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James T. Russell State Attorney Dade City

QUESTION:

Is it unlawful for a city councilman or employee to purchase and own revenue certificates issued by the city?

SUMMARY:

City council members as municipal officers are generally subject to the proscription contained in s. 839.05, F. S., which prohibits municipal officers from purchasing at a discount or otherwise speculating in any scrip or other evidence of indebtedness issued by the municipal corporation. However, when a city council member purchases revenue certificates at full face value, at lawful rates of interest, and does not otherwise…