AGENDA MEMORANDUM

 

 

Meeting Date:           April 14, 2008

 

From:                          Jerry Boop, CPA, CGFO, Finance Director

 

Subject:                      Resolution repealing the existing Investment and Portfolio Policy and adopting the new policies to be followed with regard to investing the financial assets of all funds of the City of Leesburg, Florida except the pension trust and agency funds;

 

 

Staff Recommendation:

Staff recommends adopting the attached Resolution repealing the existing Investment and Portfolio Policy and adopting the new policies to be followed with regard to investing the financial assets of all funds of the City of Leesburg, Florida except the pension trust and agency funds.

 

Analysis:

The current investment policy is embedded in resolutions 4342, 4886, 4923 and 5538.  This resolution combines the policy into one resolution and provides for updates.  Florida statute 218.415, Financial Matters Pertaining to Political Subdivisions, provides guidance to local governments regarding investment policies.  Florida Statutes Chapter 280, Security for Public Deposits, provides definitions and guidance with respect to public deposits.  Florida statutes chapter 163, Intergovernmental Programs, provides guidance with regard to Local Government Investment Pools (LGIP’s) similar to the State Board of Administration (SBA).  Subsequent changes in these statutes since the last update have been incorporated into the new policy.  Staff also reviewed the Government Finance Officers Association (GFOA) best practices for guidance. 

 

The revised policy includes a continuing education requirement of a minimum of eight hours per year for the Finance Director or his designee.  Included in the new policy is the ability to invest in Local Government Investment Pools (LGIP) other than the State of Florida LGIP State Board of Administration (SBA), which has been downgraded and separated into two pools due to over investing in specialized investment vehicles (SIV’s).  The policy also allows opportunity for investment with minority and community financial institutions, subject to full disclosure and approval by the Commission.  This policy in all respects provides for the highest standards of integrity and ethical conduct and reinforces the highest priority on the safety of principal and liquidity of funds.  Optimization of investment returns is considered secondary to the requirements of safety and liquidity.

 


 

Options:

1.      Adopt the attached Resolution repealing the existing Investment and Portfolio Policy, and adopting the new policies to be followed with regard to investing the financial assets of all funds of the City of Leesburg, Florida, except the pension trust and agency funds; or

 

2.     Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

None

 

 

Submission Date and Time:    4/9/2008 6:28 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head __JB____

 

Finance  Dept. ____________JB____                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


RESOLUTION NO. ___________

 

A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF  LEESBURG, FLORIDA REPEALING RESOLUTION 4342, RESOLUTION 4886, RESOLUTION 4923, AND RESOLUTION 5538, AND ADOPTING NEW POLICIES TO BE FOLLOWED WITH REGARD TO INVESTING THE FINANCIAL ASSETS OF ALL FUNDS OF THE CITY OF LEESBURG, FLORIDA, EXCEPT THE PENSION TRUST AND AGENCY FUNDS; SETTING FORTH THE OBJECTIVES OF THE INVESTMENT POLICY; PROVIDING A STANDARD FOR ETHICS AND CONFLICTS OF INTEREST; PROVIDING FOR DELEGATION OF AUTHORITY; PROVIDING A STANDARD OF PRUDENCE; PROVIDING FOR MONITORING AND ADJUSTING THE PORTFOLIO; PROVIDING INTERNAL CONTROLS; DEFINING SHORT-TERM AND LONG-TERM INVESTMENTS AND THE MANNER OF HANDLING EACH; PROVIDING FOR THE BID PROCESS: REQUIRING A LIST OF APPROVED FINANCIAL INSTITUTIONS; SETTING FORTH SAFEKEEPING AND COLLATERALIZATION OF SECURITIES AND REPORTING PROCEDURES; PROVIDING AN EFFECTIVE DATE.

