08-10-1982 HUCMSpecial Meeting
August 10, 1982
All Commissioners were present, also present was Ruth Hakel.
The meeting was reconvened from the Special Meeting of August
9, 1982 at 10:00 a.m.
President Filk reviewed the purpose of the meeting concerning
Note: FNMA - Federal National Mortgage Association are
not acceptable.
The collateral shall exceed by 10% over market value the
total of deposits. A current list of collateral shall be
provided to the Utilities Commission.
On a motion by Commissioner Daggett, seconded by Commissioner
Tracy Resolution 5 was adopted. Motion was carried by an
unanimous roll call vote.
President Filk instructed staff to compose a letter to include
the resolution.
On a motion by Commissioner Tracy, seconded by Commissioner
Daggett the meeting adjourned at 11:15 a.m.
Clinton Tracy, Secretary
ATTEST
H. W. Filk, President
pledged securities for public funds deposited. Discussion
ensued on ratings of securities.
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The following resolution was presented:
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Resolution 5
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WHEREAS, the Hutchinson Utilities Commission of the
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City of Hutchinson desires to adopt a policy concerning
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collateral required from various financial institutions
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in which public funds are deposited.
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NOW, THEREFORE, BE IT RESOLVED that the Hutchinson Utilities
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Commission of the City of Hutchinson limits the collateral
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to the following acceptable securities:
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1. Treasury bills and notes
2. GNMA - Government National Mortgage Association
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3. FHLB - Federal Home Loan Bank
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4. FLB - Federal Land Bank
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5. FFCB - Federal Farm Credit Bank
Note: FNMA - Federal National Mortgage Association are
not acceptable.
The collateral shall exceed by 10% over market value the
total of deposits. A current list of collateral shall be
provided to the Utilities Commission.
On a motion by Commissioner Daggett, seconded by Commissioner
Tracy Resolution 5 was adopted. Motion was carried by an
unanimous roll call vote.
President Filk instructed staff to compose a letter to include
the resolution.
On a motion by Commissioner Tracy, seconded by Commissioner
Daggett the meeting adjourned at 11:15 a.m.
Clinton Tracy, Secretary
ATTEST
H. W. Filk, President