HomeMy WebLinkAboutResolutions - R-01-029 - 12/17/2001 - DESIGNATING CITY DEPOSITORY INSTITUTIONSR-01-029
RESOLUTION
WHEREAS, Public Act 90-0688 of the General Assembly of the State of Illinois requires
municipalities to have an investment policy; and,
WHEREAS, the City of McHenry adopted an investment policy on December 29, 1999; .and,
WHEREAS, the investment policy grants authority to manage the City's investment program to the
City Treasurer or his designee; and,
WHEREAS, it is in the best interests of the City Treasurer to have the City Council take formal
action to approve the investment institutions with which City funds are invested; and,
WHEREAS, several local banks have expressed an interest in providing certificate of deposit rates
to the City of McHenry to be used in determining where to invest the City's idle funds; and,
WHEREAS, these banks meet the investment security requirements as specified in the investment
policy.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the City of
McHenry, Illinois that:
Amcore Bank
American Community Bank and Trust
McHenry Savings Bank
First Midwest Bank
First National Bank of McHenry
Home State Bank
Harris Bank
McHenry Bank & Trust
are hereby designated as the institutions from which the City of McHenry will solicit certificate of
quotes with the intent of investing idle funds in certificate of deposits. lhal
PASSED and APPROVED this 17th day of December, 2001.
AYES: BOLGER, GEAB, LOW, MURGATROYD, WIMMER
NAYS: NONE
ABSENT: NONE
NOT VOTING: NnNF
ABSTAINED: t---�
ATTEST:
M
ity Clerk