 

 

WHEREAS, the City of Leesburg adopted an investment policy by Resolution 4342  May 29, 1990, and subsequently amended the policy by Resolution 4886 adopted June 12, 1995; and adopted a new investment policy by Resolution 4923 September 25, 1995, effective October 1, 1995, and subsequently amended the policy by Resolution 5538 adopted September 28, 1998, effective October 1, 1998, and  

 

 

WHEREAS, the City of Leesburg has determined this policy is in the best interest of the City of Leesburg and the citizens and that the City adopt a new investment policy outlining the standard procedures according to the provisions of Section 218.415, Florida Statutes, that units of local government are required to adopt a written investment policy for any public funds in excess of the amounts needed to meet current expenses, not including pension funds, including those funds in chapters 175 and 185; trust funds; or funds related to the issuance of debt where there are other existing policies or indentures in effect for such funds; and

 

 

Definitions—As defined in Florida Statutes Chapter 280 Security for Public Deposits:

Affiliate means an entity that is related through a parent corporation's controlling interest. The term also includes any financial institution holding company or any subsidiary or service corporation of such holding company.

Average daily balance means the average daily balance of public deposits held during the reported month. The average daily balance must be determined by totaling by account, the daily balances held by the depositor and then dividing the total by the number of calendar days in the month.

Chief Financial Officer means the mayor, manager, administrator, clerk, comptroller, treasurer, director of finance, or other local government official, regardless of the title of his or her office, charged with administering the fiscal affairs of a unit of local government.

Collateral-pledging level for qualified public depositories, means the percentage of collateral required to be pledged as provided in F.S. 280.04 by a financial institution.

Current month means the month immediately following the month for which the monthly report is due from qualified public depositories.

Custodian means the Chief Financial Officer or any bank, savings association, or trust company that is organized and existing under the laws of this state, any other state, of the United States and has been approved by the Chief Financial Officer to act as a custodian.

 

Default or insolvency includes, without limitation, the failure or refusal of a qualified public depository to pay any check or warrant drawn upon sufficient and collected funds by any public depositor or to return any deposit on demand or at maturity together with interest as agreed; the issuance of an order by any supervisory authority restraining such depository from making payments of deposit liabilities; or the appointment of a receiver for such depository.

 

Eligible collateral means securities, Federal Home Loan Bank letters of credit, and cash, as designated in F.S. 280.13.

 

Financial institution means, including, but not limited to, an association, bank, brokerage firm, credit union, industrial savings bank, savings and loan association, trust company, or other type of financial institution organized under the laws of this state or any other state of the United States and doing business in and savings association.

 

Government unit means the state or any county, school district, community college district, special district, metropolitan government, or municipality, including any agency, board, bureau, commission, and institution of any of such entities, or any court.

 

Market value means the value of collateral calculated pursuant to F.S. 280.04.

 

Oversight board means the qualified public depository oversight board created in F.S. 280.071 for the purpose of safeguarding the integrity of the public deposits program and preventing the realization of loss assessments through standards, policies, and recommendations for actions to the Chief Financial Officer.

 

Pledged collateral means securities or cash held separately and distinctly by an eligible custodian for the benefit of the Chief Financial Officer to be used as security for Florida public deposits. This includes maturity and call proceeds.

 

Pledgor means the qualified public depository and, if one is used, operating subsidiary.

 

Previous month means the month or months immediately preceding the month for which a monthly report is due from qualified public depositories.

 

Public deposit means the moneys of the state or of any state university, county, school district, community college district, special district, metropolitan government, or municipality, including agencies, boards, bureaus, commissions, and institutions of any of the foregoing, or of any court, and includes the moneys of all county officers, including constitutional officers, that are placed on deposit in a bank, savings bank, or savings association and for which the bank, savings bank, or savings association is required to maintain reserves. This includes, but is not limited to, time deposit accounts, demand deposit accounts, and nonnegotiable certificates of deposit. Moneys in deposit notes and in other non deposit accounts such as repurchase or reverse repurchase operations are not public deposits. Securities, mutual funds, and similar types of investments are not considered public deposits and shall not be subject to the provisions of this chapter.

 

Public depositor means the official custodian of funds for a governmental unit who is responsible for handling public deposits.

