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HomeMy WebLinkAboutResolutions - 2020-07 - 2020-07 Resolution _ LGIP Update, Local Government Investment Pool Account, Authorizing to make deposits and withdrawals - 2/18/2020City of East Wenatchee Resolution 2020-07 Page 1 of 4 Retain Resolution until no longer needed for City-business, then transfer to Washington State Archives (GS50-05A-16 Rev. 1) City of East Wenatchee, Washington Resolution No. 2020-07 A Resolution of the City of East Wenatchee, Washington repealing Resolution No. 90-06, and authorizing the Mayor, Finance Director and Accounting Technician to make deposits and withdrawals to and from the City of East Wenatchee’s Local Government Investment Pool account 1. Alternate format. 1.1. Para leer este documento en otro formato (español, Braille, leer en voz alta, etc.), póngase en contacto con el vendedor de la ciudad al alternateformat@east-wenatchee.com, al (509) 884-9515 o al 711 (TTY). 1.2. To read this document in an alternate format (Spanish, Braille, read aloud, etc.), please contact the City Clerk at alternateformat@east-wenatchee.com, at (509) 884-9515, or at 711 (TTY). 2. Authority. 2.1. RCW 35A.11.020 and RCW 35A.12.190 authorize the City Council to organize and regulate its internal affairs and to define the powers, functions and duties of its officers and employees. 3. Recitals. 3.1. 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 3.2. From time to time it may be advantageous to the authorized governmental entity, City of East Wenatchee (“City”), the “governmental entity”, to contribute funds available for investment in the LGIP; and City of East Wenatchee Resolution 2020-07 Page 2 of 4 Retain Resolution until no longer needed for City-business, then transfer to Washington State Archives (GS50-05A-16 Rev. 1) 3.3. The investment strategy for the LGIP is set forth in its policies and procedures; and 3.4. Any contributions or withdrawals to or from the LGIP made on behalf of the governmental entity shall be first duly authorized by the City Council of East Wenatchee, the “governing body” or any designee of the governing body pursuant to this resolution; and 3.5. The governmental entity will cause to be filed a certified copy of said resolution with the Office of the State Treasurer; and 3.6. 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 3.7. 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 incorporation transactional forms, to the individuals designated herein. THE CITY COUNCIL OF THE CITY OF EAST WENATCHEE DO RESOLVE AS FOLLOWS: 4. Repeal. The City Council repeals Resolution No. 90-06. 5. Authorization. The City Council does hereby authorize the contribution and withdrawal of governmental entity monies in the LGIP in the manner prescribed by law, rule, and prospectus. 5.1. The City Council has approved the Local Government Investment Pool Transaction Authorization Form (Form) as completed by the Finance Director and incorporates said form into this resolution by reference and does hereby attest to its accuracy. 5.2. The City designates the Mayor, Finance Director and Accounting Technician as the “authorized individuals” 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. City of East Wenatchee Resolution 2020-07 Page 3 of 4 Retain Resolution until no longer needed for City-business, then transfer to Washington State Archives (GS50-05A-16 Rev. 1) 5.3. This delegation ends upon the written notice, by any method set forth in the prospectus, of the City Council 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 City Council 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. 5.4. 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 5.5. That the City Council 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. 6. Severability. If a court of competent jurisdiction declares any provision in this resolution to be contrary to law, such declaration shall not affect the validity of the other provisions of this Resolution. 7. Effective date. This Resolution becomes effective immediately.