Title: Opinion File 72-41 thru 72-42
Full Citation
Permanent Link: http://ufdc.ufl.edu/WL00003327/00001
 Material Information
Title: Opinion File 72-41 thru 72-42
Physical Description: Book
Language: English
Spatial Coverage: North America -- United States of America -- Florida
Abstract: Buddy Blain's Collections - Opinion File 72-41 thru 72-42
General Note: Box 14, Folder 3 ( Opinions 1972 - 1973 - 1972 - 1973 ), Item 12
Funding: Digitized by the Legal Technology Institute in the Levin College of Law at the University of Florida.
 Record Information
Bibliographic ID: WL00003327
Volume ID: VID00001
Source Institution: Levin College of Law, University of Florida
Holding Location: Levin College of Law, University of Florida
Rights Management: All rights reserved by the source institution and holding location.

Full Text


April 26, 1972

Mr. Dale Twachtmann
Executive Director
Southwest Florida water Management District
P. O. Box 457
Brooksville, Florida 33512

Re: Investment of funds in Federal Savings
arid Loan Associations

Dear Dale:

It is my opinion that, under Section 378.33, Florida Statutes,
the Southwest Florida Water Management District cannot deposit
its funds in Federal Savings and Loan Associations. My opinion
is substantiated by the fact that, in the 1972 Legislature,
House Bill 3113, if passed, would have permitted Federal Savings
and Loan Associations to become depositories of public funds.
This bill died in committee.

Section 378.331 provides that the Board of Governors may invest
that portion of the funds of the District which the Board antici-
pates will be needed for emergencies in bonds or other obligations
of the United States Government. Then, subparagraph 2 provides
that all other funds may be invested in certain Municipal, County
and Governmental obligations of the State of Florida. This pro-
vision, together with Section 665.321, Florida Statutes, empowers
public corporations, such as the District, to invest funds in
Federal Savings and Loan Associations if the Board wishes to invest,
as well as deposit, it may do so.


I note in Clint Schultz's memorandum that he contemplates a
high return on Federal Savings and Loan Associations invest-
ments. However, the 1972 Legislature, in Senate Bill 1261,
provided that investment of public funds in Federal Savings
and Loan Associations shall be subject to the same require-
ments of posting collateral as is required by commercial

The crux of this matter is a question of depository versus
investment, and if the Board is going to start looking in
terms of investment, then it must not only look into Federal
Savings and Loan Associations, but Governmental bonds and bills
and other Federal securities, as well as State and Municipal
securities of the State of Florida.


Myron G. Gibbons


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