HomeMy WebLinkAboutRES 437 Draft 01 1988-1992COUNTY OF HAWAtIr~=>' -,STATE OF HAWAII
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RESOLUTION No. 43'7 92
AUTHORIZING THE SHORT TERM INVESTMENT
OF COUNTY MONIES IN ACCORDANCE WITH
SECTION 46-50 OF THE HAWAII REVISED STATUTES
WHEREAS, pursuant to Section 46-50 of the Hawaii Revised
Statutes, entitled "Short term investment of county monies", 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; and
WHEREAS, pursuant to said Section 46-50, such short term
investment of county monies may be made in interest bearing notes or
obligations of the County, of the State, of the United States, or of
agencies of the United States for which the full faith and credit of
the United States are pledged for the payment of principal and
interest, or in bank savings accounts, or in time certificates of
deposit, or in certificates of deposit open account, or in bank
repurchase agreements with financial institutions within the State;
provided the investments are due to mature not more than three years
from the date of investment;
NOW, THEREFORE, BE IT RESOLVED by the Council of the County of
Hawaii that it hereby approves the short term investment of County
monies which are not necessary for the meeting of immediate
requirements in one or more of the types of investments.hereinabove
listed; and
BE IT FURTHER RESOLVED that the Council of the County of Hawaii
finds that the short term investment of such County funds will not
impede or hamper the necessary financial operations of the County of
Hawaii; and
BE IT FURTHER RESOLVED that the Director of Finance is directed
to deposit the income derived from such short term investments into
the General Fund, ezcept that any income derived from the short term
investment of monies of the Department of Water Supply and other
special funds shall be deposited into its account as required by
law; and
BE IT FURTHER RESOLVED that the Director of Finance is hereby
authorized to invest those County monies which are in eacess of the
amounts necessary to meet immediate requirements in accordance with
the provisions herein; and
BE IT FURTHER RESOLVED that a copy of this resolution be
transmitted to the Department of Finance.
Dated at Hilo, Hawaii, this 6th day of Mav 1992.
INTRODUCED BY:
COUNTY COUNCIL
County of Hawaii
Hilo, Hawaii
I hereby certify that the foregoing RESOLUTION was by
the vote indicated to the right h Maya 6 P~19y9 2 e COUNCIL
of the County of Hawaii on
ATTEST:
~^
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COU CLERK CHAIRMAN & :GIDING OFFICER
(~~~G.Qifi~-'
COUNCIL MEMBER
ROLL CALL VOTE
AYES NOES ABS EX
ARAKAKI
DE LIMA
DOMINGO X
HALE
KOKUBUN X
LAI
MAKUAKANE X
RUDDLE
SCHUTTF
Reference C-3577/FC -551
RESOLUTION J. 43"y 92