HomeMy WebLinkAbout1901RESOLUTION NO. /fQj
A RESOLUTION of the City Council of the
City of Kent, Washington, authorizing investment of
available monies in the Local Government
Investment Pool.
RECITALS
A. Pursuant to Chapter 294, Laws of 1986, the
Legislature created a trust fund to be known as
Washington State
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 eligible government entity for purposes of investment by the
Office of the State Treasurer.
B. From time to time it may be advantageous for the City of Kent, an
authorized eligible government entity ("Government Entity"), to contribute
funds available for investment in the LGIP.
C. The investment strategy for the LGIP is set forth in its policies and
procedures.
D. Any contributions or withdrawals to or from the LGIP made on behalf
of the Government Entity shall be first duly authorized by the City Council
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Investment Pool
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of the City of Kent ("Governing Body"), or any designee of the Governing
Body pursuant to this resolution, or by a subsequent resolution.
E. The Government Entity will cause to be filed a certified copy of said
resolution with the Office of the State Treasurer.
F. The Governing Body and any designee appointed by the Governing
Body with authority to contribute or withdraw funds of the Government
Entity has received and read a copy of the prospectus and understands the
risks and limitations of investing in the LGIP.
G. 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 Government Entity monies, and to
delegate certain authority to make adjustments to the incorporated
transactional forms, to the individuals designated herein.
NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF KENT,
WASHINGTON, DOES HEREBY RESOLVE AS FOLLOWS:
RESOLUTION
SECTION 1. -Adopt. The City Council of the City of Kent
("Governing Body") hereby adopts the following procedures:
A. The Governing Body authorizes the contribution and
withdrawal of Governmental Entity monies in the LGIP in the manner
prescribed by law, rule, and the prospectus attached hereto as Exhibit "A"
and incorporated by reference ("Prospectus"), including any subsequent
amendments thereto. Such actions shall be consistent with the City of.Kent
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Investment Pool
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Financial Policies, as adopted pursuant to Resolution No. 1859, and as the
same may be amended from time to time.
B. The Governing Body has approved the Local Government
Investment Pool Transaction Authorization Form ("Form") as completed by
the City's Finance Director and incorporates the Form into this resolution by
reference and does hereby attest to its accuracy.
C. The Governing Entity designates the City's Finance Director
("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 Government Entity.
D. 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.
E. 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
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other documentation until the entity passes a new resolution naming a new
Authorized Individual.
F. 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.
SECTION 2. -Savings. If any section, subsection, paragraph,
sentence, clause or phrase of this resolution is declared unconstitutional or
invalid for any reason, such decision shall not affect the validity of the
remaining portions of this resolution.
SECTION 3. -Ratification. Any act consistent with the authority
and prior to the effective date of this resolution is hereby ratified and
affirmed.
SECTION 4. -Corrections by City Clerk or Code Reviser. Upon
approval of the City Attorney, the City Clerk and the code reviser are
authorized to make necessary corrections to this resolution, including the
correction of clerical errors; references to other local, state or federal laws,
codes, rules, or regulations; or resolution numbering and
section/subsection numbering.
SECTION 5. -Effective Date. This resolution shall take effect and
be in force immediately upon its passage
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CONCURRED in by the Mayor of the City of Kent this _,_ __ day of
~~~212:'::.C __ , 2014.
LERK
APPROVED AS TO FORM:
Te~~~~,
I hereby certify that this is a true and correct copy of Resolution No.
/7& passed by the City Council
_L-7_"-_"'''_ day of .~P?brz:
P:\Civii\Resolution\State local Government Investment Poo!.docx
of the City of Kent, Washington, the
' 2014.
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Investment Pool
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