4~EP~~L !L // Approved form and legality foe the use and re i.ia nce of the City of Longwood, eiorida only. ti: / ~".~_ C(Jy Attorney, Long~iootl, Florida <~' i-J C2it~ of ~anafnnaD >„~asTw,~aa~a~~ t~~eNatao,~zso~,an op,rwa~na~,>tn<te, rn ~ .~ Y DATE: June 24, 1992 (r\ V ~ / TO: Jim McFellin, City Administrator I ~ A\/ - FROM: Uan McNutt. Finance Director ~jIi- \/ SUBJ: INVESTMENT OF SURPLUS FUNDS cn "' The State Board of Administration operates a Local Government Investment Pool in which over 450 municipalities governing agenoes invest surplus funtls. Interest rate earnetl on the pool is approximate 314 of 1 % greater than what Longwood is currently earning on it's overnight investment of funds with Sun Bank. Although Share le so e risk ettechetl, (some of the funtls a vested in Bankers Acoeptancas antl Commercial Paper), there has never been a loss'ln this funtl- Attachetl Is Information pertaining to the Investment Ob]ectives of the Porifolto, dlstributlon of the funtls, and number of participanLS. Recommentl that the attached resolution be presentetl to the City Commission to obtain authorization to invest surplus funds. l5 nvesLmem E~M1o~~ci~g ~~ q,..l4y of Ll(~ for O~i.C~dx.u' Statement of Imo~lmont Policy GuiGe'f'inms Slate 6oartl of P,UlninisUalioll of flor~da Locai Government Pooled Acenlinl Portfolio I v nr Objc={i_ The objective n( ~M1e in natty mnnag~d ponfolio ('Tl~c Pun~oliu') is o pool in - [un of Iwal yov ~ par :cipan i pori[olia o. sarY seh tpror'c_I'ga J'i 1,, _ I =..~i.,s ....n. vu.n c~ ~ it~v_ svilh sin.,. ~r pro, s. Maiigitx TMC portfolio is tlesianed io < <he lignidiry noeds o[ the parlicipanlx. A wairoliins fauor in mewing ~I~ese needs n uriiy. 11 i.. crpccieJ spar ~ha ;;vernge mnnirily Braga ~n><< oC she (und will ranSC buwecn 30 and ?o tlays. An 1~~ _ airy bcyc~nd 120 days s~ De aoproved by the -irec~or o[ Fia~cd Income prlot to ~. ]ho manager shall male vcuva judgcmen~s witlsin ibis guideline as to as .a. ri~y_ Safety In ecldn~ c pre of c. ital in the roll n :olio ., .~. shall provide d~versi Fca o[Cn o~sM1as po~ ial losszs o endividuzi ~. secun~i.s ia~ cacce~tl Abe inconve gen ruled (rem ~ie ri.m_in_e. o- t. , ori[olia. pme~areauo~/rtelac.e vawc Alloca~lon of assess emong ibe various investment inxtromen'.x, issue: sectors, aid qualify _ n prescm. opponeni~ies [or incr.,area ai.t. ns. Th'~ f.,.. o. ~ v~xu.xen~ ~ns.rutneu~s/seesors may be u~ilized. Lau Ca s UScG Pf-- U S_ R ai Guanneeed U V. ~ .n t~U!iga~i n~ 2a~cd A o ]s' Domcs~ic 6anl CDs Topa"ISnbn~nls (auc_) Gnra Dollar CDS Domestic-rop ?i d~nl:s r-ore~g~~ - .op so b,;mx [-: xx,ltx) Dankars Accep~anccs Top loo svo-ltl ban's (assess) r Commercial Paper Ratotl A~1 or p-1 f2epurcbase Agreements Cuil1- co.lnteraliretl, docunicmcd by s. ~ i ind~:i~ndcnt tllirJ p fit1iy cat':tndc;'ne~,it Othar invesimen~ ins~ranren~s that may be provided [or by Ixlerida S:;n u~a'. Pn~dencc Reauirctl m~as~men~s:hall be mace ~mih jndscmeni aria caa -~mer riteen,.aanms o,cn provaumg- which Persons of prudence, discretion and iniellig-see czercise in she managumen~ of Their n ef[oirs no, Cor speada~ion, buy for invesimcnh considering the probable, safety o[ their capi~al as well as the probable income io be derived. ~' The s anderd aF prudence io be used by portfolio m shalt be the "prutlen, capon" end xhall Uc apphcd in ~hc con:cat oC nzanaying v cell ponrolio- Ponfolion neger ring i orannu^ .vi~h . n pracedures aria c due Diligence shall be rcla ved o[nPcrson~l responxibili:y (or the perforn,zice oF~nnaindi~idual sc ariiy provided that devieriniu Goan er,~pccnnions arc reponed in .. ~_mcly fashion rind appropriate ac~ion u oaken ~o control adverse developme.nis. LOCAL GOVEFiNiViENT fi~VESTMENT POOL INVENT0t2Y DISTRI6UTION DECEMDER 1990 PANIfLR'S ACCCPI'. (9%) L2F.PU'S (5 ,) ~5D. AGENCY OBLI. (l0%J TREASURI'INST [l9o) Co:~ia+5ec~n~P~aa~~ ~ or~ir_a ~n~~ i~ i ~ MI~.TF_I?M FI_F'I~. (l,°ln) 92%J LOCAL GOVERNfUIENT INVESTMENT POOL PARTICIPANTS AND ACCOUNTS 1200 1000 1. 