HomeMy WebLinkAbout2024-14 RESOLUTION TO ESTABLISH A BANKING RELATIONSHIP WITH FIRST CITIZENS BANKRESOLUTION NO.2024-14
RESOLUTION TO ESTABLISH A BANKING RELATIONSHIP
WITH FIRST CITIZENS BANK
A resolution authorizing the County of Harnett, North Carolina (the "County") to establish
a banking relationship with First Citizens Bank for the purpose of investing idle funds.
WHEREAS, the provisions of Section 159-31 of the General Statutes of North Carolina,
as amended ("N.C. Gen. Stat."), provide that the governing board of each local government shall
designate a bank, savings and loan association, or trust company in this State as an official
depository;
WHEREAS, the provisions of Section 159-30 of the General Statutes of North Carolina,
as amended ("N.C. Gen. Stat."), provide the guidelines for any local government or public
authority of the State of North Carolina (a "Local Government" or "Local Government Unit") to
invest idle funds;
WHEREAS, under N.C. Gen. Stat. § 159-30(c), moneys may be invested in a limited list
of classes of securities, and no others;
WHEREAS, First Citizens Bank has proposed an investment strategy that is in compliance
with N.C. Gen. Stat. § 159-30(c);
WHEREAS, the County desires to establish an investment account with First Citizens.
NOW, THEREFORE, it is hereby RESOLVED by the Board of Commissioners (the
"Governing Body") of the County as follows:
1. The Governing Body hereby approves the County establish a banking relationship
with First Citizens Bank.
2. The Governing Body authorizes the execution and delivery of an Investment
Advisory Agreement (the "Agreement") substantially in the form presented at this meeting,
together with such changes, modifications and deletions as may be approved by the County's
Finance Officer (the "Finance Officer"). The approval of the Agreement will be evidenced
conclusively by the execution and delivery of the Agreement by the Finance Officer.
3. The Finance Officer is hereby authorized to take or cause to be taken any and all
such other actions as they may determine in their discretion to be necessary or advisable or in the
best interest of the County in order to effectuate, complete and carry out the intent and purposes
of the foregoing resolutions and the management, supervision, and investment of the County's idle
funds, including, but not limited to, the execution of all depository forms or other documents
required by the administrator, the custodian or the investment advisor of the account and for the
purpose of (i) adding an additional Participant to the account or (ii) which do not have financial
implications for the County.
4. The Governing Body hereby approves the Finance Officer to serve as the County's
Authorized Representative under the Agreement and in such capacity shall remain responsible for
the management, supervision, and investment of the County's idle funds.
176707319.2
Adopted this the U-ILy ofd 2024.
HARNETT COUNTY BOARD OF COMMISSIONERS
4A)&Av,4- WV"
William Morris, Chairman
ATTEST:
Meli D. Capps
Clerk to the Board
The undersigned hereby certifies that the Board of Commissioners has enacted this
Resolution, a copy of which is enclosed, and that such Resolution is a true and correct copy of the
original which is in my possession.
Autho ' ed Signature
1`'lct16,-a C:oc,s
Printed Name
C' ,fie
Title
Date
i
� ' y 1r f$ � ' f - 7
„ .. � �. i ., � .
... � �:
i
j
APPnOved by the Harnett
CouB ni
n of Commissioners
Board Meeting Date 4
Agenda Item 4-
MEETING DATE: May 6, 2024
TO: HARNETT COUNTY BOARD OF COMMISIONERS
SUBJECT: Resolution authorizing establishing a banking relationship with First
Citizens bank for the investment of idle funds
REQUESTED BY: Kimberly Honeycutt, Finance Officer
REQUEST:
N.C. General Statute Section 159-30 authorizes the Finance Officer to
invest idle funds of the County in a restricted group of investment vehicles.
First Citizens Wealth Management has proposed a fixed income bond fund
investment strategy that meets the requirements of the statutes and offers
the finance office another option to ensure that we are maximizing our
return on the investment of the County's idle funds in as safe a way as
possible.
Adoption of the attached resolution establishing a banking relationship
with First Citizens Bank and authorizing the finance officer to utilize this
investment tool will not violate any statutes that restrict the investments
that we are allowed to utilize, as this arrangement will only invests in those
types of instruments with the proper credit ratings as authorized by the
NC General Statutes.
FINANCE OFFICERS RECOMMENDATION:
Adoption of the attached resolution.
COUNTY MANAGERS RECOMMENDATION:
Insert text here.