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RESOLUTION NO. \ - 'gL
A RESOLUTION of th~~~ity of Port Angeles
authorizing certain individuals to open
and maintain investment accounts for the
City of Port Angeles.
WHEREAS, the City of Port Angeles maintains certain
funds that are not restricted to type of investments; and
WHEREAS, it is desirable to obtain the highest possible
yields on these funds; and
WHEREAS, in order to access certain investment markets
it is required to have specific individuals act as sole agent of
the City; NOW, THEREFORE,
BE IT RESOLVED that the City Manager, the Director of
Finance and Administrative Services and the City Treasurer are
hereby authorized and empowered, for and on behalf of the City,
to establish and maintain one or more investment accounts for the
purpose of purchasing, investing in, or otherwise acquiring,
selling, possessing, transferring, exchanging, or otherwise dis-
posing of, or turning to account of, or realizing upon, and
generally dealing in and with any and all forms of securities.
Fullest authority at all times with respect to any such cornrnit-
ment or with respect to any transaction deemed by said officers
to be proper in connection therewith is hereby conferred, includ-
ing authority to give written or oral instruction to brokers with
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respect to said transactions, to bind and obligate the City for
the carrying out of any contract, arrangement, or transaction,
which shall be entered into by such officer on behalf of the City
with or through the brokers; to pay in cash or write checks on
the City for such sums as may be necessary in connection with any
of the said accounts; to deliver securities to, and deposit funds
with, the brokers; to order the transfer or delivery of securitiel
to any person whatsoever, and to order the transfer of record of
any securities selected by said officers; to affix the corporate
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seal to any documents or agreements, or otherwise; to endorse any
securities in order to pass title thereto; to direct the sale or
exercise with respect to any securities; to sign for the City all
releases, powers of attorney, and/or other documents in connectio
with any such account, and to agree to any terms or conditions to
control any such account; to direct the brokers to surrender any
securities to the proper agent or party for the purpose of
effecting any exchange or conversion, or for the purpose of
deposit with any protective or similar committee, or otherwise;
to accept delivery of any securities, and generally to do and
take all action necessary in connection with the account, or
considered desirable by such officer with respect thereto.
BE IT FURTHER RESOLVED that for the purposes of invest-
ment, any broker or agent may deal with any or all of the officer
listed herein, directly or indirectly, as though they were deal-
ing with the City directly.
PASSED by the City Council of the City of Port Angeles
at a regular meeting of said Council held this 7th day of
February, 1984.
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ATTEST: -
~ Yr;..€.-iA ./' a. vf C0tA<-&.t 9--
Merr~ A. Lannoye, City c~rk
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