HomeMy WebLinkAbout06/05/2018 06G Local Government Investment Pool; Authorization to InvestBUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDASTATEMENT
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Item No. 6.G.
For Meeting of: June 5, 2018
ITEM TITLE: Resolution authorizing investment of City of Yakima monies in the
Local Government Investment Pool (LG I P)
SUBMITTED BY: Tara Lewis, Financial Services Manager
SUMMARY EXPLANATION:
The City of Yakima has participated in the Local Government Investment Pool (LG I P) for a
number of years. The LG I P is an overnight pool of investments that is managed by the Office of
the State Treasurer. The LG I P investments are limited to high quality obligations with limited
maximum and average maturities, the effect of which is to minimize both market and credit risk.
The Office of the State Treasurer requested that the City of Yakima update its authorizing
resolution. The attached resolution is prescribed by the State for the City to continue its
participation in the LG I P.
ITEM BUDGETED:
NA
STRATEGIC PRIORITY: Public Trust and Accountability
APPROVED FOR
SUBMITTAL:
City Manager
STAFF RECOMMENDATION:
Adopt Resolution
BOARD/COMMITTEE RECOMMENDATION:
ATTACHMENTS:
Description Upload Date Type
d Resdution to Invest in LGIP 5/24/2018 Resdution
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RESOLUTION NO. R -2018-
A RESOLUTION authorizing investment of the City of Yakima 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, City of Yakima, 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 BY THE CITY COUNCIL OF THE CITY OF
YAKIMA: 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 City of
Yakima and incorporates said form into this resolution by reference and does hereby attest to its
accuracy.
BE IT FURTHER RESOLVED that the governing body designates the appropriate City
official, including but not limited to the City Manager, the Assistant City Manager, the Director of
Finance & Budget (including any Acting or Interim Director of Finance & budget), and the
Financial Services Manager, an "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.
Updated 2013
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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.
ADOPTED BY THE CITY COUNCIL this day of June, 2018.
ATTEST:
Sonya Claar Tee, City Clerk
Kathy Coffey, Mayor
Updated 2013