HomeMy WebLinkAboutRes 15-88 04/19/1988
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RESOLUTION NO.
15 - 88
A RESOLUTION AUTHORIZING PARTICIPATION
IN THE PMA FINANCIAL NETWORK, INC.
WHEREAS, one of the objectives of the Village of Mount Prospect's Investment
Policy adopted July 2,1985 is to comply with Illinois Revised Statutes, Chapter
102-34-1 which states: "When deposits of Village monies become collected funds
and are not needed for immediate disbursement, they shall be invested within two
working days at prevailing rates or better;" and
WHEREAS, the Village's Investment Policy authorizes investing in securities
permitted in Illinois Revised Statutes, Chapter 85-902-2, including interest-
bearing accounts and interest-bearing certificates of deposit; and
WHEREAS, the Village's Investment Policy authorizes accounts and/or deposits in
any financial institution which is a member of either the FDIC or FSLIC system;
and
WHEREAS, THE Village's Investment Policy has declared that the Director of Finance
shall be responsible for all investment transactions; and
WHEREAS, THE Director of Finance deems it to be in the best interest of the
Village of Mount Prospect to become a participant in the PMA Financial Network,
Inc. Certificate of Deposit Program.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND BOARD OF TRUSTEES OF THE VILLAGE
OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: The Village of Mount Prospect is authorized to become a participant
in the PMA Financial Network, Inc. Certificate of Deposit Program and to use the
services of PMA Financial Network, Inc. from time to time.
SECTION TWO: The persons authorized to participate in the PMA Financial Network,
Inc. Certificate of Deposit Program may be anyone of the following:
Carolyn H. Krause
David C. Jepson
Richard L. Jesse
Village President
Finance Director
Village Treasurer
SECTION THREE:
All notices and statements shall be mailed to:
Village of Mount Prospect
Attention: Finance Director
100 South Emerson Street
Mount Prospect, Ilinois 60056
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SECTION FOUR: That this Resolution shall be in full force and effect from and
after its passage and approve in the manner provided by law.
AYES:
6 - Arthur, Farley, Flores, Murauskis, Van Geem, Wattenberg.
NAYS:
0
ABSENT:
0
PASSED and APPROVED
19th
day of
April
, 1988
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Caro n H. Krause, May~
ATTEST:
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Carol A. Fields, Village Clerk