HomeMy WebLinkAbout09-14 RESOLUTION NO.
This is a resolution that authorizes investment of the City of Port Angeles
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
goverinnental entity, City of Port Angeles, 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 Angeles 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
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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 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
Chief Financial Officer of the City of Port Angeles and incorporates said form into this
resolution by reference and does hereby attest to its accuracy.
BE IT FURTHER RESOLVED that the governmental entity designates Byron W.
Olson, Chief Financial Officer for the City of Port Angeles, 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
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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.
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PASSED by the City Council of the City of Port Angeles at a special meeting of
said Council held on the 6"' day of May 2014.
Dan Di Guilio, Mayor
ATTEST:
Q"wXI"AX —
Jae a Hurd, City'Clerk.
APPROVED AS TO FORM:
William E. Bloor, City Attorney