COD-US Bank – Public Investment Act violated, Trustee McGuire wrong

DuPage C0. (ECWd) –

During the June 11, 2015 College of DuPage meeting, Trustee McGuire made a statement of fact that she is going to regret.  She stated, while defending clear violations of their own policy, there has not been a violation of the Public Funds Investment Act.

During public comment I told her that if that statement is proven to be false she should resign.  After further review, she should be charged with criminal official misconduct.

From the Public Funds Investment Act : 30 ILCS 235/6
(d) Whenever a public agency deposits any public funds in a financial institution, the public agency may enter into an agreement with the financial institution requiring any funds not insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration or other approved share insurer to be collateralized by any of the following classes of securities, provided there has been no default in the payment of principal or interest thereon:

Note the state statute reference to funds not insured must be collateralized.

From the internal Audit report: “Internal Audit verified that all but one institution (US Bank) had a collateral agreement on file. (Click here- read page 4 at the bottom) 

Now isn’t that special.  US Bank, the very bank that received a sweet heart no bid deal for its campus operations has yet again been highlighted.   (Click here to select from numerous US Bank articles exposing a vast amount of wrong doing)

US Bank was the only bank COD did not ensure  compliance with both board policy and state law.

COD Board Policy 10-55 (see page 70 of 291) states that it Satisfies all applicable governing laws, including, but not limited to, the Illinois Compiled Statutes, specifically 30 ILCS 235.

According to the internal audit it is now clear, Trustee McGuire was wrong!  COD not only violated board policy but they violated the Public Funds Investment Act.

Considering we have some judges that will not hold people accountable for policy violations, let’s see how the prosecutors do on a statute violation.  Official misconduct charges are in order and it is the only thing that is going to send the message to all the other public bodies who feel they can do as they please without any accountability. Those involved in the investment scandal and refused to correct it should be charged.

I would suggest Official Misconduct charges also be placed on Trustee McGuire as it was clear she refused to enforce the rules established by the board and took the position that the majority of the board is overreacting to the violations.

From the Community College Act: (110 ILCS 805/3-25) Sec. 3-25. To adopt and enforce all necessary rules for the management and government of the colleges of its district.  (Source: Laws 1965, p. 1529.)

Enforcement of the Board Policy is a mandated duty.  Her refusal to enforce the policy is a violation of the statute as well as her oath of office to uphold the law.  Her actions point directly to Official Misconduct, which states: “Intentionally or recklessly fails to perform any mandatory duty as required by law;

McGuire has intentionally and recklessly failed to perform her mandatory duty as outlined in the Community College Act.

Having seen public bodies get away with just about every imaginable illegal action, we can rest assured such behavior will never change unless our State’s Attorneys start prosecuting these people.  Only then will the message get through to these public officials.