198'1 0 1'~ CIPANTS AC OU N'IS CITY OP LONCHCOD, PLORSDA (CITY 6EAL) By: azlenne Berry, Meycz DntaaA ATTEST: By: Cexel Sne Zambrt, Clcy C ~zk petetl: 9CROOL BOARD OF sENTNOLE COUNTY (CORP. SEAL) By: ency We [ren, Chalxmen oaten: ,` ATTEST: BY: Ric heztl C~ Nelle, Actlnq SupOZintenCent De tetl: t ndez pxoviaoe ino grevca.t eejuecmant or y aucc.eaor the Sncreaned. Nhaeher the 6chool ee¢xd Cranefaxe all or a portion of the Bever ca peclty, the school 8oartl snail remain liable to the Clty for tna payment o£ the monthly eeiv ice chexge fleaeciatea Che caw tth nna tna full succ harge balance. Provided that iha capacl ty moat be of2.Yed to City upon the same teimv and conaiti one for a period of thirty )l0) days from recelpc of written notice prior to n i general offering. ]. In the event S<nool Board shall terminate thle agreement prior Co full payment of the surcharge, St shall _ within a1xtY (fi0) days afteY notice of texminatlon~ pay <he Complete amount thort due on ens surcharge To Ce1 bee ed upon an ndjuatad Olacovnt basis nn en<wn in echeaul e. p, B. Thle agivemont mny be termtnated by S<h<ol Bonra upon thirty (]o) aeye vrLtcen notice to city end Cooney, houovec such term tnet ten eha11 not termLnate the School fioartl'v geyment of the eurchnige ¢e outllnea to peragrapn '/ nor<lnabove, city may terminate thte agreement only to Cha ex[ene end upon each condi[Sanv fle ere permitteU by taw Lor the ateconctneence of muntcipnl cans Cary service/waecex water aid peael aervtce to any municipal .1 cue to CNr NITNESS NftEPEOt', the perGiee harp co have executed th10 Contract on the dace EireG above written. Ge 5 ~, ,,~ ,~ ~~1 ~:e, ~_d ,~.,. ------ ~:,,~ 5. All noclcee roquli0tl co he ylven Cy this eSYeemont shall be gtvert by nc.uei dellvary Or certiEietl mall, return rec elpe xequenced to: TD CITY: Mayor City Of Lanyvootl, F1ozlda 1]5 Neat W n Avenve Longwood, F1ozldn J2]50-419] Rlchattl Roznbluh oliectai of Public Wotka City of Lgngr+ood, Florida 1]5 WOet WOlion Avenue Longwood, Florida 32]50-619] Tc sCNOtIL aoARO: s upexi ntande ht ~. The Sa nool Boartl of Seminole Ccu nty, Florltle 1211 Mellonville Avenue 9enEO[d, F1osl da 32]]; RS Chfltd C. Weile, Aea c. suparlntendent Eoi Faclliti0n end Trenaportatlcn The school Boartl of Seminole County, F1oYltla 1311 Mali onvlile Avenue 9anfoYd, F10 zltle 32]]1 6. The nmount of Bootie ry sewer/woe t• votes diapoe0l capacity pxovidetl by Cley to School Bonitl under the tazme of Ch10 egreemen[ shall be coneidaretl pe seonel proper- <y antl shall SrrOVOCebly veae In iha School Boe rd. Should the School Board cease to regvlz0 any amount of capacity at any time and for any sane on tt •hail be permit tea eo c_ena- tar arty port tan o[ all o£ the incxaesatl amount of capncity to a thlzd party fos any price vetch is determines to be ree eoneb lo, but !n no event for lase Chen thecoet of capacity ndJuatetl nMUally by the Steto of Florida Conevmex Price Indeu or tho V.S. Coneumei Pii<a Index, whlchovar Page d -~ moo- e.h ~e>„ ,„:E a u=~x e~~a perPozmance of ehia obltgetion Sn ehe vv0n- ehe school 1 8vartl ehe11 promptly fail to :Surely correct any defect or tlaflclency ar mvke en. rape lre to the Lac111t1 ee requlied hareDy, when such co rrecti one or tepn lxe are raqu ee tad 1n vrlcing by Che City. Whet le timely Bhell tlapend upon rho nature of the correction or Iepa!r and the no