 

Public deposits program means such deposits as are covered by the Florida Security for Public Deposits Act that is contained in this chapter and any rule adopted under this chapter.

 

Qualified public depository means any bank, savings bank, or savings association that:

Is organized and exists under the laws of the United States, the laws of this state or any other state or territory of the United States.

Has its principal place of business in this state or has a branch office in this state which is authorized under the laws of this state or of the United States to receive deposits in this state.

Has deposit insurance under the provision of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss. 1811 et seq.

Has procedures and practices for accurate identification, classification, reporting, and collateralization of public deposits.

 

Meets all the requirements of this chapter.

 

Has been designated by the Chief Financial Officer as a qualified public depository.

 

Required collateral of a qualified public depository means eligible collateral having a market value equal to or in excess of the amount required pursuant to F.S. 280.04.

 

Short term means a maximum of six months of operation.

 

Chief Financial Officer's custody is a collateral arrangement governed by a contract between a designated Chief Financial Officer's custodian and the Chief Financial Officer. This arrangement requires collateral to be in the Chief Financial Officer's name in order to perfect the security interest.

 

Unit of local government means any governmental entity within the state that is not part of state government and shall include, but not be limited to, the following and the officers hereof: any county, municipality, school district, special district, clerk of the circuit court, sheriff, property appraiser, tax collector, supervisor of elections, authority, board, public corporations, or any other political subdivision of the state.

 

I.          SCOPE

 

This investment policy applies to activities of the city with regard to investing the financial assets of all funds, except pension funds and trust funds, including the following:

 

A.     General Fund

B.     Special Revenue Funds

C.     Debt Service Funds

D.    Capital Projects Funds

E.     Enterprise Funds

F.      Internal Service Funds

 

II.         OBJECTIVES

 

Funds of the city will be invested in accordance with Florida Statutes Ch. 218 “Financial Matters Pertaining to Political Subdivisions” and Ch. 280 “Security for Public Deposits” which provide guidelines, policies, and written administrative procedures for the investment of public funds. The city's portfolio shall be managed in a manner conducive to attaining three primary objectives. The primary objectives, in priority order, of investment activities shall be safety of principal, liquidity, and yield.

 

A. Safety of principal

 

Safety is the foremost objective of the investment program. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio.

 

1.      Credit Risk

 

The City of Leesburg will minimize credit risk, which is the risk of loss due to the failure of the security issuer or backer, by:

 

a.       Limiting investments to the types of securities listed in this Investment Policy

 

 

b.      Pre-qualifying the financial institutions, broker/dealers, intermediaries, and advisers with which the City of Leesburg will do business.

 

c.       Diversifying the investment portfolio so that the impact of potential losses from any one type of security or from any one individual issuer will be minimized.

 

2.      Interest Rate Risk

 

The City of Leesburg will minimize interest rate risk, which is the risk that the market value of securities in the portfolio will fall due to changes in market interest rates, by:

 

a.   Structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity.

 

b.   Investing operating funds primarily in shorter-term securities, money market mutual funds, or similar investment pools and limiting the average maturity of the portfolio in accordance with this policy.

 

B.   Liquidity

 

The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This is accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. Furthermore, since all possible cash demands cannot be anticipated, the portfolio should consist largely of securities with active secondary or resale markets. Alternatively, a portion of the portfolio may be placed in money market mutual funds or local government investment pools which offer same day liquidity for short-term funds.

 

C.   Yield

 

The investment portfolio shall be designed with the objective of attaining a market yield from the investments consistent with the portfolio’s inherent risk constraints and liquidity needs. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. The core of investments is limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities shall generally be held until maturity with the following exceptions:

 

1.  A security with declining ratings, value or yield may be sold early to minimize loss    

     of principal.

 

2. A security swap would improve the quality, yield, or target duration in the portfolio

 

3.  Liquidity needs of the portfolio require that the security be sold.

 

III.       STANDARDS OF CARE

 

A. Prudence

 

The standard of prudence to be applied by the investment officer shall be the prudent investor rule, which states, "investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived." The prudent investor rule shall be applied in the context of managing the overall portfolio.

