S-869 - 02/11/1997 - FINANCE - Ordinances ORDINANCE 97-FI-EXI-S-$69
AN ORDINANCE AMENDING THE INVESTMENT POLICY
FOR THE VILLAGE OF OAK BROOK, IL
WHEREAS, on January 24, 1995, the Board of Trustees of the Village of
Oak Brook adopted a uniform and comprehensive investment policy encompassing
funds governed by it; and
WHEREAS, the Village Treasurer has recommended that the Village
Investment Policy be amended to clarify that collateralization of deposits is
not required when those deposits are held by IMET, an investment pool of
Illinois municipal funds; and
WHEREAS, the corporate authorities concur in the Village Treasurer's
recommendation; and
WHEREAS, it is in the best interests of the Village of Oak Brook that
the attached Amended Investment Policy be adopted.
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:
Section 1: That the provisions of the preamble hereinabove set forth
are hereby adopted as though fully set forth herein.
Section 2: That number 1 in the section entitled, "Collateralization"
is amended to read as follows:
"COLLATERALIZATION
1. It is the policy of the Village to require that all deposits in
excess of FDIC insurable limits, except those in the Illinois
Metropolitan Investment Fund (IMET) , be secured by collateral to
protect public deposits in a single financial institution if it
were to default."
Section 3: That all other sections of the Village of Oak Brook
Investment Policy remain in full force and effect.
Section 4: That the Village Clerk is hereby authorized and directed to
publish this ordinance in pamphlet form in the manner provided by law.
Section 5: That this ordinance shall be in full force and effect from
and after passage and approval pursuant to law.
Section 6: That all ordinances or parts thereof in conflict with the
provisions of this ordinance be and the same are hereby repealed to the extent
of such conflict.
PASSED THIS 11th day of February, 1997.
ordinance 97-FI-EXI-S-869
Amending the Investment Policy
Page 2
Ayes: Trustees Kenny, Payovich, Savino and President Bushy
Nays: None
Absent: Trustees Bartecki, McInerney and Shumate
Abstain: None
APPROVED THIS 11th day of February, 1997.
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Approved as to Form:
Village Attorney
Published 2-12-97 Pamphlet form
Date Paper
Not Published