Legislative intent.
This Legislature hereby finds that the County Comptroller is authorized to invest monies not required for immediate expenditure for terms not to exceed its projected cash flow needs in specified types of investments as specified in Chapter
981 of the Suffolk County Code.
This Legislature finds that the County Comptroller has implemented
investment changes to respond to the sharp rise in interest rates
by an expansion of the County's investment program to include highly
rated commercial paper through cooperative investment funds.
This Legislature finds that with this additional income, it
is possible the County may not need to enter the capital markets for
Tax Anticipation Notes and Revenue Anticipation Notes for the foreseeable
future.
This Legislature further finds that the current 15% limit of
invested monies for cooperative investment programs, however, is too
low of an investment as there is lost revenue and reduced liquidity.
Therefore, the purpose of this law is to amend §
981-10 of Chapter
981 of the Suffolk County Code to raise the current 15% limit of invested monies to 30% for cooperative investment programs that pose minimal risk of loss to the County.