DuPage Co. (ECWd) -
During the June 11th, 2015 College of DuPage Board meeting, Trustee McGuire made some statements that support the justification in asking for her resignation.
After Treasure Glaser and Controller Sypata were placed on Administrative leave by interim President Dr. Collins, McGuire took the position that such actions were a rush to judgement. She went on to make a claim that the college at no time violated the state public investment act. A statement that was proven to be false in an article I published shortly after her claim. (Click here for that article)
Trustee McGuire took issue with that article and took it upon herself to interject herself into a private meeting I was having with two people at the last COD Board meeting. When the board took a break she interupted and wanted to speak with me. I informed her I was in the middle of a meeting and it would have to wait. She was not willing to wait.
For several minutes she rambled on how she never justified COD's violation of the investment policy and claimed she said nothing of the sort, which was in reaction to my public comment on her justification of the violation of policy and failure to enforce policy.
For those not familiar with this investment gone bad, COD lost over $2 Million Dollars in an investment fraud case and had they followed policy the loss would have been in the neighborhood of $300K.
McGuire then takes an interesting turn with an attempt to defend US Bank, who we reported as not having complied with the requirements laid out in the law. US Bank is the same bank who recieved the no RFP and no Bid sweet heart deal that placed a branch office on campus.
After reviewing the video of McGurie's rant during the June meeting it is only appropriate that we once again call her out for the misinformation she spews from her seat as a trustee.
"What I learned in my research, those property tax proceeds are sent out to the varying taxing bodies, we got our tax receipts in June and got them again in September I believe. I wasn’t sure how those proceeds were handled. Ordinarily they are wired to a group called Illinois funds. A state supported money market mutual fund. They’ve been going there for years."
McGuire Research fails on multiple fronts!
Three FOIAs to the Counties collecting property tax and dispersing to COD accordingly, proves McGuire's claimed research is in fact false.
Dupage County tax deposits as of April 2014 were going into the Illinois Metropolitan Investment Fund however McGuire claimed they were being wired to a group called Illinois Funds. Now maybe she confused the name of the fund but her other claim was that it had been going there for years.
No Ms. McGuire, they have not been going there for years!
April of 2014 Thomas Glaser issued a change to the routing of the Dupage Property Tax disbursements. In 1993, COD Treasure Kenneth J. Kolbet directed property tax disbursements to be deposited with the First of America Bank, located at P.O. Box 3186, Springfield, IL 62794-9990 and were part of the Illinois Public Treasures Investment Pool (IPTIP). (Click here for copies of tax disbursement records from 1993 and 2014)
So from 1993 until April of 2014, 21 years, COD funds were going into a bank in Springfield and placed into the IPTIP, not into the IMET fund that she so readily defended.
More disturbing is the tax disbursements for the other two counties. She made no reference of where that money is going and failing to make mention of those funds makes you wonder how she defines "research".
Will County deposits go to two separate locations over the last two years. (Will County Documentation)
- Associated Bank (Levy 2011-2012), 200 East Randolph Street, Chicago, IL 60601
- BMO Harris Bank (Levy 2013-2014), 111 West Monroe Street, Chicago, IL 60603
Cook County deposits also go to BMO Harris Bank, 111 West Monroe Street, Chicago, IL 60603. (Cook County Documentation)
Multiple county tax dispersant, multiple deposit locations over the years, yet she claims her research reflects property tax going into one fund "for years."
True or False? You be the Judge!
More disturbing comments from McGuire that support she did in fact defend the violation of the investment policy and fail to perform her statutory duty proves once again why she should resign.
- "I looked at IMET"
- "Were thrilled to have a fund with a decent return."
- "We exceeded our 5 percent limit on board policy and in fact exceeded it all the way through October."
- "We were aware of those excess."
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.)
She looked at the IMET fund, was thrilled to have a decent return, admits it exceeded the 5% limit on board policy and had for some time and then puts the icing on the cake and acknowledges she was aware of the excess. Note I said SHE acknowledges the excess, even though during her rant she used the word "WE", which would imply she is speaking on behalf of the board which we know she doesn't support a board member doing that now don't we.
Maybe she should look at the official misconduct statute and get a better understanding of her responsibility to enforce the rules just as the Community College Act outlines.
(720 ILCS 5/33-3) (from Ch. 38, par. 33-3)
Sec. 33-3. Official misconduct.
(a) A public officer or employee or special government agent commits misconduct when, in his official capacity or capacity as a special government agent, he or she commits any of the following acts:
(1) Intentionally or recklessly fails to perform any mandatory duty as required by law
She is required to enforce the policies of the college and freely admits she knew of the violation and actually defends the violation. That is a perfect example of a person who has no business in public office. Why? Because that action constitutes an intentional or reckless failure to perform her mandatory duty as required by law, the Community College Act!
Below is the 4:50 of video of her rant but I warn you, it will be 4 minutes and 50 seconds of your life that you can't get back nor erase from your mind.