Okaloosa County BOCC — November 15, 2016 — Ordinance Adopting Investment Policy

ORDINANCE 2016- AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY; ADOPTING THE OKALOOSA COUNTY INVESTMENT POLICY; PROVIDING THE AMENDMENT OF THE INVESTMENT POLICY BY RESOLUTION; PROVIDING AN EFFECTIVE DATE. WHEREAS, under the provisions of section 218.415, Florida Statutes, a county is authorized to adopt an investment policy to provide guidance for the investment of its funds; and WHEREAS, the purpose of the Investment Policy is to balance the security and liquidity of the revenues with the obtaining of a reasonable rate of return on such funds until such time as they are needed for County purposes; WHEREAS, under Florida law, the Clerk of the Court is responsible for the investment of County revenues and the adoption of an Investment Policy will provide guidance to the Clerk in the investment of these funds; and WHEREAS, the creation of an Investment Advisory Committee will assist in assuring that the reasonable and prudent investments of the County’s funds is being provided. NOW, THEREFORE, be it ordained by the Board of County Commissioners of Okaloosa County: SECTION 1. The above recitals are incorporated by reference into this Ordinance. SECTION 2. The Board adopts the Investment Policy of the Board of County Commissioners as attached hereto as Exhibit “A”. SECTION 3. The Investment Policy of the Board of County Commissioners may be subsequently amended by ordinance or resolution. SECTION 4. This Ordinance shall be filed with the Secretary State within ten (10) days of adoption and shall become effective upon filing. PASSED AND ADOPTED in Regular Session this day of ,2016. ATTEST: J.D. Peacock, II Clerk of Court APPROVED AS TO FORM: Gregory T. Stewart County Attorney BOARD OF COUNTY COMMISSIONERS OF OKALOOSA COUNTY Charles K. Windes, Jr. Chairman EXHIBIT “A” INVESTMENT POLICY OF THE BOARD OF COUNTY COMMISSIONERS l. SCOPE This Investment Policy of the Board of County Commissioners applies to all monetary assets of the government of Okaloosa County with the following exceptions: (1) deferred compensation, which is administered by a separate insurance carrier; (2) investments administered by third parties governed by bond resolutions; and (3) funds held by other agencies (i.e., Tax Collector, State of Florida) during collection periods which are governed by the agencies' investment policies. All monetary assets of the Okaloosa County Board of County Commissioners which are recorded to the General Fund, Special Revenue Funds, Capital Project Funds, Debt Service Funds, Enterprise Funds, Internal Service Funds, Trust and Agency Funds, and other funds that exist or may be created from time to time shall be administered in accordance with the provisions of this Policy. Investment income earned on the monetary assets of Okaloosa County Board of County Commissioners shall be used for the same purposes and projects as the assets upon which the investment income was earned. II. INVESTMENT OBJECTIVES The following investment objectives will be applied in the management of the Board of County Commissioners' monetary assets: A. Safety of principal is the foremost objective of the government of Okaloosa County. Each investment transaction shall seek to first ensure that capital losses are avoided, whether they be from security defaults or erosion of market value. Purchases and sales shall be made for investment purposes and not speculation. B. The investment portfolio will remain sufficiently liquid to enable the Okaloosa County Board of County Commissioners to meet operating requirements and other needs which may be reasonably anticipated. C. Ininvesting public funds, the Clerk to the Board will strive to maximize the return on the portfolio and to preserve the purchasing power but will avoid assuming unreasonable investment risks. A minimum standard for the overall portfolio rate of return is to exceed the current SBA rate for short term investments (one to twelve months), and to exceed th