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RESOLUTION NO. AO-~I
A RESOLUTION of the City of Port Angeles
authorizing certain individuals to open
and maintain investment accounts for the
City of Port Angeles, and rescinding
Resolution No. 1-84.
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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 Financial Services
Manager or designee 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 disposing 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 commitment or with respect to any transaction deemed
by said officers to be proper in connection therewith is hereby
conferred, including authority to give written or oral instruc-
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tion to brokers with respect to said transactions, to bind and
obligate the City for the carrying out of any contract, arrange-
ment, 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
deliver of securities to any person whatsoever, and to order the
transfer of record of any securities selected by said officers;
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to affix the corporate 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
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securities; to sign for the City all releases, powers of attor-
ney, and/or other documents in connection 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 th
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 offi-
cers listed herein, directly or indirectly, as though they were
dealing with the City directly.
BE IT FURTHER RESOLVED that Resolution No. 1-84 is
hereby rescinded.
PASSED by the City Council of the City of Port Angeles
at a regular meeting of said Council held on the 16th day of
June, 1987.
ATTEST:
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Sherri L. An erson, City Clerk -
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