City of Gainesville - File #: 020368

• File #: 020368
• Version: 1
• Name: Investment of City Funds (B)
• Type: Ordinance
• Status: Adopted
• File created: 10/28/2002
• In control: City Attorney
• Final action: 10/28/2002
• Title: INVESTMENT OF CITY FUNDS (B) ORDINANCE NO. 0-02-62 An ordinance of the City of Gainesville, Florida, amending Section 2-438, Article VI, Chapter 2 of the Code of Ordinances, relating to investment of funds of the City; providing a severability clause; providing a repealing clause; and providing an immediate effective date.

Date	Ver.	Action By	Action	Result
10/28/2002	1	City Commission	Adopted on Final Reading (Ordinance)	Pass
10/14/2002	1	City Commission	Adopted on First Reading (Ordinance)	Pass
9/9/2002	0	City Commission	Approved as Recommended	Pass

title

INVESTMENT OF CITY FUNDS (B)

ORDINANCE NO. 0-02-62

An ordinance of the City of Gainesville, Florida, amending Section 2-438, Article VI, Chapter 2 of the Code of Ordinances, relating to investment of funds of the City; providing a severability clause; providing a repealing clause; and providing an immediate effective date.

recommendation

The City Commission adopt the proposed ordinance.

explanation

On September 9, 2002, the City Commission authorized the City Attorney to prepare, and the Clerk of the Commission to advertise, an amendment to Section 2-438 of the Gainesville Code of Ordinances dealing with investment of funds.  The purpose of the amendment is to clarify the investment policy language to ensure the investment practice complies with the spirit of the investment policy.  The additional language is consistent with current investment practice, and there is no projected fiscal impact.