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Form #: B-52 <br />7/18/91 <br />DEPARTMENT OF FINANCE <br />REQUEST FOR COUNCIL ACTION <br />DEPARTMENT: Finance <br />DATE: <br />10-10-08 <br />STAFF CONTACT: Mike Okumoto PHONE <br />961-8303 <br />A. REQUEST: <br />Under Section 46-51 of the Hawaii Revised Statutes, the Director of Finance may, with the approval of the <br />Council, deposit securities owned by the County in mainland depositories. It is requested that the Council <br />approve a resolution that would authorize the Director of Finance to invest excess monies with out-of-state <br />financial institutions. <br />B. BACKGROUND AND JUSTIFICATION (USE ADDITIONAL SHEETS AS NEEDED): <br />Currently the County of Hawaii invests monies locally with five banks and one broker-dealer. In recent <br />months three of these financial institutions have restricted or halted their intake of investments. This not only <br />concentrates investments in a few financial institutions, but also prevents obtaining the most competitive <br />interest rate. By restricting the financial institutions that can do business with the County to only those within <br />the State, the County forgoes the opportunity of evaluating and selecting investment products that will <br />increase yield and offer more flexible terms. The resolution will broaden the County's investment options <br />within the restrictions outlined in HRS, Section 46-50 which specifies the types of investments that the <br />Counties may invest in. <br /> <br />SIGNED: DATE: ~ CT Z 6 ZOOH <br />Department Head <br />