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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 4/16/07 <br />Agenda Item # <br />SUBJECT: <br />Addition to List of Brokers to Obtain Quotes for Investments Purposes as Required Under <br />G.S. 159-31 <br />BRIEF SUMMARY: <br />G.S. 159-31 requires the approval of all banks/brokers with which the County places <br />investments. A request is being made to add Bear, Stearns & Co. to the broker list. This <br />broker has requested to be added to the bid list and has met the criteria of the investment <br />policy. Staff will be available at the Board of Commissioners meeting should questions <br />arise. The banks/brokers must follow G.S. 159-30, Investment of idle funds as dictated by <br />the Local Government Budget and Fiscal Control Act. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Approve Bear, Stearns & Co. as a new bank/broker for County investment purposes. <br />Attachments ^X Yes ^ No Expected Length of Presentation <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 3/28/07 <br />Name /Job Title <br />Budget Amendment Required: ^ Yes ^X No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^ Yes X^ No <br />County Manager's Recommendations/Comments: <br />Approval is recommended. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />_~ <br />