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Miscellaneous Resolution #09144
BY: Commissioner David Woodward, District ill' 8
RE: Board of Commissioners — Expansion of Authorized Depositories For Public Funds
TO: Oakland County Board of Commissioners
Chairperson, Ladies and Gentlemen:
WHEREAS State of Michigan P.A. 40 of 1942, as amended, requires the Board of Commissioner to
provide by resolution for the deposit of all public monies coming into the hands of the County Treasurer;
and
WHEREAS the Board of Commissioners' Miscellaneous Resolutions #6836. #7045, #7428, #8030.
#84150, #89005, #92155, #97246, #01178, #06005, and #08004 have authorized depositories; and
WHEREAS a credit union is a not-for-profit cooperative financial institution that is owned and controlled
by its members, and operated for the purpose of promoting thrift, providing credit at reasonable rates, and
providing other financial services to its member; and
WHEREAS, Oakland County strives to support all of our county's financial institutions.
NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners designates the
following named Oakland County credit unions as authorized depositories for public monies held by the
County Treasurer in addition to those approved in Miscellaneous Resolution #08004:
Affinity Group CU
Chief Pontiac FCU
Clawson Community CU
Credit Union Advantage CU
Kelly FCU
Latvian Heritage ECU
Metro North CU
My Postal Credit Union
OUR Credit Union
ROME CU
USA CU
Walled Lake School EFCU
Best Source CU
Chiropractic FCU
Community Choice CU
Credit Union ONE
Lakes Community CU
LOC FCU
Michigan Catholic CU
Northwood CU
PARDA FCU
T & C FCU
T & I CU
Westacres CU
Birmingham-Bloomfield CU
Clarkston Brandon Community CU
Construction Federal Credit Union CU
Iron Workers Local 25 CU
Kensington Valley Community CU
Cornerstone Community Financial CU
Michigan Services CU
Oakland County CU
Peoples Trust CU
St. Joseph Mercy Hosp. Pontiac FCU
Southeast Michigan State EFCL1
United Christian Community CU
BE IT FURTHER RESOLVED that succeeding credit unions, as a result of mergers and or acquisitions or
resulting from a name change. from the above list, shall also be deemed as authorized. In addition, any
new financial institution that is formed in the County shall also be deemed as authorized provided that the
County Treasurer limits deposits to FDIC insurance levels.
BE IT FURTHER RESOLVED that the authorized depositories are hereby authorized to honor all checks,
electronic transfers, or other automated instruments for payment of money drawn on the various accounts
when bearing or purporting the actual or facsimile signature or authorization of the Treasurer of the
County of Oakland County of Oakland or his designated deputies.
BE IT FURTHER RESOLVED that the Oakland County Clerk is requested to forward copies of this
adopted resolution to the Oakland County Treasurer.
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Resolution #09144 July 15, 2009
The Chairperson referred the resolution to the Finance Committee. There were no objections.