HomeMy WebLinkAbout1995-085RESOLUTION 98-85
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER
COUNTY, FLORIDA, TO THE UNITED STATES SENATE OPPOSING
SENATE BILL 240 REGARDING LAWSUITS TO RECOVER MONEY LOST
FROM INVESTED SECURITIES
WHEREAS, the U.S. Senate is now considering legislation that would
effectively prohibit investors who own stocks, bonds, or other securities
from using the federal courts to recover their money if they are defrauded;
and
WHEREAS, the proposed bill would have grave consequences should any of
the County's investment or retirement funds suffer losses due to fraud in the
future; and
WHEREAS, several counties have been defrauded by derivative securities
investments and have losses totaling over $3 billion; and
WHEREAS, it is necessary for the counties to be able to maintain the
ability to fully pursue securities dealers who have perpetuated a fraud on
their taxpayers; and
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CONMIBSIONERS OF
INDIAN RIVER COUNTY, FLORIDA, that the Board strongly urges the U.S. Senate
not to enact this proposed legislation and to preserve the counties' right to
recover monies lost in invested securities by being able to pursue fraudulent
securities dealers.
The resolution was moved for adoption by Commissioner Eggert r and
the motion was seconded by Commissioner Adams , and, upon being put to
a vote, the vote was as follows:
Chairman Kenneth R. Macht Aye
Vice Chairman Fran B. Adams Aye
Commissioner Richard N. Bird Aye
Commissioner Carolyn K. Eggert Aye
Commissioner John W. Tippin Aye
The Chairman thereupon declared the resolution duly passed and adopted
this 18 day of July , 1995.
tiE @ cr
Je —Barton Clerk
111'.'•' C
'fit t,.
BOARD OF COUNTY COMMISSIONERS
INDIAN RIVER COUNTY, FLORIDA
By( a9)
Fran B. Adams
Vice Chairman
Indnv Poco Ca -Z Oved
Annrin `
Legal
Hudgel
Depl
Hlsk Mgr.
Da la