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Hurry Kim Hln~'ar County of Hawaii Finance Department 25 Aupuni Street, Room 118 • Flilo, tlawuii 96720 (808) 961-8234 Fns (808) 9GI-8248 Nancy E. Crawford Depmp Director October 16, 2008 ~ Q Pete Hoffmann, Chairman and On ~ Members of the Hawaii County Council _ ~- N ry Hawaii County Council - o 25 Aupuni Street _: ~ ~ ~ `~`,; Hilo, Hawaii 96720 "'? ~ ..~ T ... i rJ I-! Re: Resolution Authorizing Investments With Out-of-state Financial Institutions ca cn Presently, the County of Hawaii invests monies locally with five banks and one broker- dealer. In recent months, three of these financial institutions have restricted or halted their intake of investments. This not only concentrates investments in a few financial institutions, but also prevents obtaining the most competitive interest rate. By restricting the financial institutions that can do business with the County to only those within the State, the County forgoes the opportunity of evaluating and selecting investment products that will increase yield and offer more flexible terms. Under Section 46-51 of the Hawaii Revised Statutes, the Director of Finance may, with the approval of the Council, deposit securities owned by the County in mainland depositories. Enclosed is a resolution authorizing the Director of Finance to invest excess monies with out- of-state financial institutions. This resolution will broaden the County's investment options within the restrictions outlined in HRS, Section 46-50 which specifies the types of investments that the Counties may invest in. If there are any questions, please do not hesitate to call County Treasurer Mike Okumoto. .' William Taka a Director of Finance APPROVED: C~~titi~~"vD t"' Harry Kim `~ Mayor Enc. cc: Mike Okumoto (Res. 197=o~s~ ', William Takaba Director Comm. No. ISO Ref. To: Ref. Dote _ 1 ~~_ Hawaii County is an Equal Opportunity Provider and Employer