Algonquin Township Supervisor Chuck Lutzow’s Out-of-State Investment of Road District Funds

Receiving May bank account information for May, 2019, via a Freedom of Information request from Algonquin Township Supervisor Chuck Lutzow revealed that much money has been place in out-of-state certificates of deposit.

You can see where below:


Comments

Algonquin Township Supervisor Chuck Lutzow’s Out-of-State Investment of Road District Funds — 12 Comments

  1. Why is this a big deal?

    Is there some new statute that say in-state investments are mandatory?

    As long as the best rates were obtained at the time the CDs were purchased, then that’s whats important.

    Go chase some ambulances, Cal, if you want to pretend being relevant.

  2. Is this because the use of banks outside of the State of Illinois incurs lower cost / offers more income to lower the need for property tax?

  3. Why on earth would a road district have certificates of deposit whereupon they would not be able to access their money until a certain time has passed? Certificate of Deposits are investment tools. Why would a road district be in the business of investing? What kind of sham circus are we running here!

  4. I would be interested in seeing the rates / maturities of these investments.

    Also, are they required to be collateralized?

    If so, what is the collateral?

    Do these banks offer municipal investment pools?

    The Township’s investment policy would be the more important governing policy – compliance with the Illinois Investment Act is all but certain.

    Cindy: Municipalities invest public funds in certificates with period-certain maturities every day…. nothing wrong with it.

  5. You do know that the Road District has more money than it can spend in a year, right?

  6. Jack Franks and it appears the entire Pritzger family keep their money in Omaha Nebraska.

  7. Dorr Township residents voted to purchase 10 acres for 95,000 dollars for the purposes of recycling and conservation.

    The vote tally was 67-24.

  8. Out of towner/anonymous coward- why?

    Because Warren Buffett lives there?

    Oddly enough, I know one of the Franks family’s financial advisors.

    He’s in Lasalle.

    There- easy enough to show that you are an oxycodone addled manchild talking nonsense.

    Or is your self-inflicted brain damage due to your Norco use?

  9. I’m also amused by the shaved monkeys thinking that a certificate of deposit from a bank in Missouri(that has a connection with McHenry County, if you looked at who sits on the board of directors) pays a higher rate than any bank in Algonquin or Crystal Lake.

    That money is in those accounts because the people who put the money there know the people at the banks. The FBI will address the details.

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