(A) The City Commission shall be authorized to invest or reinvest surplus public funds without the necessity of having to adopt such investment or reinvestment of funds.
(B) This grant of authority shall, pursuant to F.S. § 166.261, be limited to investment or reinvest-ment of surplus public funds in the following:
(1) The Local Government Surplus Funds Trust Fund;
(2) Negotiable direct obligations of, or obligations the principal and interest of which are unconditionally guaranteed by, the United States Government at the then prevailing market price for such securities;
(3) Interest-bearing time deposits or savings accounts in banks organized under the laws of this state, in national banks organized under the laws of United States and doing business and situated in this state, in savings and loan associations which are under state supervision, or in federal savings and loan associations located in this state and organized under federal law and federal supervision, provided that any such deposits are secured by collateral as may be prescribed by law;
(4) Obligations of the Federal Farm Credit Banks; the Federal Home Loan Mortgage Corporation, including Federal Home Loan Mortgage Corporation participation certificates; or the Federal Home Loan Bank or its district banks, or obligations guaranteed by the Government National Mortgage Association; or
(5) Obligations of the Federal National Mortgage Association, including Federal National Mortgage Association participation certificates and mortgage pass-through certificates guaranteed by the Federal National Mortgage Association.
(Ord. 705, passed 8-1-84; Am. Ord. 1924, passed 5-15-19)