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RESOLUTION NO. 79-87
ESM GOVERNMENT SECURITIES, INC.
ABSORPTION OF LOSS
WHEREAS, the Jefferson County Treasurer had $5,445,190.77
invested with ESM Government Securities, Inc. on March 4, 1985, the
date on which ESM Government Securities, Inc. was closed by the
Securities Exchange Commission and subsequently placed into
bankruptcy; and
WHEREAS, through litigation, Jefferson County has recovered
$4,238,451.21 to date and no further recoveries are anticipated;
now, therefore,
IT IS HEREBY RESOLVED, by the Board of Jefferson County
Commissioners, that the County Treasurer shall take the necessary
steps to correct the records to reflect the loss of the Current
Expense monies in the amount of $731,333.25, from the ESM
Government Securities, Inc. investment, which is to be incurred by
Current Expense and to notify the necessary taxing districts that
they should absorb their losses at this time.
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APPROVED this
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2.X~day of September, 1987.
JEFFERSON COUNTY
BOARD OF COUNTY COMMISSIONERS
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B.G. Brown, Member
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George' . Brown, Member
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