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PROPOSED ORDINANCE AMENDMENT
AMENDMENT TO COUNTY TAXPAYERS' INTEREST ASSURANCE ORDINANCE
BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 34 Finance, Article I Generally, Section Number 34-4 of the Cook County Code is hereby amended as follows:
Sec. 34-4. Investment of public funds.
(a) This section shall be known and may be cited as the "Cook County Taxpayers' Interest Assurance Ordinance".
(b) All elected and appointed public officials of Cook County are directed to invest public funds in their possession or for which they are custodians in interest-bearing accounts, except where prohibited by law or for which compelling economic reasons do not justify the use of an interest-bearing account. If any public funds are not invested in an interest-bearing account, the elected or appointed public official shall certify in writing to the Chief Financial Officer and the County Auditor the reason that such funds have not been invested in an interest-bearing account. The Chief Financial Officer and the County Auditor will forward to the President of the County Board who, in turn, will forward to the Chairman of the Audit Committee the correspondence received from the elected or appointed officials indicating why public funds have not been invested in an interest-bearing account. On an annual basis, the Chief Financial Officer shall report to the Audit Committee a listing of all depository accounts including the department number, department name, name of account, depository institution, account number, account balance, average daily balance, authorized signers, interest rate and any explanation or certification for any noninterest-bearing accounts.
(c) The County Auditor shall report to the County Board as part of an annual audit of the accounts of each elected and appointed public official:
(1) The nature and amount of all funds for which such certifications have been received from elected or appointed public officials;
(2) The...
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