6/25/1986 - Laserfiche WebLink

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JUN 25 1986 BooK 64 Fact �1 RESOLUTION AUTHORIZING CLERK TO TRANSMIT COUNTY FUNDS TO STATE BOARD OF ADMINISTRATION INVESTMENT POOL Attorney Vitunac explained that the proposed Resolution makes it clear that the Board makes the decision where and when money is to be invested, and the Clerk's office carries out the function of transmitting it at the Board's direction. This amendment to the existing resolution was requested by the Clerk, and it is more or less a housekeeping item. Commissioner Wodtke noted that this money is actually our taxpayer's money, and he did not really want to send it out of town -but would prefer to invest as much as we can on a local 1! basis. Actino,,.-ziministrator Thomas explained that insurance coverage in the local financial institutions is only up to $100,000, and on a short term basis we may be talking about millions. He believed that we do make an effort to invest locally whenever we can, but he did not feel we should invest where we are not covered by the FDIC. Commissioner Wodtke believed they have special reserves to cover that kind of money. Acting Administrator Thomas was aware of that, but noted there may be a weekend when we get in a special payment from the Tax Collector, fu, and for several days we may have three or four million dollars. commented that he has dis- couraged use of this investment pool from the point of view that he has not been fully satisfied with some of the investments they make to generate the interest; however, he believed the original discussion related to who had the authority to make these investments, and it now has been settled that it is up to this Board to direct how the money is to be invested. This is merely a custodial correction. ON MOTION by Commissioner Wodtke, SECONDED by Com- missioner Bird, the Board unanimously (4-0) adopted 34