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HomeMy WebLinkAboutResolutions - 1982.03.31 - 13765April ist, 1982 Miscellaneous Resolution # • 0, By General Government Committee - Wallace F. Gabler, Jr., Chairperson In re: Support of Senate Bill #677, Investment of Surplus Funds of Political Subdivisions of the State; and to Validate Investments TO THE OAKLAND COUNTY BOARD OF COMMISSIONERS tflAr. Chairperson, Ladies and Gentlemem WHEREAS Senate Bill #677 permits local governments to make surplus funds investments in United States government repurchase agreements; and WHEREAS this bill clarifies the authority of local governments to make such investments by adding: UNITED STATES GOVERNMENT OBLIGATION REPURCHASE AGREEMENTS to the list of other authorized investments, thus removing any questions of the authority to so invest governmental funds; and WHEREAS because of negative opinions by attorneys general in the states of Colorado and Oklahoma on the authority of local governments to use repurchase agreements, most states are now amending their laws governing investments to specifically include this investment tool; and WHEREAS Oakland County Treasurer Dohany initiated the investment procedure in United States government repurchase agreements in Michigan in 1970 and strongly supports Senate Bill #677. NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners goes on record as supporting Senate Bill #677. BE IT FURTHER RESOLVED that copies of this resolution be sent to all state legislators from Oakland County and to the county's legislative agent. MR. CHAIRPERSON, on behalf of the General Government Committee, move the adoption of the foregoing resolution. GENERAL GOVERNMENT COMMITTEE #82096 April 1, 1982 Moved by Gabler. supported by Moore the resolution be adopted. AYES: Kasper, Lanni, McDonald, Moore, Olsen, Page, Patterson, Perinoff, Pernick, Peterson, Price, Whitlock, Wilcox, Aaron, Caddell, Cagney, Calandro, DiGiovanni, Doyon, Fortino; Gabler, Geary, Gosling, Hobart, Jackson. (25) NAYS: None, (0) A sufficient- majority having voted therefor, resolution #82096 was adopted. STATE OF MICHIGAN) MINTY 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 Misscellanedus Resolution # 82096 adopted by. the Oakland County Board of Commissioners , at their meeting held on April T, 1982 ..— • with the orginial record thereof now remaining in my office, and that it is a true aad correct transcript therefrom, and of the whole thereof. ID Testimony Whereof, I have hereunto set my hand and affixed the seal of said County at Pontiac, Michigan tst day of 82 ALLEN Couni_y Clerk/Register of Deed this