ed SoY the svpelr yr corzection eo protect the health end general velfflre of Che cltlxvne dad the neetl to promptly rnaume dietupted aervic o. d) To the ex ant chac need Eos any tepelt or corzBCtton vas cnueed by any act or action of city oz !te employoe¢, agon5c, or Sndependenc centrnetote, the coat of such taper re or corrections shall De bazna by city. 4. In eddltion to the zegulex montrtly earvlev charge calculated UBOn the C1ty'v tariff fox 9nnlteLy vaate vatBZ disposal aetvice, Scheol Eoazd eDeil pay n surcharge of 54,538.16 pet month fox a petiod of 84 months commencing vlih the 11zvt full month of earvtce. Said charge repre- eenta Che total charyv for atltllclenel capacity of 91,540 gallons. Should tn< 9chool Bonxd deal xe to termineto payment of the auxcharga Dr1or tv the 84th mooch, tt may do eo by paytnq a sum equal to Che ed5uated sate hd rga bfl lance then duo. mho ed7 ue rod balance shell be en emvunt determined on a monthly bav 19, vhieh Incorpozeeea a dlecoent for early paymont as set Eoteh to Schedule "A" hezeto. J J the City, end the School Board, to [onside ration of the follovtn9 muevel egreemonCS, promleea, and porformancee ea foil ovn: 1. Thet thta ayraement Se authorized antl enteretl Lnto by end be tveen the per[les hazeto by 5163.031 ac aeq., Fle. Stnt. (19A9), <oMnoniy ra«e rrad Co ea the Fl oFl o=ttle Intarlocel Cooperation Acc of 1969. Z. That City viii provtde School Boartl en-go3hg sans tflxy never/vne to water tllepoe ai nerv3c• nt the Lymnn nigh School at the rato of caps ct ey of 41,540 gallons per dey commencing at each time as the School see rd ehali request the a suite Sn vritt ng. 3~ a) That School Board shall be zaeponelDle fqz the construction of and payment fox any end fill upgraded Yeeiiiti ae neeaee ary to necommodete the upgreq¢tl aorvtee .nc ludtng but not neceeoaxity limitetl to save[ melne, lttt etetien, and nppu rcenancae thereto in eccordencq with such enginaexing etendectlaae shall be epecif led by Cicy. D) school eeaztl aha11 convey Bald fecillttee to the oxtent thet they nre not located on the uymen High Sehoel ales co the City by appcovad bi 11 of eeia of tez same hewn been lne pecCed end approved for flceepee nee by CS<y. c) School 8bazd anell be fully eocponeiDle, fiacelly and edminie trecively, Lor iho mel ntertence of ell Lactittice to be conveyed to Ctcy for a period of two (]) yeera nubs equent to Inepectlon end eccaptance by the City. The Clty may requlxe a malnxene nee bona Co the are xxmrxc.ncu, ncaeeaaxz THT3 nGIS: CH£.. ma do C _. 1595, in tri pl.LCats or oe..', iLOa:pa, a mo ni cl pel c ~_>v Woot rrac..an Ave nu©, Lo ngvo ..u _e_eeG to an "C icy" e15d t'..h~ _ x, FLORIDA, x body coipo rx p (1469), uh oea eddte9s _a _3 rC, Flot!Cn, hoxel naftex Ymfor. xx€xens, t ..c aan_ta~y rtowex/yenta waKar __....,, i19h col, ,„,,, a Eec.. tty ea, nnlntainod entl vper~ Oy '_hn ~o of 9oa rd and 1nCntoQ '.~lthin tho ccepnrate :in. a. .,on gvood einrtdtt: and NEfI:R8A9, the 9citboi flue x4 z'e~tuiraa ennltnry aevas/wasea vetoe dle pcefl 1. eaev,.c ~, tho anou n. o: 41,450 gnllens aox day; WEtEREhS, in order to provide that c e ity r _ stud, the C1.Ly meat gurchaua napnolty Lxom 9oa m ole Ccanty find to order to _o eo mva.. cha rgu t..e 9chool Box td tha_ ~.e e.., a , KF3eREAH, tho pa;rnent. b_ tt~© Cova1 ecm es 53 DC, )01.39 Cor xaid enPaciY~y Se leza azpena,tva ;or the School floetA char. cor,u.zuceing an an x_. ,.taa~._ .aa_i:ty et ~,Naen xign s9nou 1, tc adon wuuid na p zmixtmar e.. , WHfiftEA9, a.,cri sacvlco .b na crbsaxy ?n prCsr tF.n:. tF.a School sea rd may cantinvu ..c opo rate Lyman 'rl!gh Schuui. NoR mxEREPORe, is ~ he ca„nnRtee eqr, eod y and ba C'w cen