HomeMy WebLinkAbout770044 It E S O L U 'F 1 O N
HE : Possible Conflict of Interest of Francis M . Loustalet , Weld
County Treasurer
WHEREAS , the Weld County Council has been requested by Weld County
Treasurer , Francis M . Loustalet , to determine whether or not a conflict
of interest exists for him based upon the fact that he owns stock in
the First National Bank Corporation and as Weld County Treasurer
places a portion of the Weld County funds in the First National Bank
of Greeley ;
WHEREAS , the Weld County Council has made a complete investigation
of the possible conflict of interest , including hut not limited to the
taking of statements from Mr . Richard Ii . Schumann , the President of
the Commercial Banks Association and from the Weld County Treasurer ,
Francis M . Loustalet ; and ,
WHEREAS , the Weld County Council has made the following findings :
1 . The Weld County Treasurer , Francis W . Loustalet , inherited
stock in the First National Bank of Greeley , Colorado . That stock was
later exchanged for shares of stock in the First National Bank Corporation .
2 . The First National Bank Corporation is the majority stock-
holder in the First National Bank of Greeley , Colorado .
3 . As Weld County Treasurer , Mr . Loustalet is required by
Article XI , Section 11-4( 1 ) of the Weld County Home Rule Charter to
deposit Weld County funds as follows :
The County Treasurer shall , with prudence
deposit available funds in accordance with
• the statutes of the State of Colorado , giving
preference to Weld County financial institutions .
4 . The Weld County Treasurer has developed and followed a policy
whereby Weld County funds are deposited in those Weld County banking
institutions which are qualified and desire to participate , pursuant
to a formula based upon the capitalization of each bank .
5 . In the course of following such a policy , Mr . Loustalet has
routinely deposited a portion of the Weld County funds in the First National
Bank of Greeley, Colorado .
G . The fact that the aforementioned policy for placement of
County funds is being followed by the Weld County Treasurer makes it
impossible that the Weld County Treasurer ' s ownership of stock in the
First National Bank Corporation might interfere with the unbiased
discharge of his duty to the public and the hest interest of the County .
3c6.. 770044
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7 . Mr . loustalct. ' s ownership of stone in the Firs( National
Hank Corporation is not a violation of the spirit and intent of
Article XVI , Section 16-9( 1 ) and (2 ) ( h ) of the Weld County Home Rule
Charter when those two sections are read together , and when consideration
is given to the fact that Mr . Loustadet ' s ownership of stock is in
the First National. Bank Corporation rather than the First National
Bank of Greeley , Colorado .
NOW , THEREFORE , BE IT RESOLVED , that as long as the Weld County
Treasurer has an ownership of stock in the First National Bank Corporation
rather than the First National Bank of Greeley , Colorado , and , as
long as he follows his previously set forth policy for placement of
Weld County funds , there is , and must be, a finding of no conflict
ofinterest on the part of Weld County Treasurer , Francis M. l.,oustalet .
Nays :
/ 1 �`
Ayes : , / / , l,'l,';
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Dated this day of �( ..,[„ 1u„teg 1977 .
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