[Adopted 4-4-2017 by Bill
No. 2017-01]
A.Â
There is hereby created a Landfill Closure Investment Account, which
shall be for the purpose of accumulating funds to pay long-term liabilities
resulting from, by way of example and not limitation, the closure
of the County's landfill, including the fulfillment of state
and federal laws regarding post-closure requirements.
B.Â
There is hereby created a Landfill Closure Investment Account Board of Directors (the Board). The Board shall be comprised of membership as set forth in § 16-25, shall serve a term as specified in § 16-26, and shall have the powers set forth in § 16-29 of Cecil County Code Chapter 16, Article IV.
The Board shall consist of five directors; the directors shall
be appointed, and will be subject to removal, by the County Executive,
and shall consist of the Director of the Cecil County Department of
Public Works (or his/her designee), the Chief for the Solid Waste
Division of the Department of Public Works (or his/her designee),
the Director of Cecil County Department of Finance (or his/her designee),
the Cecil County Budget Manager, and the Director of the Cecil County
Department of Human Resources (or his/her designee). The trustees
shall annually appoint a trustee to serve as Chairperson, and a Chairperson
may, but is not required to ,serve multiple consecutive terms.
The members of the Board shall serve for as long as the employee
holds their position with Cecil County. They shall serve without compensation
but shall be reimbursed for necessary travel and other expenses incurred
in the performance of their duties. The Board shall select from its
own membership a Chair, Vice Chair, and a Secretary-Treasurer to serve
a term of one year and to be eligible for reelection, provided that
no one person shall hold the position of Chair for more than three
consecutive terms. Upon the death, disability, resignation, or removal
of any member of the Board, the duties shall be assumed by the next
individual holding the relevant position.
The Board shall meet regularly and may hold special meetings
at the call of the Chair or a majority of members of the Board. The
Board shall adopt such rules and regulations as it may deem necessary
to govern its procedures and business. A majority of the members shall
constitute a quorum. The Board is empowered to employ such employees
and/or consultants as its business may require, with costs to be paid
from the fund upon approval of a majority of quorum of the trustees.
An annual report shall be made by the Board and filed with the
County Executive by October 31 after the end of the fiscal year and
made available to the public. The annual report shall include an assessment
of the investment performance of the Board and the investment account,
as well as subjects and recommendations for the improvement and advancement
of the economic welfare of the investment account.
A.Â
The Board shall adopt and follow investment policy.
B.Â
The Board shall have full power and authority to invest and reinvest
the assets in the fund, without distinction between principal and
income, in such common stocks, preferred stocks, bonds, notes, debentures,
mortgages, certificates, or other securities, investments, or real
or personal property of any kind, of part interests therein, as the
Board may determine, and investment in mutual funds (open-end or otherwise).
C.Â
In connection with the investment and reinvestment of the investment
account, the Board is hereby authorized:
(1)Â
To pay out of the investment account all expenses in connection with
the investment of the account (including brokerage costs, federal
and state transfer taxes, shipping expenses and charges of correspondent
banks) and any income or other taxes of any kind whatsoever which
may be levied or assessed upon or in respect of the account shall
be paid out of the account;
(2)Â
To hold in uninvested cash without any liability for interest thereon
such sums as they deem necessary or advisable for the cash requirements
of the investment account;
(3)Â
To sell, exchange, convey, transfer, or dispose thereof, at public
or private sale, for cash or upon credit, or partly for both, any
property of the fund;
(4)Â
To give general or specific proxies or powers of attorney with or
without power of substitution;
(5)Â
To vote in person or by proxy on any stock, bonds, or other securities,
or otherwise consent to or request any action on the part of the issuer;
(6)Â
To exercise any options pertinent to any stocks, bonds, or other
securities for the conversion thereof into other stocks, bonds, or
securities, or to deposit them in any voting trust or with any protective
or like committee, or with a trustee or depositaries designated thereby,
or to exercise any rights to subscribe for additional stocks, bonds,
or other securities or to make any and all necessary payments therefor,
and to join and participate in, or to dissent from and oppose, any
reorganization, recapitalization, consolidation, liquidation, sale
or merger of corporations or properties in which they may be interested,
upon such terms and conditions as they may deem wise;
(7)Â
To register any securities or other property in the name of the County
or in the name of its nominee, with or without the addition of words
indicating that such securities are held in fiduciary capacity, but
the books and records of the Board maintained by the County Department
of Finance shall at all times show that all such investments are part
of the investment account;
(8)Â
To make, execute, acknowledge and deliver any and all documents of
transfer and conveyance and any and all other instruments that may
be necessary or appropriate to carry out the powers herein granted;
(9)Â
In accordance with § 17-102(d) of the Local Government
Article of the Annotated Code of Maryland, the Board may enter into,
on behalf of the County, one or more agreements with third-party contractors
or vendors for the management or investment of the investment account
in accordance with the County's budget.
