HomeMy WebLinkAboutResolutions - 1982.09.21 - 13959RESOLUTION NO. 82273 September 9, 1982
RE: AUTHORIZATION FOR INVESTMENT
OF SURPLUS COUNTY FUNDS
BY: FINANCE COMMITTEE, DR. G. WM. CADDELL, CHAIRPERSON
TO: THE OAKLAND COUNTY BOARD OF COMMISSIONERS
MR. CHAIRMAN, LADIES AND GENTLEMEN:
WHEREAS, Act 217 of the Public Acts of 1982 amends Act 500
of the Public Acts of 1978 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:
(d) In United States government or federal agency
obligation repurchase agreements.
(e) In bankers' acceptances of United States banks.
(f) In mutual funds composed of investment vehicles
which are legal investments by local units of government
in Michigan.";
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: United States government or federal agency
obligation repurchase agreements & bankers' acceptances of United
States banks,
The Finance Committee by Dr. G. Wm. Caddell, Chairperson,
moves the adoption of the foregoing resolution.
FINANCE COMMITTEE
September 21, 1982
REPORT
Finance Committee - Dr, 0, William Caddell, Chairperson
in re,! Miscellaneous Resolution #82273, Authorization for Investment of Surplus County Funds
To the Oakland County Board of Commissioners
Mr, Chairperson, Ladies and Gentlemen:
The Finance Committee having reviewed Miscellaneous Resolution #82273, Authorization
for Investment of Surpl us County Funds report
adopted with the following amendment:
in the NOW THEREFORE BE IT RESOLVED paragraph, line 4, following
the words "obligation repurchase agreements," insert the ward — and --
in the same paragraph, line 5, following the words "States banks,"
change the comma (, ) to a period () and delete the remainder of the
sentence which reads -- and mutual funds composed of investment
vehicles which are legal for direct investment by local units of
government in Michigan, —
Mr. Chairperson, I move acceptance of the foregoing report,
FINANCE COMMITTEE
with the recommendation that the resolution be
r
. :
. . .
. . A
82273 $ePtenlber 21, 1982
21st day of
Moved by Caddell supported by Whitlock the report be accepted, -
A sufficient majority having voted therefor, the motion carried.
Moved by Caddell supported by Jackson Resolution #82273 be adopted.
Moved by Caddell supported by Gabler the resolution be amended in the
NOW THEREFORE BE IT RESOLVED paragraph, line 4, fallowing the words "obligation
'repurchase agreements, " insert the word "and";
In the same paragraph, line 5, following the words "States banks,"
change the comma (,) to a period (.) and delete the remainder of the sentence
which reads and mutual funds composed of investment vehicles which are legal
for direct investment by local units of government in Michigan."
A sufficient majority having voted therefor, the amendment carried.
Vote on resolution as amended:
AYES: Whitlock, Wilcox, Aaron, Caddell, Cagney, Calandra, DiGiovanni,
Doyon, Fortino, Gabler, Geary, Gosling, Hobart, Jackson, Kasper, Lanni, McDonald,
Moffitt, Moore, Olsen, Page, Patterson, Perinaff, Pernick, Peterson, Price. (26)
NAYS: None. (0)
A sufficient majority having voted therefor, Resolution #82273, 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 #_82273 adopted by the Oakland County Board of Commissioners
at their meetine held on September 21 1982
with the orginial 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
19 82 --
04111111 Ac taLp. ALLEN
County Clerk/Register of Deeds
this