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Home My WebLink AboutResolutions - 2009.10.29 - 9918Affinity-Group-G4 Best-Sou-rae-CU Birmingham-Bloomfield-GU rnmunity CU g-on-Bran-d-e-n-gc Glawson-Gompa-unity- Gredit-Union-Adva-nta Kelly-FCU =431:14F1,1-61V KM Union OP —L-akes-Gommunity CU Local 2-GU Ken-sington-Valle-y-Gammun-ity-G-U EVE EiF DalOancl N-GR-RINGOCT-6-1= Peobles 2ARDA-F-C REPORT October 29, 2009 BY: Finance Committee, Tom Middleton, Chairperson IN RE: MR #09144 - BOARD OF COMMISSIONERS — EXPANSION OF AUTHORIZED DEPOSITORIES FOR PUBLIC FUNDS To: The Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen: The Finance Committee, having reviewed the above-referenced resolution, on October 22, 2009, reports with the recommendation that the resolution be adopted with amendments as follows. MISCELLANEOUS RESOLUTION #09144 BY: Commissioner David Woodward, District #18 IN RE: BOARD OF COMMISSIONERS - EXPANSION OF AUTHORIZED DEPOSITORIES FOR PUBLIC FUNDS To the Oakland County Board of Commissioners Chairperson. Ladies and Gentlemen: WHEREAS 84ate-af-M-idrh-igan-P,A-,40-ef-4-942, 1932 PA 40, as amended, AT SECTION 2, MCL 129.12, requires the Board of Commissioners to provide by resolution for the deposit INTO 1 OR MORE FINANCIAL INSTITUTIONS 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 1932 PA 40, AS AMENDED, AT SECTION 6, MCI 129.16, DEFINES "FINANCIAL INSTITUTION" TO INCLUDE FEDERALLY CHARTERED SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WHOSE DEPOSITS ARE INSURED BY AN AGENCY OF THE UNITED STATES GOVERNMENT AND THAT MAINTAIN A PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN THIS STATE UNDER THE LAWS OF THIS STATE OR THE UNITED STATES; 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 IS HOME TO NUMEROUS FEDERALLY INSURED CREDIT UNIONS THAT CAN BE RESPONSIBLY SUPPORTED UNDER ACT 40, 6trives-te--su-pport-44-4-GLI-F cie-unt0-finan-cial-institut+an-s-, NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners HEREBY designates the following n. . • • . t-- as authorized depositories for public monies held by the OAKLAND County Treasurer ALL FEDERALLY CHARTERED CREDIT UNIONS WHOSE DEPOSITS ARE INSURED BY AN AGENCY OF THE UNITED STATES GOVERNMENT AND THAT MAINTAIN A PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN OAKLAND COUNTY UNDER THE LAWS OF THIS STATE OR THE UNITED STATES in addition to esoltition-4t08004- : Miatr-e-Nectki-G-LI- My -Postai-Credit U OUR Credit Union- ROME CU USA CU Walled Lake S Michigan Catholic-CU--- Michigan-SeM-aes-GU Gicli st-C-61 -St„loseph-Mercy-Hosp. Pontiac FG1.1 -Southeast-Mish-igan State EFCU -Lted-G-h-Fistia41-CarnFR-Hrlitcy-GU Dig g-PHIC T & I CU FINANCE COMMITTEE Motion carried unanimously on 3 roll call vote. BE IT FURTHER RESOLVED that ANY FEDERALLY CHARTERED CREDIT UNION ESTABLISHED AFTER THE EFFECTIVE DATE OF THIS RESOLUTION OR ANY succeeding credit unions ESTABLISHED as a result of mergerserid-er acquisitions or c-Laskng4F9m-a NAME CHANGE WHOSE DEPOSITS ARE INSURED BY AN AGENCY OF THE UNITED STATES GOVERNMENT AND THAT MAINTAIN A PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN OAKLAND COUNTY UNDER THE LAWS OF THIS STATE OR THE UNITED STATES AND ARE OTHERWISE ARE ELIGIBLE FINANCIAL INSTITUTIONS UNDER 1932 PA 40 AS AMENDED ARE HEREBY AUTHORIZED DEPOSITORIES FOR PUBLIC MONIES HELD BY THE OAKLAND COUNTY TREASURER. istit Trw BE IT FURTHER RESOLVED THAT UNLESS SPECIFICALLY APPROVED IN EACH AND EVERY INSTANCE BY THE FULL BOARD OF COMMISSIONERS NO DEPOSIT MAY BE MADE INTO ANY FINANCIAL INSTITUTION, inclOine but not limited to credit unions, OTHERWISE AUTHORIZED TO RECEIVE DEPOSITS iron] the County, IF