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Waupaca County board names depositories, tightens investment pledge rules
Summary
The Waupaca County Board unanimously adopted Resolution No. 45 (2021-2022) to designate county depositories and investment vehicles, name investment advisors, and require pledged securities or insurance covering at least 110% of uninsured invested funds; effective Feb. 26, 2022.
The Waupaca County Board of Supervisors unanimously approved Resolution No. 45 (2021-2022) at its Feb. 15, 2022 session, formally designating authorized county depositories and setting minimum protections for county investments.
The resolution, introduced and recommended by the county Finance Committee, names Farmers State Bank, Associated Trust Company and the State of Wisconsin Local Government Pooled Investment Fund (and the WISC Fund) among the acceptable places for county deposits. It also identifies PMA Securities and Associated Trust Company as the county’s investment advisors and requires that pledged securities or deposit insurance have a cumulative face value of at least 110% of invested amounts not covered by federal insurance or 1985 Wisconsin Act 25 protections. The resolution lists an effective date of Feb. 26, 2022.
Supr. Morack moved adoption and Supr. Spierings seconded; the motion carried 23-0. The Finance Committee signatories listed in the meeting record include Chair Dick Koeppen and Supervisors Dave Neumann, David Johnson, Dave Morack, Gerald Murphy, Patricia Craig and Joe McClone. The meeting record also shows signature lines naming Kristy Opperman and Mark H. Sether as the clerk and treasurer signers to be authorized, and attestation by Jill Lodewegen and Corporation Counsel Diane Meulemans.
The resolution cites state law requirements for county depositories and investment practices, including a requirement that counties designate one or more public depositories under Wis. Stat. §59.61(2) and references to the State of Wisconsin Local Government Pooled Investment Fund. The board did not record a roll-call vote by individual supervisor; the minutes record the final tally as 23-0 in favor.
With adoption, the county established the named depositories and investment protections; the resolution indicates the County Clerk and County Treasurer are authorized to sign related documents beginning on the effective date.
Details such as the precise list of deposit instruments eligible under the resolution and the mechanics for pledging collateral are described in the resolution text on file with the county clerk.
