HomeMy WebLinkAboutResolutions - 2020.08.20 - 33598MISCELLANEOUS RESOLUTION #20335 August 20, 2020
BY: Commissioner Helaine Zack, Chairperson, Finance and Infrastructure Committee
S
IN RE: BOARD OF COMMISSIONERS — EXTENSION #5 OF DEADLINES FORTHE
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, #20161 and #20203 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 October 14, 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.
6�A /h,
Commissioner Helaine Z61<, District #18
Chairperson, Finance and Infrastructure
Committee
FINANCE AND INFRASTRUCTURE COMMITTEE VOTE:
Motion carried unanimously on a roll call vote.
Resolution #20335 August 20, 2020
Moved by Zack seconded by Spisz the resolution be adopted.
Discussion followed.
Vote on resolution:
AYESKuhn, Long, Luebs, Markham, McGillivray, Middleton, Miller, Nelson, Powell, Quarles,
Spisz, Taub, Weipert, Woodward, Zack, Gershenson, Gingell, Hoffman, Jackson, Kowall. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolution was adopted
I HEREBY APPROV
E THIS RESOLUTION
CHIEF DEPUTY COUNTY EXECUTIVE
An PURSUANT TO MCL 45.559A (7)
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 August 20,
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 20th day of August, 2020.
Lisa Brown, Oakland County
Resolution #20335 August 20, 2020
Moved by Zack seconded by Spisz the resolution be adopted.
Discussion followed.
Vote on resolution:
AYES: Kuhn, Long, Luebs, Markham, McGillivray, Middleton, Miller, Nelson, Powell, Quarles,
Spisz, Taub, Weipert, Woodward, Zack, Gershenson, Gingell, Hoffman, Jackson, Kowall. (20)
NAYS: None. (0)
A sufficient majority having voted in favor, the resolution was adopted.
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 August 20,
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 201h day of August, 2020.
Lisa Brown, Oakland County