 

The investment officer, acting in accordance with written procedures, and exercising due diligence, shall not be held personally responsible for a specific security's credit risk or market price changes, provided that these deviations are reported immediately and that appropriate action is taken to control adverse developments.

 

B.   Ethics and Conflict of Interest

 

Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decision. Employees and investment officials shall disclose any material interests in financial institutions with which they conduct business. They shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. Employees and officers shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of the City of Leesburg.

 


C. Delegation of Authority

 

The Finance Director, or designated representative, is designated as investment officer of the City and is responsible for investment decisions and activities. The investment officer shall develop and maintain written administrative procedures for the operation of the investment program, consistent with these policies. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the investment officer. The investment officer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials.

 

D. Continuing Education

 

The Finance Director or designee must annually complete 8 hours of continuing education in subjects or courses of study related to investment practices and products.

 

IV.     AUTHORIZED FINANCIAL INSTITUTIONS, DEPOSITORIES, AND BROKER/ 

          DEALERS

 

A. Authorized Financial Institutions, Depositories, and Brokers/Dealers

 

The City shall maintain a listing of financial institutions which are approved for investment purposes. Banks and savings and loan associations must be “Qualified Public Depositories” as defined by Florida Statute 280.01 through 280.20. Security dealers not affiliated with a bank shall be required to be classified as reporting dealers affiliated with the New York Federal Reserve Bank, as primary dealers.

 

B.     Minority and Community Financial Institutions

 

From time to time, the investment officer may choose to invest in instruments offered by minority and community financial institutions. In such situations, a waiver to certain parts of the criteria under Paragraph 1 may be granted. All terms and relationships will be fully disclosed prior to purchase and will be reported to the appropriate entity on a consistent basis and should be consistent with state or local law. These types of investment purchases should be approved by the commission in advance.

 

V.        SAFEKEEPING

 

A. Delivery vs. Payment

 

All trades of marketable securities will be executed by delivery vs. payment (DVP) to ensure that securities are deposited in an eligible financial institution prior to the release of funds.

 

B.   Safekeeping

 

All investment securities purchased by the city shall be held in safekeeping by an institution designated as primary agent. The primary agent shall issue a safekeeping receipt to the City listing the specific instrument, rate, maturity, and other pertinent information. The safekeeping institution shall annually provide a copy of their most recent report on internal controls (Statement of Auditing Standards No. 70, or SAS 70).

C.   Internal Controls

 

The Finance Director or designated investment officer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City of Leesburg are protected from loss, theft, or misuse. Details of the internal control system shall be documented in an investment procedures manual and shall be reviewed and updated annually. The internal control structure shall be designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that (a) the cost of a control should not exceed the benefits likely to be derived and (b) the valuation of costs and benefits requires estimates and judgments by management.

 

It is the policy of the City to establish a system of internal controls, which shall be in writing, and may be stated substantially as follows:

 

1.   Control of Collusion:

 

Collusion is where two or more employees are working in conjunction to defraud their employer.

 

2.   Separation of functions:

 

By separating key functions and having different people perform each function, each person can perform a "check and balance" review of the other people in the same area.

 

3.   Separation of transaction authority from accounting and record keeping:

 

      By separating the person who authorizes or performs the transaction from the person or persons who record or otherwise account for the transaction, a proper separation of duties is achieved.

 

      4.   Custodial safekeeping:

 

Securities purchased from any bank or dealer, including appropriate collateral should be placed into a third party bank for custodial safekeeping.

 

      5.  Avoidance of bearer-form securities:

 

      Bearer-form securities are much easier to convert to personal use than securities that are  registered in the name of the City of Leesburg.

 


6.    Avoidance of physical delivery securities:

 

Book-entry only securities are much easier to transfer and account for, since actual delivery is never taken. Physical delivery of securities must have proper safeguards. The potential for fraud or loss is greater with physical delivery securities.

