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COLTl®T'I"Y O~ I-It~~V~`~ ~~TE Off` I~AWAI`I I~SOLUTIOI®T 1010. ~ (D~F'T 3) F2ES~1llJTl®N CL.~RI~YING THE TYPES ®F SFI~~T TEI~IVi INI9ESTI~I~NT~ COUNTY ~~NIES IN ACC~ft®~NCE ~O91TIi SECTI®N 46-50 ~F THE I~IAONA,I`I I~E!/ISE~? ST~TIJTES O9VHEREAS, pursuant to Section 46-50 of the Hawaii Revised Statutes (HRS), entitled "short term investment of county moneys", the Director of finance of the County of Hawaii, may, with the approval of the Council, invest county monies which are in excess of the amounts necessary for the meeting of immediate requirements when in the judgment of the legislative body, such action will not impede or hamper the necessary financial operations of the County; and On~~li~I~E,~S, pursuant to Resolution No. 437-92, adopted by the Council of the County of Hawaii on May 6, 1992, such approval and authorization was granted to the Director of finance to invest those County monies which are not necessary for the meeting of immediate requirements in one or more of the type of investments then noted in Section 46-50 of the Hawaii Revised Statutes; and OAdHEREAS, Section 46-50 of the Hawaii Revised Statutes was amended in 1998 to allow additional types of short term investments that could be made with county monies and to extend the maturity period from three (3) to five (5) years from the date of investment. NOON, THEI~E~'®i~E, ~ iT RES®L!/i~t~ ~Y TIME C~l1NCIL ®F TOiE C®UNTY I~~OO~IIAI`I, that the types of short term investments, in which the Director of 1=finance is authorized to invest County monies, have been clarified and amended to reflect those listed in Section 46-50 of the Hawaii Revised Statutes.