HomeMy WebLinkAboutRES 4217CITY OF RENTON, WASHINGTON
RESOLUTION NO. 4217
A RESOLUTION OF THE CITY OF RENTON, WASHINGTON, AUTHORIZING
INVESTMENT OF CITY OF RENTON 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 City 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
City shall be first duly authorized by the City Council or any designee of the City Council
pursuant to this resolution or a subsequent resolution; and
WHEREAS, the City will cause to be filed a certified copy of this resolution with the
Office of the State Treasurer; and
WHEREAS, the designee appointed by the City Council with authority to contribute or
withdraw funds of the City has received and read a copy of the prospectus and understands the
risks and limitations of investing in the LGIP; and
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RESOLUTION NO. 4217
WHEREAS, the City Council attests by the signature of its Mayor and City Clerk that it is
duly authorized and empowered to enter into this agreement, to direct the contribution or
withdrawal of City 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 RENTON, WASHINGTON, DOES
RESOLVE AS FOLLOWS:
SECTION I. The above recitals are found to be true and correct in all respects.
SECTION II. The City Council hereby authorizes the contribution and withdrawal of
City monies in the LGIP in the manner prescribed by law, rule, and prospectus.
SECTION III. The City Council approves the Local Government Investment Pool
Transaction Authorization Form ("Form") as completed by the Administrative Services
Administrator and incorporates said form into this resolution by reference and does hereby
attest to its accuracy.
SECTION IV. The City designates Iwen Wang, Administrative Services Administrator,
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.
SECTION V. 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.
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RESOLUTION NO. 4217
SECTION VI. 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 City. 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.
SECTION VII. The City Council acknowledges that its designees have received, read,
and understood the prospectus as provided by the Office of the State Treasurer. In addition, the
City Council 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.
PASSED BY THE CITY COUNCIL this 23rd day of June , 2014.
/ /
Jtfson Ar Seth, Deputy City Clerk
APPROVED BY THE MAYOR this 23rd day of June , 2014.
Denis Law, Mayor
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RESOLUTION NO. 4?17
Approved as to form: ,
Lawrence J. Warren, City Attorney
RES.1632:6/3/14:scr
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