Resolution 24 - 01
WHEREAS, Nebraska Statutes 77 - 2320 and 77 - 2340 allow and authorize, upon resolution of the County Board, the County Treasurer to invest funds of their respective County; and
WHEREAS, the Banner County Board of Commissioners and Banner County Treasurer feel that it is in the best interests of Banner County to follow Nebraska Statute 77 - 2320 and require securities in lieu of a bond; and
WHEREAS, the County Board of Commissioners of Banner COunty and the Banner County Treasurer with only to allow securities in the form of U.S. Treasury Notes, U.S. Treasury Bills, U.S. Treasury Bonds, County Municipal Bonds or U.S. Government Agency Bonds to be used as pledged securities for County invested monies over and above the amount insured under the Federal Deposit Insurance Act; and
WHEREAS, the County Board of Commissioners of Banner County and the Banner County Treasurer wish the amount of pledged securities to equal a value of 102% of the amount of investment over and above the amount insured under the Federal Deposit Insurance Act,
NOW, THEREFORE, BE IT RESOLVED by the Banner County Board of Commissioners that the Banner County Treasurer be and is hereby authorized to invest surplus funds in excess of the amount insured under the Federal Deposit Insurance Act in the bank designated as county depository that is insured under the Federal Deposit Insurance Act and that the amounts above the amount insured by the Federal Deposit Insurance Act shall have pledged securities in the form of irrevocable, non - transferable, unconditional standby letters of credit issued by the Federal Home Loan Bank of Topeka, U.S. Treasury Notes, U.S. Treasury Bills, U.S. Treasury Bonds, County Municipal Bonds or U.S. Government Agency Bonds to be used as a pledge for these County monies. The amount of the pledged securities shall equal a vale of 102% of the amount of the investment over and above the amount insured under the Federal Deposit Insurance Act in each institution. The Banner County Treasurer shall receive a monthly report as required by Statute as to the market value and positions of each security that is pledged. Failure of the County Treasurer to receive these reports and/or compliance with the 102% value by the banking institution shall be immediately reported to the Banner County Board of Commissioners.
IT IS FURTHER RESOLVED by the Board of County Commissioners, Banner County Nebraska, that the Banner Capital Bank be and hereby is designated as a depository for the funds of the County Clerk,, Clerk of the County Court, Clerk of the District Court, and County Treasurer, as provided by the Statutes for the period of 1-4-2024 to 1-4-2025.
Approved and adopted this 4th day of January 2024.
BOARD OF COMMISSIONERS
BANNER COUNTY, NEBRASKA
/s/ Robin Darnall
/s/ Laif Anderson
/s/ Don Lease II
ATTEST: Katie West - Banner County Clerk