 

7.    Clear delegation of authority to subordinate staff members:

 

Subordinate staff must have a clear understanding of their authority and responsibility to avoid any improper action. Clear delegation of authority also preserves the internal control structure that is built around the various staff positions and their respective responsibilities.

 

8.      Specific limitations regarding securities losses and remedial action to implement this policy:

 

Securities losses may be necessary to implement this investment policy. These losses should be restricted to specified purposes and proper documentation as well as required approval should be clearly defined for each staff person.

 

9.      Written confirmation of telephone or other electronically initiated transactions for investments and wire transfers:

 

Due to the potential for error and improprieties arising from telephone or other electronically initiated transactions, all such transactions should be supported by written communications and approved by an individual other than the individual initiating said transaction.

 

10.  Documentation of transactions and strategies:

 

All transactions and the strategies that were used to develop said transactions should be documented in writing and approved by the appropriate person.

 

11.  Development of a wire transfer agreement with the banking institution with which the City has its primary banking relationship:

 

This agreement should outline the various controls and security provisions for making and receiving wire transfers.

           

VI.       AUTHORIZED INVESTMENTS

 

A. Investment Types

 

            All authorized investments shall include only those investments listed:

 

1.      U.S. Treasury obligations (bills, notes, bonds) which carry the full faith and credit guarantee of the United States government and are considered to be the most secure instruments available;

 


2.      U.S. Government Agency Securities and instruments of Government Sponsored Corporations obligations that have a liquid market with a readily determinable market value;

 

3.      U.S. Government Securities;

 

4.       Bankers' acceptances;

 

5.      Repurchase agreements;

 

6.      Certificates of deposit;

 

7.      Local government investment pools either state-administered or developed through joint powers statutes and other intergovernmental agreement legislation pursuant to the provisions of F.S. 218.415 Ch. 16 (a) and the Florida Interlocal Cooperation Act as provided in F.S.163.01.

 

8.      Money market mutual funds regulated by the Securities and Exchange Commission and whose portfolios consist only of dollar-denominated securities.

 

All other investments, particularly those known as "derivatives" or “reverse repurchase agreements" are prohibited; without specific direction and oversight of a financial advisor and authorization by the Commission.

 

B.   Collateralization

 

All securities should be held with a third party, and all securities purchased by, and all collateral obtained by the City should be properly designated as an asset of the City of Leesburg. No withdrawal of securities, in whole or in part, shall be made from safekeeping, except by an authorized staff member of the City. Security transactions between a broker-dealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, to ensure that the custodian will have the security or money, as appropriate, in hand at the conclusion of the transaction.

 

C.   Master Repurchase Agreement

 

All approved institutions and dealers transacting repurchase agreements with the City shall execute a Master Repurchase Agreement with the City. All repurchase transactions shall adhere to the requirements of the Master Repurchase Agreement.

 


VII.      INVESTMENT PARAMETERS

 

A. Diversification

 

It is the policy of the City of Leesburg to diversify its investment portfolios. To eliminate risk of loss resulting from the over-concentration of assets in a specific maturity, issuer, or class of securities, all cash and cash equivalent assets in all City funds shall be diversified by maturity, issuer, and class of security. Diversification strategies shall be determined and revised periodically by the investment officer for all funds covered by this resolution.

 

Diversification by Instrument:

Percent of Portfolio

U.S. Treasury Obligations (Bills, notes, bonds)          

100%

U.S. Government Agency Securities and Instrumentalities of

 

Government Sponsored Corporations            

100%

U.S. Government Securities

100%

Bankers' Acceptances

50%

Repurchase Agreements         

50%

Certificates of Deposit (CDs)

 

          Commercial Bank

100%

          Savings and Loan Associations

10%

Local Government investment Pool   

75%

Money market mutual funds                                                                                         

50%

 

Diversification by Financial Institution:

 

         Bankers' Acceptances (BAs) - No more than 25 percent of the total portfolio with any one institution.

