HomeMy WebLinkAboutResolutions - 1977.09.01 - 13379RESOLUTION NO. 8146 September 1, 1977
RE: AUTHORIZATION FOR INVESTMENT
OF SURPLUS COUNTY FUNDS
BY: FINANCE COMMITTEE
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, Act 66 of the Public Acts of 1977 provides in
part as follows:
"Sec. I. 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:
(a) In bonds and other direct obligations of the
United States or an agency or instrumentality of
the United States.
(b) In certificates of deposit, savings accounts,
or depository receipts of a bank which is a member
of the federal deposit insurance corporation.
(c) In commercial paper rated prime one (1) or A-1
or its equivalent by a nationally recognized rating
service at the time of purchase and maturing not
more than 270 days after the date of purchase. Not
more than 50% of any fund may be invested in com-
mercial paper at any time."
and
WHEREAS, the County Treasurer requests the approval of the
County Board of Commissioners to invest surplus county funds in
these various investment securities.
NOW THEREFORE BE IT RESOLVED that the County Treasurer is
hereby authorized to invest surplus county funds in the following
investment securities:
(a) In bonds and other direct obligations of the
United States or an agency or instrumentality of
the United States;
(b) In certificates of deposit, savings accounts, or
depository receipts of a bank which is a member
of the federal deposit insurance corporation;
(c) In commercial paper rated prime one (1) or A-1 or
its equivalent by a nationally recognized rating
service at the time of purchase and maturing not more
than 270 days after the date of purchase. Not more
than 50% of any fund to be invested in commercial
paper at any time.
Denn i s L. Mu rpfty„, i6e, C-F6 rtIA
The Finance Committee, by Mr. Paul E. Kasper, chairman,
moves the adoption of the foregoing resolution.
FINANCE COMMITTEE
Y APPROVE THE fOREGOI
0146 September 1, 1977
Moved by Murphy supported by Patterson the resolution be adopted.
AYES: Hoot, Kelly, Lanni, McConnell, McDonald, Moffitt, Montante, Moxley,
Murphy, Olson, Page, Patterson, Perinoff, Pernick, Peterson, Price, Simson, Wilcox,
Aaron, Daly, DiGiovanni, Doyon, Fortino, Gabler, Gorsline. (25)
NAYS: None. (0)
A sufficient majority having voted therefor, the resolution was adopted.
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, 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 0146 adopted by the Oakland County Board of
. (Al .ciicci ..... ......
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
a f .,Se:ptember 77
Lynn D. Allen Clerk
By................................. Deputy Clerk