- Joined
- Jan 3, 2025
- Messages
- 260
- Thread Author
- #1
A
BILL
TO
Grow the Oakridge treasury
BILL
TO
Grow the Oakridge treasury
The citizens of Oakridge, through their elected Representatives in the Town Council and the force of law ordained to that Town Council by the people through the constitution of Oakridge, do hereby enact the following provisions:
1 - Short Title and Enactment
(1) This Act may be cited as the 'Economic Growth Plan Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Head of Commerce Superwoops, and sponsored by Head of Residence Sofia2750 (the original Council member proposing this bill). Other notable members who helped with its elaboration include former Head of Commerce ElysiaCrynn, Town Economist FloorIsTired, and former Head of Residence Sir_Dogeington.
(4) This Act has been co-sponsored by:
2 - Reasons
(1) The Oakridge budget currently operates at a surplus; Year-to-Date growth of the town’s treasury is roughly 50%.
(2) That being said, the Oakridge budget is overly reliant on proceeds from evictions and suffers a lack of diversification.
(2) The Town does not hold any investments, which could turn a large amount of stored, currently unused and unmoved funds into a source of stable revenue for the government.
(4) The Town’s spending, while subject to increase, is unlikely to significantly eat into critical levels of funds.
3 - Creation of the Oakridge National Bank
(1) The Office of Commerce is authorised to create a town-owned commercial bank which is to take deposits and be the investment vehicle for the Economic Growth Plan.
(2) The Head of Commerce is authorised to draft and submit Incorporation filings for a corporation to fulfill this purpose. The corporation will be a governmental entity under §2(1)(c) of the Legal Entity Act only following the initial approval of all corporation filings by the Department of Commerce.
(3) At inception, this bank will be owned by the Town of Oakridge in its entirety.
(4) The Office of Commerce is authorised to hold, acquire, and sell Reveille properties.
(5) The Oakridge National Bank is required to follow all requirements listed in the following subsections, as well as current financial regulations, and Executive Orders.
1 - Short Title and Enactment
(1) This Act may be cited as the 'Economic Growth Plan Act.'
(2) This Act shall be enacted immediately upon its signage.
(3) This Act has been authored by Head of Commerce Superwoops, and sponsored by Head of Residence Sofia2750 (the original Council member proposing this bill). Other notable members who helped with its elaboration include former Head of Commerce ElysiaCrynn, Town Economist FloorIsTired, and former Head of Residence Sir_Dogeington.
(4) This Act has been co-sponsored by:
2 - Reasons
(1) The Oakridge budget currently operates at a surplus; Year-to-Date growth of the town’s treasury is roughly 50%.
(2) That being said, the Oakridge budget is overly reliant on proceeds from evictions and suffers a lack of diversification.
(2) The Town does not hold any investments, which could turn a large amount of stored, currently unused and unmoved funds into a source of stable revenue for the government.
(4) The Town’s spending, while subject to increase, is unlikely to significantly eat into critical levels of funds.
3 - Creation of the Oakridge National Bank
(1) The Office of Commerce is authorised to create a town-owned commercial bank which is to take deposits and be the investment vehicle for the Economic Growth Plan.
(2) The Head of Commerce is authorised to draft and submit Incorporation filings for a corporation to fulfill this purpose. The corporation will be a governmental entity under §2(1)(c) of the Legal Entity Act only following the initial approval of all corporation filings by the Department of Commerce.
(3) At inception, this bank will be owned by the Town of Oakridge in its entirety.
(4) The Office of Commerce is authorised to hold, acquire, and sell Reveille properties.
(5) The Oakridge National Bank is required to follow all requirements listed in the following subsections, as well as current financial regulations, and Executive Orders.
(a) ONB must primarily invest Economic Growth Plan proceeds into FRB products and securities.
(b) ONB may not at any time allocate more than 30% of the funds destined from the treasury to the Economic Growth Plan towards Real Estate investments.
(c) ONB will minimize operating costs wherever it is reasonable to do so.
(d) In case of a short term cash shortage, the town may divert money into the Oakridge National Bank, if there is no quick solution.
(6) Initial allocated funds are to be $1,000,000, with any further allocations requiring the approval of the Mayor.
(7) No further allocations may leave the Town of Oakridge treasury with less than $800,000 in its balance at any time.
(8) Should the Oakridge National Bank require legal assistance of any kind, whether that be compliance, lawsuits, etc., the Oakridge Office of Legal Affairs is required to assist.
(9) Distribution of profits, as well as details not mentioned in this bill, shall be determined by the Certificate of Incorporation.
(10) The Office of Commerce will gather monthly financial overviews of the Oakridge National Bank to be presented to the Mayor, Deputy Mayor and Council every month.
(7) No further allocations may leave the Town of Oakridge treasury with less than $800,000 in its balance at any time.
(8) Should the Oakridge National Bank require legal assistance of any kind, whether that be compliance, lawsuits, etc., the Oakridge Office of Legal Affairs is required to assist.
(9) Distribution of profits, as well as details not mentioned in this bill, shall be determined by the Certificate of Incorporation.
(10) The Office of Commerce will gather monthly financial overviews of the Oakridge National Bank to be presented to the Mayor, Deputy Mayor and Council every month.