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HomeMy WebLinkAbout3214 RESOLUTION NO. 3214 A RESOLUTION of the City of Bremerton authorizing investment of City of Bremerton 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 State Treasurer, and WHEREAS, from time to time it may be advantageous to the authorized governmental entity, the City of Bremerton ( "City"), to contribute funds available for investment in the LGIP, and WHEREAS, the City of Bremerton passed Resolution No 2124 authorizing the contribution and withdrawal of City monies in the LGIP and the City now desires to update its authorization by passage of a new resolution, and WHEREAS, the investment strategy for the LGIP is set forth in its policies and procedures, and WHEREAS, any contribution or withdrawals to or from the LGIP made on behalf of the City shall be first duly authorized by the governing body of the City of Bremerton, the "City Council ", in this resolution or a subsequent resolution, and a certified copy of said resolution shall be filed with the State Treasurer's Office, and WHEREAS, the City Council 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 City Council attests by the signature of the President of the City Council on this resolution that it is duly authorized and empowered to enter into this agreement, to contribute or withdraw funds of the City, and to delegate certain authority to make adjustments to the incorporated transactional forms, to the individuals designated herein THE CITY COUNCIL OF THE CITY OF BREMERTON DOES HEREBY RESOLVE AS FOLLOWS SECTION 1. Resolution No 2124 is hereby repealed SECTION 2. The City Council does hereby authorize the contribution and withdrawal of City monies in the LGIP in the manner prescribed by law, rule, and prospectus SECTION 3. That the City Council has approved the Local Government Investment Pool Transaction Authorization Form ( "Form ") as substantially completed by the City Treasurer, Catherine A Johnson, attached hereto as Exhibit A and incorporated herein by this 1 LGIP — Authorizing Investment reference, and does hereby attest to its accuracy SECTION 4. That the City designates Catherine A Johnson, the seated Treasurer of the City as the "Authorized Individual" to authorize all amendments, changes, or alterations to the Form or any other documentation including designating other individuals to make contributions and withdrawals on behalf of the City SECTIONS. That this delegation ends upon the termination of the authorized individual's relationship with the City or further action by the City Council terminating the delegation, in which case, the City will notify the State Treasurer's Office Immediately upon the replacement of the Treasurer of the City which replacement shall than serve as the Authorized Individual SECTION 6. 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 should the authorized individual's authority be terminated or otherwise end, 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 City No amendments, changes, or alterations shall be made to the Form or any other documentation until the Treasurer of the City is replaced who shall then serve as the new Authorized Individual SECTION 7. 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 City 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 & Seyerabihfy If any one or more sections, subsections, or sentences of this Resolution are held to be unconstitutional or invalid, such decision shall not affect the validity of the remaining portion of this Resolution and the same shall remain in full force and effect SECTION 9. Effectcve Date This Resolution shall take effect and be in force immediately upon its passage PASSED by the City Council of the City of Bremerton, Washington this day of 9 2014 GREG EELER, Council President APPROVED AS TO FORM A ES ROGER A LUBOVICH, City Attor _ SHANNON L CORIN, City Clerk R \Legal\Legal\Resolutions mance\L.GIP Investment Authonzation docx 2 LGIP — Authorizing Investment EMB il- A LOCAL GOVERNMENT INVESTMENT POOL TRANSACTION AUTHORIZATION FORM Please fill out this form completely, including any existing information, as this form will replace the previous form. Name of Entity. City of Bremerton Mailing Address Fax Number 360 - 473 -5200 345 6 Street Suite 600 Bremerton WA 98337 E -mail Contact clohnson @ci bremerton wa us Do you wish to have your monthly LGIP statements fazed to the number listed above? Please note — if you choose to receive statements via fax, you will not receive another copy via U S mail M YES, please fax statements ❑ No, please send statements via U S mail Bank account where funds will be wired when a withdrawal is requested. (Note Funds will not be transferred to any account other than that listed) Bank Name Bank of America Branch Location CASC Seattle Bank Routing Number 026009593 Account Number 105000004231 Account Name City of Bremerton General Account Persons authorized to make deposits and withdrawals for the entity listed above. Name Title Signature Telephone Number Catherine A Johnson Interim Director of 360473 -5296 Financial Service Judith L Carlson Accounting Assistant 360473 -5208 Senior By signature below, I certffy I 24km authorized to represent the institution/al enc for the purpose of this transaction. _Aa 1!2WA Asst Director of Financial Services .-ftffi24044 Al re (Tide ate Catherine A Johnson 1ohnsongei bremerton wa us 360473 -3296 (EW ntAuthorizedSignature) - Address (Telephone number Any changes to these instructions must be submitted in writing to the Office of the State Treasurer. Please mail this form to the address listed below: OFFICE OF THE STATE TREASURER Date Received LocAL GO vERmAENr INV ESTMENT P OOL Fund Number PO Box 40200 (for LGIP use only) OLYMPIA, WA 98504 -0200 FAx (360) 902 -9044 ' %r State of Washington ) �t+o .�Co �i� County of ) ss n ion ••.� ' Signed or attes ed before me by N • jo h • Dated this 11A day r , twori public c J, r Signature f Notary a0w -b ' SEAL OR STAMP �YL6Vl Ii• yi K. '° i Notary Public in and for the State of Wash My appointment expires �� 7