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COUNTY OF HAWAII <br />STATE OF HAWAII <br />RESOLUTION NO. 797 ®8 <br />RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO DEPOSIT <br />COUNTY SECURITIES INTO MAINLAND DEPOSITORIES AND ENTER INTO <br />SUCH DEPOSITORY AGREEMENTS PURSUANT TO SECTION 46-51, HAWAII <br />REVISED STATUTES <br />WHEREAS, the County of Hawaii invests monies only with financial institutions with <br />offices in the State of Hawaii; and <br />WHEREAS, the current investment environment has become less competitive; and <br />WHEREAS, diversification is a hallmark of a good investment program, and transacting <br />investments with financial institutions located out-of-state will broaden the portfolio of investment <br />products and increase yields; and <br />WHEREAS, pursuant to Section 46-51 of the Hawaii Revised Statutes (HRS), "Deposit of <br />Securities with mainland depositories," the Director of Finance of the County of Hawaii may, <br />with the approval of the Council, deposit securities owned by the County in mainland <br />depositories. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF <br />HAWAII, that the Director of Finance is authorized to transact securities with mainland financial <br />institutions. <br />