HomeMy WebLinkAboutResolution No. 2018-011 Authorizing Investment of the City of Arlington Monies in the Local Government Investment Pool RESOLUTION NO. 2018-011
RESOLUTION OF THE CITY OF ARLINGTON,WASHINGTON AUTHORIZING
INVESTMENT OF THE CITY OF ARLINGTON 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
governmental entity,The City of Arlington, 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 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
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 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 the
Finance Director and incorporates said form into this resolution by reference and does
hereby attest to its accuracy.
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RESOLUTION NO. 2018-011
BE IT FURTHER RESOLVED that the governmental entity designates Kristin Garcia,
Finance Director 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
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.
This resolution will become effective immediately upon passage.
PASSED by the City Council and APPROVED by the Mayor this 21st day of May, 2018.
CITY OF ARLINGTON
Barbara Tolbert, Mayor
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RESOLUTION NO. 2018-011
ATTEST:
Kristi Banfield, City Clerk
APPROVED AS TO FORM:
St ve ei e, City Attorney
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RESOLUTION NO. 2018-011