Broward County Commission Regular Meeting

MOTION TO CONSIDER adoption of a Resolution No. 2017-353 Amending the Administrative Code, the title of which is as follows:

A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA, PERTAINING TO SECURITIES ELIGIBLE FOR COUNTY INVESTMENT; AMENDING SECTIONS 22.87, 22.88, AND 22.91 OF THE BROWARD COUNTY ADMINISTRATIVE CODE ("ADMINISTRATIVE CODE") TO FACILITATE INVESTMENTS IN DEBT BACKED BY THE FULL FAITH AND CREDIT OF THE GOVERNMENT OF ISRAEL; AND PROVIDING FOR SEVERABILITY, INCLUSION IN THE ADMINISTRATIVE CODE, AND AN EFFECTIVE DATE.

 

(Sponsored by Commissioners Steve Geller, Nan H. Rich, Michael Udine, Chip LaMarca, and Dale V.C. Holness, and Mayor Barbara Sharief)
 

ACTION:  (T-10:55 AM)  Approved. (Vice Mayor Furr requested being added as a co-sponsor to this item.)   (Through Mayor Sharief, Commissioner Bogen requested being added as a co-sponsor to this item.)   (Refer to minutes for full discussion.)

VOTE: 9-0.

A Resolution directing the County Administrator to publish notice of public hearing to consider adoption of the Resolution Amending the Administrative Code was adopted by the Board of County Commissioners at its meeting of May 23, 2017.

Amends Sections 22.87, 22.88, and 22.91 of the Broward County Administrative Code.

In connection with its approval of Item 37 and Supplemental Item 46 at its meeting of May 9, 2017, the Board of County Commissioners ("Board") (1) authorized publication of a Notice of Public Hearing to be held on Tuesday, June 13, 2017, to consider adoption of a resolution amending Section 22.84 of the Investment Policy in the Broward County Administrative Code to allow investment in debt backed by the full faith and credit of the government of Israel ("Israeli Securities Resolution"); and (2) directed the Office of the County Attorney to draft, as companion items to the Israeli Securities Resolution, any necessary or appropriate housekeeping amendments to the Administrative Code and Broward County Code of Ordinances ("Code") to facilitate such investments.

Consistent with the Board′s direction, the Office of the County Attorney, in consultation with the Finance and Administrative Services Department, has prepared housekeeping amendments to Sections 22.87, 22.88, and 22.91 of the Broward County Administrative Code ("Amendments"), to facilitate investments in Israeli securities. The Amendments, if approved, will (1) allow up to 3% of the Broward County Investment Portfolio to be invested in Israeli securities, consistent with the recommendation of the Finance and Administrative Services Department, and the investment policies of Miami-Dade and Palm Beach counties with respect to such securities; (2) authorize the Development Corporation for Israel ("DCI") to act as the authorized broker-dealer for investments in Israeli securities; and (3) exempt investment transactions involving Israeli securities from competitive bid requirements, given that DCI is the only authorized broker-dealer in the market for such securities.
 
A proposed Code amendment adding Israel securities to the list of authorized investments has also been prepared and will be included, for the Board′s consideration, as a separate item on today′s agenda.

James D. Rowlee, Senior Assistant County Attorney, 954-357-7600