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HomeMy WebLinkAbout14-033 Local Goverment Investment Pool Resolution 14-033 Page I of 2 RESOLUTION 14-033 A RESOLUTION OF THE CITY COUNCIL OF PORT TOWNSEND, WASHINGTON, AUTHORIZING INVESTMENT OF CITY MONIES IN THE LOCAL GOVERNMENT 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, the City of Port Townsend, 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 Port Townsend City Council, 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 as completed by City Manager David Timmons and incorporates said form into this resolution by reference and does hereby attest to its accuracy. Resolution 14-033 Page 2of 2 BE IT FURTHER RESOLVED that the governmental entity designates Finance Director Nora Mitchell, 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 regular meeting thereof, held this 16th day of June, 2014. P ///� David King, Mayo Attest: Approved as to form: Pamela Kolacy, MMC f, John P. Watts City Clerk City Attorney