10/12/2018 9:52:16 AM
10/12/2018 9:48:11 AM
to Unites States Senate opposing Senate Bill 240
RE: lawsuites to recover money lost from investment securities
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RESOLUTION 98-85 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER <br />COUNTY, FLORIDA, TO THE UNITED STATES SENATE OPPOSING <br />SENATE BILL 240 REGARDING LAWSUITS TO RECOVER MONEY LOST <br />FROM INVESTED SECURITIES <br />WHEREAS, the U.S. Senate is now considering legislation that would <br />effectively prohibit investors who own stocks, bonds, or other securities <br />from using the federal courts to recover their money if they are defrauded; <br />and <br />WHEREAS, the proposed bill would have grave consequences should any of <br />the County's investment or retirement funds suffer losses due to fraud in the <br />future; and <br />WHEREAS, several counties have been defrauded by derivative securities <br />investments and have losses totaling over $3 billion; and <br />WHEREAS, it is necessary for the counties to be able to maintain the <br />ability to fully pursue securities dealers who have perpetuated a fraud on <br />their taxpayers; and <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CONMIBSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, that the Board strongly urges the U.S. Senate <br />not to enact this proposed legislation and to preserve the counties' right to <br />recover monies lost in invested securities by being able to pursue fraudulent <br />securities dealers. <br />The resolution was moved for adoption by Commissioner Eggert r and <br />the motion was seconded by Commissioner Adams , and, upon being put to <br />a vote, the vote was as follows: <br />Chairman Kenneth R. Macht Aye <br />Vice Chairman Fran B. Adams Aye <br />Commissioner Richard N. Bird Aye <br />Commissioner Carolyn K. Eggert Aye <br />Commissioner John W. Tippin Aye <br />The Chairman thereupon declared the resolution duly passed and adopted <br />this 18 day of July , 1995. <br />tiE @ cr <br />Je —Barton Clerk <br />111'.'•' C <br />'fit t,. <br />BOARD OF COUNTY COMMISSIONERS <br />INDIAN RIVER COUNTY, FLORIDA <br />By( a9) <br />Fran B. Adams <br />Vice Chairman <br />Indnv Poco Ca -Z Oved <br />Annrin ` <br />Legal <br />Hudgel <br />Depl <br />Hlsk Mgr. <br />Da la <br />
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