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OMB Director Joe Baird explained that the investment plan is <br />a State requirement and the responsibility of Clerk of the Circuit <br />Court Jeff Barton, who was working on it right now. <br />Director Baird advised that an Investment Advisory Committee <br />had been put together by Clerk Barton. The Committee consists of <br />members of the community who deal with investments, as well as <br />himself and Clerk Barton. The Committee's first meeting is <br />scheduled for tomorrow. <br />Chairman Macht requested a report on the proceedings of that <br />meeting. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Adams, the Board unanimously <br />approved Resolution No. 95-85 opposing Senate <br />Bill 240 regarding lawsuits to recover money <br />lost from invested securities. <br />RESOLUTION NO. 95- 85 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, TO THE UNITED STATES <br />SENATE OPPOSING SENATE BILL 240 REGARDING LAWSUITS <br />TO RECOVER MONEY LOST 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 />67 95 f,�,�E 767 <br />July 18, 1995 �UGK <br />