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Wayne County advances ordinance to allow up to five-year maturities for select investments to committee
Summary
The commission gave first reading to an ordinance amendment to Chapter 117 that would permit investments in U.S. treasuries, agencies, instrumentalities and municipal bonds with maturities up to five years; the matter was referred to the Committee on Ways and Means for further review.
The Wayne County Commission read for the first time an ordinance to amend Chapter 117 of the Wayne County Code of Ordinances to allow certain investment categories—U.S. treasuries, U.S. agencies and instrumentalities, and municipal bonds—to have a maximum maturity of five years (previously set at three years).
The chair described the item as a first reading and said it would move to the Committee on Ways and Means for further discussion. Commissioner Kinloch moved the item and Commissioner Killeen supported; the chair called for a vote and said the motion carried. The ordinance was not adopted at this meeting and will return to committee for consideration and potential revision.
No specific fiscal analyses or department testimony were included in the first-reading remarks recorded in the transcript; the clerk’s reading established the proposed text change and the committee referral.
