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An Ordinance Amending Chapter 36 Investment Policy
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WHEREAS, the Village of Romeoville is a home rule unit of government located in Will County, Illinois that has the authority to adopt ordinances pertaining to its government and affairs and to protect the health, safety and welfare of its residents; and
WHEREAS, the current Village investment policy needs to be updated according to the standards imposed by the State of Illinois; and
WHEREAS, the Village of Romeoville has the authority to regulate the sale of alcoholic beverages within the Village of Romeoville pursuant to Article 4 of the Liquor Control Act of 1934, 235 ILCS 5/4-1 et. seq.; and
WHEREAS, the Mayor and Board of Trustees of the Village of Romeoville deem it advisable to update the policy in regard to the criteria to be used in investment decisions;
NOW THEREFORE BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES FOR THE VILLAGE OF ROMEOVILLE, WILL COUNTY, ILLINOIS; THAT: ,
SECTION 1: RECITALS. The foregoing recitals are herby incorporated into this Ordinance as if fully set forth herin.
SECTION 2: AMENDMENT TO CHAPTER 36. All those provisions of all heretofore adopted Village ordinances presently codified as and for Chapter 36.20 through 36.29 of the Village Code of Ordinances shall be hereby amended to read as hereinafter set forth:
36.20 SCOPE.
(A) This policy applies to all assets of the Village of Romeoville and to those parties responsible for its administration as described in the Delegation of Authority of this document. Longer-term funds, including investments of employees' investment retirement funds and proceeds from certain bond issues, are covered by a separate policy.
(B) Except for cash in certain restricted and special funds, the Village will consolidate cash balances from all funds to maximize investment earnings. Investment income will be allocated to the various funds based on their respective participation and in accordance with gene...
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