HomeMy WebLinkAboutR91-037 refund warrants not presented within 6 months of issuance3
Commissioner moved adoption of
the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 91--,3 /
REGARDING EAGLE COUNTY TREASURER'S OFFICE MANAGEMENT
OF REFUND WARRANTS WHERE PAYEE DOES NOT PRESENT
THE INSTRUMENT FOR PAYMENT WITHIN
SIX (6) MONTHS AFTER ISSUANCE
WHEREAS, the Eagle County Treasurer ( "Treasurer ") is experiencing
accounting problems due to outstanding warrants older than six (6) months
not being presented for payment by the payee.
WHEREAS, the Treasurer's accounting ledger shows numerous warrants
which have been issued but have not been paid for failure of payee to
present the warrants for payment.
WHEREAS, the purpose of this resolution and the incorporated management
plan is to develop and implement a procedure to handle outdated warrants
and, therefore, improve the efficiency of the Treasurer's accounting
responsibilities.
WHEREAS, pursuant to C.R.S. 4 -4 -404, a bank is not obligated to pay a
warrant drawn on it which is presented for payment more than six (6) months
after its issuance.
WHEREAS, the Treasurer has formulated a plan to manage outdated
warrants. This management plan involves dividing the outdated warrants
into two (2) classifications.
WHEREAS, the first classification consists of outdated warrants in an
amount less than $50.00. The procedure for this classification will be to
void the warrant and transfer the funds into the County General Fund. The
Treasurer shall make a record of the transfer. Treasurer shall make
repayment to payee upon payee's substantiated demand.
WHEREAS, the second classification consists of outdated warrants in an
amount of $50.00 or greater. The procedure for this classification will
void the warrant and transfer the funds into the County General Fund. The
Treasurer shall make a record of the transfer and shall notify payee in
writing at last known address. Treasurer shall make repayment to payee
upon payee's substantiated demand.
WHEREAS, the management plan further provides that any warrant returned
to the Treasurer by the payee disclaiming any interest in the proceeds,
s l
shall be deposited in. the County General Fund without further notice.
Treasurer shall make repayment to payee upon payee's substantiated demand.
WHEREAS, the plan will require the Treasurer to publish a list of names
of all the payees who had warrants voided under this plan. Such
publication shall take place in October of each year in a newspaper of
general circulation in Eagle County.
WHEREAS, any payee named on the published list may make a substantiated
demand to the Treasurer on or before December 31st of each year and the
Treasurer shall make repayment to payee upon "such demand. No claims for
repayment under this plan shall be honored after December 31st. Any funds
not claimed by December 31st shall inure to the benefit of Eagle County.
WHEREAS, the management plan provides that the Treasurer shall not be
required to pay any interest on any amount of funds placed into the County
General fund as a result of this plan. Any payee making a demand for
repayment of a voided warrant shall not be entitled to receive interest.
Any interest accruing on fund in the general fund as a result.of this plan
shall inure to the benefit of Eagle County.
NOW THEREFORE BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT the Eagle County Board of County Commissioners directs the
Treasurer to adopt a plan consistent with this resolution to manage the
warrants where the payee does not present the warrant for payment within
six (6) months after issuance.
The Board of County Commissioners authorizes and empowers the Treasurer
to take all reasonable actions to implement the management plan and to take
additional actions as may be necessary to achieve results consistent with
the intentions of the plan.
MOVED, READ AND ADOPTED by the Board of County Commissioners of the
C/y� of Eagle, State of Colorado, at its regular meeting held the
o�un�t
�— day of �% p.�. L , 1991.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: Georg A. Gates, Chairman
-2-
Donald H. Welch, Commissioner
Commissioner seconded adoption of the
foregoing resolution. The roll having been called, the vote was as
follows:
Commissioner
George A.
Gates
7-�
Commissioner
Richard L.
Gustafson
y
2�Le 'e—
Commissioner
Donald H.
Welch
q -/i5fAll�
This Resolution passed by �9 2M vote of the Board of County
Commissioners of the County of Eagle, State of Colorado.
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