We appreciate your interest in Florida PRIME. Chapter 218, Part IV, Florida Statutes is the "Investment of Local Government Surplus Funds Act." The purpose of this act is to promote, through state assistance, the maximization of net interest earnings on invested surplus funds of units of local government, based on the principles of investor protection, mandated transparency, and proper governance, with the goal of reducing the need of imposing additional taxes. The primary investment objectives, in priority order, are safety, liquidity, and competitive returns with minimization of risks.
On this webpage, you will find links to the enrollment materials that will need to be completed and reviewed prior to participation. The Florida PRIME Authorizing Resolution and the Florida PRIME Disclosure Statement must be completed by an authorized official of the local government and submitted to the SBA. We have provided an Information Statement regarding the operating procedures of Florida PRIME, applicable Florida Statutes, Florida Administrative Rule 19-7, Florida PRIME Investment Policy Guidelines, and other documents for your review.
There are two requirements for participation in Florida PRIME. The first is that the governing body of the local government must determine, by Authorizing Resolution, that it is in the interest of the local government to deposit surplus funds in the trust fund. The Authorizing Resolution which must bear the official seal of the local government shall name either the title of the government official or identify an independent trustee holding funds on behalf of the unit of local government who shall be responsible for administering the funds. Please note that only the title of the local government official be stated in the resolution and not the individual's name. The second requirement is that the Florida PRIME Disclosure Statement be completed by the individual named in the Authorizing Resolution. The Disclosure Statement acknowledges receipt of the enrollment materials and an understanding by the local government official of the operating procedures and appropriateness of their participation in Florida PRIME.
After the local government has completed and submitted the required documents, the SBA will send you a Participant Account Maintenance Form (PAMF). One PAMF must be completed for each account you wish to establish. The PAMF must be signed by the individual named in the Authorizing Resolution and their signature must be notarized. We will only accept original documents.
If you have any questions, please feel free to contact your client representative at (850) 488-7311 or by email at LocalGovPool@sbafla.com
Thank you very much for your interest in Florida PRIME and we look forward to serving you.