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AMENDING THE KANE COUNTY FINANCIAL POLICIES REGARDING INVESTMENT POLICY
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WHEREAS, section 2.5 of the Public Funds Investment Act (30 ILCS 235/2.5) provides that investment of public funds by a public agency shall be governed by a written investment policy; and
WHEREAS, for counties, the investment policy shall be adopted by the County Treasurer and presented to the chief executive officer and the governing body; and
WHEREAS, the Kane County Treasurer desires to update the Investment Policy as set forth in Exhibit A, which is attached hereto, and hereby presents said policy to the Kane County Board Chairman and the Kane County Board in accordance with section 2.5 of the Public Funds Investment Act; and
WHEREAS, the Kane County Financial Policies include the Investment Policy for the County of Kane; and
WHEREAS, it is necessary to amend the Kane County Financial Policies for consistency with the updated Investment Policy set forth in Exhibit A.
NOW, THEREFORE, BE IT RESOLVED by the Kane County Board that, for consistency with Exhibit A, the Kane County Financial Policies, under the section "Investment Policies," are hereby amended as follows (underline indicates insertion):
9. Investment Vehicles
Kane County will use investments approved for governmental units as set forth in the most current issue of the Illinois Compiled Statues 5/3-11006. The County will not directly invest in corporate securities maturing more than 5.25 years from the date of settlement. The Kane County Board, when requested by the County Treasurer, shall designate one or more banks or other financial institutions in which the funds and other public moneys in the custody of the county treasurer may be kept and when a bank or other financial institution has been designated as a depository it shall continue as such until 10 days have elapsed after a new depository is designated and has qualified by fur...
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