AN ELECTED OR APPOINTED OFFICIAL OF OAKLAND COUNTY GOVERNMENT HAVING AUTHORITY TO DESIGNATE DEPOSITORIES OR TO AUTHORIZE OR CONTROL DEPOSITS IS EMPLOYED BY OR IS AN OFFICER OR DIRECTOR OF SAID FINANCIAL INSTITUTION; AND BE IT FURTHER RESOLVED that the DESIGNATED 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 Cotifity-of-CiaklaREI 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. Chairperson, we move the adoption of the foregoing resolution. DAVID WOODWARD. JANET JACKSON, ERIC COLEMAN, MARCIA GERSHENSON, GARY McGILLIVRAY, TIM BURNS, DAVID COULTER, JIM NASH, TIM GREIMEL, HELAINE ZACK, MATTI E HATC HETt Chairperson, on behalf of the Finance Committee, I move acceptance of the foregoing report. FINANCE COMMITTEE EIH ;111:6 uo ueemea as aumorizec Chairperson, we m f thirping Resolutioj Commission D6vid option Miscellaneous Resolution #09144 BY: Commissioner David Woodward, District #18 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 Boarc 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 1T 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 FCU Metro North CU My Postal Credt Union OUR Credit Union ROME CU USA CU Walled Lake School EFCU Best Source CU Chiropractic ECU Community Choice CU Credit Union ONE Lakes Community CU LOC ECU Michigan Catholic CU Northwood CU PARDA FCU T & C ECU T & I CU Westacres CU Birminghann-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 EFCU 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. District #18 issioner District #1 r tr C missioner D. ict #/5-- ilefiLW Commissioner' - District # _22_ ission-er District #...2 Corimnissioher District # Commissioner..., District # ommissio District # Lág Commissioner Djstril # / Commissioner District # Commissioner District # Commissioner Commissioner District # District # Commissioner Commissioner District # District # Commissioner Commissioner District # District # Commissioner Commissioner District # District # Commissioner Commissioner District # District # Commissioner Commissioner District # District # Resolution #09144 July 15, 2009 The Chairperson referred the resolution to the Finance Committee. There were no objections. Resolution #09144 October 29, 2009 Moved by Middleton supported by Woodward the resolution be adopted. Moved by Middleton supported by Woodward the Finance Committee Report be accepted. A sufficient majority having voted in favor, the report was accepted. Moved by Middleton supported by Woodward the resolution be amended to coincide with the recommendation in the Finance Committee Report. A sufficient majority having voted in favor, the amendment carried. Discussion followed. Vote on amendment: AYES: Coulter, Douglas, Gershenson, Gingell, Gosselin, Greimel, Hatchett, Jackson, Jacobsen, Long, McGill,vray, Middleton, Nash, Potter, Potts, Runestad, Schwartz, Scott, Taub, Woodward, Zack, Burns, Capello, (23) NAYS: None. (0) A sufficient majority having voted in favor, the amendment carried. Vote on resolution, as amended: AYES: Douglas, Gershenson, Gingell, Gosselin, Greimel, Hatchett, Jackson, Jacobsen, Long, McGillivray, Middleton, Nash, Potter. Potts, Runestad, Schwartz, Scott, Taub, Woodward, Zack, Burns, Capello, Coulter. (23) NAYS: None. (0) A sufficient majority having voted in favor, the resolution, as amended, was adopted. I HEREBY APPRO 3 /467 I, Ruth Johnson, 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 October 29. 2009, 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 County of Oakland at Pontiac, Michigan this 29th day of October, 2009. ,THE F1 ;.I, 49,10)) RESOLUTION STATE OF MICHIGAN) COUNTY OF OAKLAND) e,,et Ruth Johnson, County Clerk