HomeMy WebLinkAboutRES 797 Draft 01 2006-2008COUNTY OF HAWAII
STATE OF HAWAII
RESOLUTION NO. 797 ®8
RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE TO DEPOSIT
COUNTY SECURITIES INTO MAINLAND DEPOSITORIES AND ENTER INTO
SUCH DEPOSITORY AGREEMENTS PURSUANT TO SECTION 46-51, HAWAII
REVISED STATUTES
WHEREAS, the County of Hawaii invests monies only with financial institutions with
offices in the State of Hawaii; and
WHEREAS, the current investment environment has become less competitive; and
WHEREAS, diversification is a hallmark of a good investment program, and transacting
investments with financial institutions located out-of-state will broaden the portfolio of investment
products and increase yields; and
WHEREAS, pursuant to Section 46-51 of the Hawaii Revised Statutes (HRS), "Deposit of
Securities with mainland depositories," the Director of Finance of the County of Hawaii may,
with the approval of the Council, deposit securities owned by the County in mainland
depositories.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE COUNTY OF
HAWAII, that the Director of Finance is authorized to transact securities with mainland financial
institutions.
BE IT FURTHER RESOLVED that it is recognized that securities are no longer physically
deposited into depositories and are now registered under the book-entry system that is
administered by the Depository Trust Corporation, and therefore the Director of Finance is
authorized to transact securities in accordance with the prevalent practices of the securities
industry.
Dated at xiio ,Hawaii, this 21st day of November
INTRODUCED BY:
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COUNCIL MEM E , C N OF HAWAII
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION was by the
vote indicated to the right hereof adopted by the COUNCIL of
the County of Hawaii on November 21, 2008
ATTEST
TY C
2008.
ROLL CALL VOTE
AYES NOLS ABS EX
FORD
H[GA X
HOFFMANN X
IKEDA X
.IACOBSON X
NAEOLE X
PILAGO X
YAGONG X i
vncuinnO~rO X
7 1 1 0
~J
C-1538/FC-358
~TION NO. ~~~ ~~