           

Repurchase Agreements (Repos) - No more than 50 percent of the total portfolio with any one institution.

           

Certificates of Deposit (CDs)-Commercial Banks - No more than 50 percent of the total portfolio with any one institution and no more than $100,000 per account unless fully collateralized.

           

Certificates of Deposit (CDs)-Savings and Loan Associations - No more than $100,000 with           any one institution and no more than $100,000 per account.

           

Local Government Investment Pool (LGIP) - No more than 75 per cent of the total Portfolio with any one LGIP.

 

Money market mutual funds regulated by the Securities and Exchange Commission - No more than 50 per cent of the total portfolio.

 

           

 

 


B.   Maximum Maturities

 

To the extent possible, the City of Leesburg shall attempt to match its investments with anticipated cash flow requirements. Unless matched to a specific cash flow, the City will not directly invest in securities maturing more than five (5) years from the date of purchase or in accordance with state and local statutes and ordinances except as specifically set forth for reserve and long term funds. The City shall adopt weighted average maturity limitations (which often range from 90 days to 3 years), consistent with the investment objectives. Reserve funds and other funds with longer-term investment horizons may be invested in securities exceeding five (5) years if the maturities of such investments are made to coincide as nearly as practicable with the expected use of funds. The intent to invest in securities with longer maturities shall be disclosed in writing to the City Commission.

 

Because of inherent difficulties in accurately forecasting cash flow requirements, a portion of the portfolio should be continuously invested in readily available funds such as local government investment pools, money market funds, or overnight repurchase agreements to ensure that appropriate liquidity is maintained to meet ongoing obligations.

 

1.  Short-term versus long-term portfolio

 

Limitations on instrument, diversification, and maturity scheduling shall depend upon whether the funds being invested are considered short-term or long-term funds. All funds shall be considered short-term except those reserved for capital projects that will require long-term funding.

 

2.      Short-term portfolio diversification

 

The City will diversify use of investment instruments to avoid incurring unreasonable risks inherent in over-investing in specific instruments, individual financial institutions, or maturities.

 

3.      Long-term portfolio diversification

 

Instruments and diversification for the long-term portfolio shall be the same as for the short- term portfolio.

 

Maturity scheduling shall be timed according to anticipated need.

 

C.   Competitive Selection of Investment Instruments

 

After the City determines the approximate maturity date required for cash flow purposes, instruments which meet the maturity requirement will be considered. If no specific maturity is required, a market analysis may be conducted to determine which maturities would be most advantageous.

 

After the security in question has been selected, when feasible and appropriate, the security shall be competitively bid. The City will accept the bid which provides the highest rate of return within the maturity required and within the parameters of these policies.

 

 


 

VIII.     REPORTING REQUIREMENTS

 

A. Methods

 

The investment officer shall generate frequent and regular reports for management purposes. In addition, the City Commission will be provided reports which will in­clude data on investment instruments being held, as well as any narrative necessary for clarification. These reports shall include a listing of the securities held in the portfolio by class or type, book value, income earned and market value as of the report date.

 

B.   Performance Measurement

 

For purposes of performance measurement, the rate of return will be compared to the two year agency index which is a rolling average of two year government agency securities held to maturity.

 

IX.       POLICY CONSIDERATIONS

 

A. Monitoring and adjusting the portfolio

 

The investment officer will routinely monitor the contents of the portfolio, the available markets, and the relative values of competing instruments, and will adjust the portfolio accordingly.

 

 

NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG. FLORIDA:

 

THAT this investment policy shall be formally approved and adopted by the governing body of the City of Leesburg and reviewed annually.

 

THAT  this resolution shall become effective April 15, 2008.

 

PASSED AND ADOPTED at the regular meeting of the City Commission of the City of Leesburg, Florida on the _14th__ of _April___ 2008.

 

 

 

                                                                           ________________________________

                                                                             Mayor

 

 

 

ATTEST:

 

 

__________________________________

City Clerk