The Sarasota Manatee Aviation Authority will set aside for
investment in local financial institutions an amount not to exceed
5% of all funds invested in financial instruments that have a
maturity of 12 months or longer as calculated on the month that the
solicitation is advertised.
A. An informal solicitation will determine which financial
institutions will be chosen to submit bids for the local set
B. Each participating institution must conform to the following
1. Institution shall be a "qualified public depository" as
defined in Florida Statutes, Chapter 280. A listing of Qualified
Public Depositories is available on a quarterly basis from the
Florida Administrative Weekly.
2. Each institution must be headquartered in either Sarasota or
Manatee counties and listed as such in the Florida Administrative
3. Institution shall offer a "qualified deposit", as defined in
Florida Statutes, Chapter 280, which is collateralized with US
Government Treasury or Agency securities.
4. Any investment placed with any such institution shall be
available for withdrawal at any time without penalty.
C. Investment of any set aside funds will be from a list of
financial institutions that have met the above criteria. No more
than four such institutions will be solicited for bids.
D. Such list will be reviewed semiannually for continued
conformance to the criteria in section B, and competitiveness of
bids received to date.
E. Successful bid selection will be based solely on rate of
F. Rate of return of any bid must be greater than the composite
rate of those instruments in the Authority's existing portfolio
with terms of 12 months or greater.
G. Each selected financial institution and financial instruments
offered shall comply with all provisions of the Authority's