HomeMy WebLinkAboutresolution.council.019-86 A RESOLUTION AUTHORIZING THE CITY OF ASPEN TO JOIN WITH
OTHER LOCAL GOVERNMENT ENTITIES AS A PARTICIPANT IN THE
COLORADO LOCAL GOVERNMENT LIQUID ASSET TRUST
(COLOTRUST) IN ORDER TO POOL FUNDS FOR INVESTMENT.
WHEREAS, pursuant to Part 7 of Article 75 of Title 24 of the
Colorado Revised Statutes, it is lawful for any county, city and
county, city, town, school district, or special district (a Local
Government Entity) to pool any moneys in its treasury, which are
not immediately required to be disbursed, with the same such
moneys in the treasury of any other Local Government Entity in
order to take advantage of short-term investments and maximize
net interest earnings; and
WHEREAS, COLOTRUST is a common law trust formed under the laws
of the State of Colorado in accordance with the provisions of
Part 6 and Part 7 of Article 75 of Title 24 and Articles 10.5 and
47 of Title II of the Colorado Revised Stattues regarding the
investing, pooling for investment and protection of public funds;
and
WHEREAS, the City of Aspen desires to participate in COLOTRUST
and therefore by a majority vote of its governing body has passed
the following resolution:
NOW, THEREFORE, it is hereby RESOLVED as follows:
1. This Local Government Entity, the City of Aspen, hereby
approves and adopts, and thereby joins as a Participant with
other Local Government Entities pursuant to Part 7 of Article 75
of Title 24 of the Colorado Revised Statutes, that certain
indenture of Trust entitled the Colorado Local Government Liquid
Asset Trust (COLOTRUST) dated as of January 1, 1985 as amended
from time to time, the terms of which are incorporated herein by
this reference and a copy of which shall be filed with the
minutes of the meeting at which this Resolution was adopted; and
2. The City of Aspen Finance Director, who is the local
government official impowered to invest the funds in the City of
Aspen's teasury, is hereby designated the "Treasurer", as that
term is defined in the Indenture of Trust, and as such is hereby
designated our official representative to COLOTRUST and shall
serve as a member of the Board of Supervisors of COLOTRUST and is
hereby authorized and directed to execute the indenture of Trust
and such other documents as are required; and
3. The "Treasurer" designated in Section 2 above is hereby
authorized to invest, from time to time the moneys in the City of
Aspen's treasury, which are not immediately required to be
disbursed, in COLOTRUST by purchasing shares in COLOTRUST
from time to time with available funds,, and to redeem some or all
of those shares from time to time as funds are needed for other
purposes.
4. The Secretary of COLOTRUST, Mr. Russell H. Pierson, or his
successor in function, is hereby designated as the official
custodian of such funds as are deposited in COLOTRUST by the City
of Aspen during such time or times as funds may be on deposit
with COLOTRUST.
DATED: ~ ~: ~
, 1986
I, Kathryn S. Koch, duly appointed and acting City Clerk do
certify that the foregoing is a true and accurate copy of that
resolution adopted by the ciJ~y Council of the City of Aspen,
Colorado, at a meeting held on _.~-c.~ ¥~L___, 1986.
~~ ~c~7 ~ity Clerk