HomeMy WebLinkAboutResolutions - 2020.06.25 - 33337MISCELLANEOUS RESOLUTION #20203 i June 25, 2020
BY: Commissioner Helaine Zack, Chairperson, Finance and Infrastructure Committee
IN RE: BOARD OF COMMISSIONERS — EXTENSION #4 OF DEADLINES FOR THE
RECOMMENDATIONS OF AD HOC COMMITTEE ON INVESTMENT OF PUBLIC FUNDS AND
REAUTHORIZATION OF THE LIST OF OFFICIAL DEPOSITORIES
To the Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS pursuant to MR #19420, the Board of Commissioners intends to review Oakland County
policies and procedures as it relates to its fiduciary responsibilities as the governing body of county
government; and
WHEREAS Miscellaneous Resolution #19205, pursuant to the State of Michigan, P.A. 40 of 1932, as
amended, requires the Board of Commissioners to provide by resolution for the authorization on the
deposit of all public monies coming into the custody of the County Treasurer; and
WHEREAS MR#19205 was adopted by the Oakland County Board of Commissioners on February 7,
2019; and
WHEREAS the Board of Commissioners authorized, via MR #19420, for the expiration of delegated
financial authority regarding the institutions eligible for deposit of public funds effective January 31, 2020
upon a thorough review of County policies by the Ad Hoc Committee on Investment of Public Funds; and
WHEREAS the Board of Commissioners authorized, MR #20029, #20066 and #20161 as extensions on
the expiration of the delegated financial authority regarding the institutions eligible for deposit of public
funds; and
WHEREAS for the Board of Commissioners' Ad Hoc Committee on Investment of Public Funds to
perform a thorough review of the list of approved depositories, the proportion of public funds invested in
financial institutions and/or assess the performance of the current investment strategy and provide
recommendations, a further extension on the expiration date is needed.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners authorizes the
list of financial institutions eligible for deposit of public funds as approved by the Board of Commissioners
in MR#19205 (and all previous resolutions adopted for this purpose) and delegated financial authority
shall be extended to expire effective August 20, 2020.
BE IT FURTHER RESOLVED the Ad Hoc Committee shall present a recommendation to the Finance and
Infrastructure Committee of the Board of Commissioners with respect to a list of authorized depositories
and the proportion and manner of the investment of public money upon the Committee's thorough review
and investigation into the matter.
Chairperson, on behalf of the Finance and Infrastructure Committee, I move the adoption of the foregoing
resolution.
;442
Commissioner Helaine Zact #18
Chairperson, Finance and Infrastructure
Committee
FINANCE AND INFRASTRUCTURE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
Resolution #20203
June 25, 2020
Moved by Hoffman seconded by Luebs the resolutions on the amended Consent Agenda be adopted
(with accompanying reports being accepted).
AYES: Gingell, Hoffman, Jackson, Kochenderfer, Kowall, Kuhn, Luebs, Markham, McGillivray,
Middleton, Miller, Nelson, Powell, Quarles, Spisz, Taub, Weipert, Woodward, Zack,
Gershenson. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolutions on the amended Consent Agenda were
adopted (with accompanying reports being accepted).
I HEREBY APPROVETHIS RESOLUTION
CHIEF DEPUTY COUNTY EXECUTIVE
ACTING PURSUANT TO OOL 45.559A (T)
STATE OF MICHIGAN)
COUNTY OF OAKLAND)
I, Lisa Brown, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and
accurate copy of a resolution adopted by the Oakland County Board of Commissioners on June 25, 2020,
with the original record thereof now remaining in my office.
In Testimony Whereof, I have hereunto set my hand and affixed the seal of the Circuit Court at Pontiac,
Michigan this 251h day of June, 2020.
Lisa Brown, Oakland County