HomeMy WebLinkAbout23-012 AUthorizing Investment of City of Port Townsend Monies inthe Local Government Investment PoolResolution 23-012
Resolution 23-012
RESOLUTION AUTHORIZING INVESTMENT
OF CITY wOFwPORT TOWNSEND MONIES IN
THE LOCAL WGOVERNMENT INVESTMENT
POOL
WHEREAS, pursuant to Chapter 294, Laws of 1986, the Legislature created a
trust fund to be known as the public funds investment account (commonly referred to
as the Local Government Investment Pool (LGIP)) for the contribution and withdrawal
of money by an authorized governmental entity for purposes of investment by the
Office of the State Treasurer; and
WHEREAS, from time to time it may be advantageous to the authorized
governmental entity, t ywwcl Port l ownsell,d, the "governmental entity", to contribute
funds available for investment in the LGIP; and
WHEREAS, the investment strategy for the LGIP is set forth in its policies and
procedures; and
WHEREAS, any contributions or withdrawals to or from the LGIP made on
behalf of the governmental entity shall be first duly authorized by the
o t l o nsend Citunci1, the "governing body" or any designee of the governing
body pursuant to this resolution, or a subsequent resolution; and
WHEREAS the governmental entity will cause to be filed a certified copy of said
resolution with the Office of the State Treasurer; and
WHEREAS the governing body and any designee appointed by the governing
body with authority to contribute or withdraw funds of the governmental entity has
received and read a copy of the prospectus and understands the risks and limitations
of investing in the LGIP; and
WHEREAS, the governing body attests by the signature of its members that it is duly
authorized and empowered to enter into this agreement, to direct the contribution or
withdrawal of governmental entity monies, and to delegate certain authority to make
adjustments to the incorporated transactional forms, to the individuals designated
herein.
NOW THEREFORE, BE IT RESOLVED that the governing body does hereby
authorize the contribution and withdrawal of governmental entity monies in the LGIP
in the manner prescribed by law, rule, and prospectus.
BE IT FURTHER RESOLVED that the governing body has approved the Local
Government Investment Pool Transaction Authorization Form (Form) as completed by
the Director of Finance and T(,xhnolServices and incorporates said form into this
resolution by reference and does hereby attest to its accuracy. Updated 2018
Resolution 23-012
BE IT FURTHER RESOLVED that the governmental entity designates
theDirectorof Finance and Technol(-Services (title), the "authorized individual" to
authorize all amendments, changes, or alterations to the Form or any other
documentation including the designation of other individuals to make contributions
and withdrawals on behalf of the governmental entity.
BE IT FURTHER RESOLVED that this delegation ends upon the written notice,
by any method set forth in the prospectus, of the governing body that the authorized
individual has been terminated or that his or her delegation has been revoked. The
Office of the State Treasurer will rely solely on the governing body to provide notice of
such revocation and is entitled to rely on the authorized individual's instructions until
such time as said notice has been provided.
BE IT FURTHER RESOLVED that the Form as incorporated into this resolution
or hereafter amended by delegated authority, or any other documentation signed or
otherwise approved by the authorized individual shall remain in effect after revocation
of the authorized individual's delegated authority, except to the extent that the
authorized individual whose delegation has been terminated shall not be permitted to
make further withdrawals or contributions to the LGIP on behalf of the governmental
entity. No amendments, changes, or alterations shall be made to the Form or any other
documentation until the entity passes a new resolution naming a new authorized
individual; and
BE IT FURTHER RESOLVED that the governing body acknowledges that it has
received, read, and understood the prospectus as provided by the Office of the State
Treasurer. In addition, the governing body agrees that a copy of the prospectus will be
provided to any person delegated or otherwise authorized to make contributions or
withdrawals into or out of the LGIP and that said individuals will be required to read
the prospectus prior to making any withdrawals or contributions or any further
withdrawals or contributions if authorizations are already in place.
ADOPTED by the City Council of the City of Port Townsend at a reWilar meeting thereof, held
this 6 day of February 2023.
6th 1 ✓
David J Fal;
Mayor
Attest:
Alyssa Rodrigues
City Clerk
Ap rovett as to,44 av-
y"arrerr:
........ .....
l icidiGreen ood
City Attorney
Updated 2018