Title
Resolution authorizing Holly Kim, County Treasurer/Ex-Officio County Collector, to designate certain banks and other financial institutions as depositories in which Lake County funds and monies may be deposited.
Staff Summary
* As custodian of funds and ex-officio County Collector, the Treasurer deposits funds with a number of different institutions. With mergers of banks, and with other changes that happen in the ordinary course of business, the list of authorized institutions should be periodically updated.
* With an increasingly difficult investment environment for the types of investments authorized by the Illinois Public Funds Investment Act, the Treasurer believes that the County should expand the list of authorized brokers to provide a greater variety of investment opportunities.
* The resolution includes an updated list of banks and financial institutions with Lake County cash, deposits, and investments. Changes from the previous resolution approved on June 13, 2017 are marked with an asterisk and an explanation is provided in parentheses.
Body
RESOLUTION
WHEREAS, Holly Kim, County Treasurer and Ex-Officio County Collector, of Lake County, requests this County Board to designate banks or other financial institutions in which the funds and monies of the County in his custody as County Treasurer and as Ex-Officio County Collector may be deposited; and
WHEREAS, Holly Kim, County Treasurer and Ex-Officio County Collector, of Lake County, periodically reviews the list of banks and other financial institutions to ensure Lake County cash and investments are safe and that returns on investment are maximized with preservation of capital being the primary objective; and
WHEREAS, it has been approximately two years since the previous resolution was submitted for review and there have been recent changes to the depositories used by Lake County Treasurer's Office since the last resolution was submitted; and
WHEREAS, as a result of mergers and other bus...
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