HomeMy WebLinkAboutResolutions - 1979.03.01 - 11375P
4.6
FEBRUARY 15, 1979
RESOLUTION NO. 88Th
RE: AUTHORIZATION FOR INVESTMENT
OF SURPLUS COUNTY FUNDS
BY: FINANCE COMMITTEE, DENNIS MURPHY, CHAIRPERSON
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, Act 500 of the Public Acts of 1978 amends Act 66
of the Public Acts of 1977 provides in part as follows:
"Sec. 1. The ... governing body of a county,... by
resolution may authorize its treasurer...to invest
surplus funds belonging to and under the control of
the.. .county as follows:
(b) In certificates of deposit, savings accounts or
depository receipts of...a savings and loan association
which is a member of the federal Savings and Loan
Insurance Corporation or a credit union which is insured
by the national credit union administration."
and
WHEREAS, the County Treasurer requests the approval of the
County Board of Commissioners to invest County funds in these
investment securities.
NOW THEREFORE BE IT RESOLVED that the County Treasurer is
hereby authorized to invest surplus county funds in the following
investment securities: certificates of deposits, savings accounts
or depository receipts of a savings and loan association which is
a member of the gederal Savings and Loan Insurance Corporation or
a credit union which is insured by the National Credit Union admin-
istration.
The Finance Committee by Dennis Murphy, Chairperson, moves the adoption of the
foregoing resolution.
FINANCE CO,IITTEE
DENNIS MURPHY,k,CH<IRPERS01>?,
#8814 March 1, 1979
Moved by Murphy supported by Hobart the report be accepted and
resolution #8814 be adopted.
Moved by Murphy supported by Hobart the resolution be amended in the
NOW THEREFORE BE IT RESOLVED paragraph by placing a period after the word
"corporation" and deleting the rest of the paragraph.
Discussion followed.
Vote on amendment:
AYES: Lewand, McConnell, McDonald, Moffitt, Montante, Murphy, Page,
Patterson, Peterson, Roth, Wilcox, DiGiovanni, Fortino, Gabler, Gorsline,
Hobart. (16)
NAYS: Moore, Pernick, Price, Aaron, Doyon, Kelly. (6)
A sufficient majority having voted therefor, the amendment carried.
Vote on resolution as amended:
AYES: McConnell, McDonald, Moffitt, Montante, Moore, Murphy, Page,
Patterson, Pernick, Peterson, Roth, Wilcox, Aaron, DiGiovanni, Doyon, Fortino,
Gabler, Gorsline, Hobart, Kelly, Lewand. (21)
NAYS: None. (0)
PASS: Price. (1)
A sufficient majority having voted therefor, the report, was accepted
and resolution #8814 as amended, was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
1, Lynn D Allen, Clerk of the County of Oakland and
having a seal, do hereby certify that I have compared the annexed copy of
Miscellaneous Resolution #8814 adopted by the Oakland County Board of
Commissioners at their meeting held on March 1, 1979
with the original record thereof now remaining in my
office, and that it is a true and correct transcript
therefrom, and of the whole thereof.
In Testimony Whereof, I have hereunto set my hand and
affixed the seal of said County at Pontiac, Michigan
this 1st day of March 19./P.
Lynn D. Allen Clerk
By Deputy clerk