CEO 76-121 -- July 26, 1976

BOARD OF BOND TRUSTEES

APPLICABILITY OF FINANCIAL DISCLOSURE LAW TO MEMBERS

To: (Name withheld at the person's request.)

Prepared by: Gene Rhodes

SUMMARY:

A municipal board of bond trustees which functions as trustee of bonds issued by the city and manages and controls the sinking funds created for the liquidation of such bonds is not an advisory body pursuant to the definition of that term as found in Florida Statute s. 112.312(1)(1975), which provides, in part, that an advisory body's duties must be solely advisory. Members of the board consequently constitute local officers subject to the filing of financial disclosure. Fla. Stat. s. 112.3145(1)(a)2.(1975).

QUESTION:

Am I, as a member of my city's board of bond trustees, required to file a Statement of Financial Interests, CE Form 1, on an annual basis?

This question is answered in the affirmative.

The Code of Ethics for Public Officers and Employees requires that each local officer annually file a statement of financial disclosure. Fla. Stat. s. 112.3145(2)(b)(1975). The term "local officer" is defined to include

[a]ny appointed member of a board, commission, authority, community college district board of trustees, or council or any political subdivision of the state, excluding any member of an advisory body. A governmental body with land-planning, zoning, or natural resources responsibilities shall not be considered an advisory body. [Fla. Stat. s. 112.3145(1)(a)2.(1975).]

Accordingly, you are a local officer unless the board of bond trustees can be deemed an advisory body. Among other requirements, an advisory body's power, jurisdiction, and authority must be solely advisory. Fla. Stat. s. 112.312(1)(1975). You have informed us that the board of bond trustees functions as trustee of bonds issued by the city and manages and controls the sinking funds created for the liquidation of such bonds. Clearly these duties are not advisory in nature.

Consequently, you are a "local officer" as that term is defined in the Code of Ethics and, therefore, are required to file CE Form 1 no later than 12 o'clock noon of July 15 of each year.

Please find enclosed a copy of "A Guide to the Code of Ethics for Public Officers and Employees" which specifies the penalties for not complying with the Code of Ethics.