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Home My WebLink Aboutresolution.council.069-94 ~~ I. "- r&... 0; ''0\, ~~ \~ -- RESOLUTION NO. 'if Series of 1994 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, AUTHORIZING INVESTMENT OF CITY FUNDS IN THE COLORADO SURPLUS ASSET FUND TRUST. WHEREAS, The City of Aspen desires to pool its funds with other local government entities by becoming a participant in CSAFE, a common law trust formed under the laws of the State of Colorado; and, WHEREAS, pursuant to the provisions of C.R.S. Section 24-75-601 and 701, et seq., as amended, any local government entity (including cities, towns, school districts, special districts or counties) is authorized to pool any moneys in its treasury, which are currently surplus funds and not immediately required to be disbursed, with similar moneys from other local' government entities in order for these entities to take advantage of short-term invest- ments and maximize net interest earnings; and, WHEREAS, City of Aspen Financial Policies require specific City Council approval of the investment of City funds in any local government of state operated investment pool, before City funds may be placed in any such pooL NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, Section 1. The City Council of the City of Aspen has reviewed C.R.S. Section 24- 75-601, as amended, and C.R.S: Section 24-75-701, et seq., as amended, of the Colorado Revised Statutes and the merits of investing in a trust as permitted by C.R.S. Section 24-75- 601, as amended, and C.R.S. Section 24-75-701 et sea., as amended, including the trust's liquidity, risk diversification, flexibility, convenience and cost compared to the alternative direct purchase of comparable investments and finds it is in the best interest of the local a i. fa. ., ~i_ ~'..... ') . government entity and therefore hereby approves and adopts that certain indenture of trust entitled CSAFE dated September 1, 1988, which shall be amended from time to time and hereby join as a participant with other local government entities in the trust for the purpose of pooling surplus funds. The terms of the above-mentioned trust indenture shall be incorporated herein by this reference and a copy filed with the minutes of the meeting at which this resolution is adopted, and the City of Aspen acknowledges and agrees that no warranties, either expressed or implied, are part of this agreement between CSAFE and the City of Aspen unless as set forth in the Indenture of Trust, but that CSAFE shall use its best efforts in conjunction with the City of Aspen to accomplish these goals. Section 2. The Finance Director of the City of Aspen is hereby authorized and directed to execute the Indenture of Trust and any other documents necessary to establish an account with CSAFE. The Finance Director is hereby designated the "Treasurer" as that term is defined in the Indenture of Trust and is therefore authorized [0 invest money from the City of Aspen treasury, from time to time, which are not immediately required to be disbursed, by purchasing shares of CSAFE with those available funds and is authorized to redeem, from time to time, part or all of those shares as funds are needed for other purpos- es. The Finance Director is further authorized to execute such other instruments as may be necessary or appropriate to consummate the City's investment in CSAFE. INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the J:< day of ~J-. , 1994. (jL" $~'- John S. Bennett, Mayor 2 41). 0t\... 'Z 011_ I~.... \\" [' (" :W \' ~\~ 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 City Council of the City of Aspen, Colorado, at a meeting held on the day hereinabove stated. K~~f~, II d..(~ Kath n S. Koch, City Clerk ,"'- r (j iga,res 3 COLORADO SURPLUS ASSET FUND>TRUST. /' / f'CSAFE") I I MODEL llliSOLUTION \ desires to pool its funds with other local govenunententities by becommg a articipant in CSAFE and therefore passes the following resolution: ' . " ". ' i WHEREAS, pursuant to the provisions ofC.R.S. Section 24-75-601 and 701, et seq., as amended and C.R.S. 24-75-702, et seq. as amended, any local govenunent entily (including cities, towns, school districts, special districts or counties) is authorized to pool, any moneys in its treasury, which are currently surplus funds and not immediately required to be disbursed, with similar moneys from other local govenunent entities, in order for these. entities to take adyantage of short -term investments and maximize net iJlteresteainings. CSAFE is formed as a.common law trust under the I~ws of the state of Colorado. ~. '-, ,I. ), / ,,) i WHEREAS, the governing bOdy of .. .' desires to participate in CSAFi:! formed . in accordance with the, aforesaid statUes, iJl order to pool it surplus funds with other loc;d govenlment entities, it has pas~ed; by , . majorily votfthe follmying resolution: - ,/ ). . I . NOW, THEREFORE, it is hereby RESOLVED as follows: RESOLVED; that, the ,goveihing bOdy of .has reviewed C.R.S. Section 24- 75-601, as amended arid C.R.S. Section 24-75-701, et seq. as amended, of the Colorado ReviSed Statutes and the merits of investing in a trust as permitted by\C.R.S. Section24~75-601, as amended and C.R.S. Section 24-75-701, et seq. as amended, including the trust's liquidily, riS\< diversification, flexibilily, conyenience and cost compared 10 the alternative direct purchase of comparable investments andfincls it is in the best hiterest of the local. gove~ent entjly and therefore hereby approves ;md adopts, . that certain indentur'? of lr\ISt entitl~ CSAFE dated. September 1, 1988 which shall be amended from time to time and hereby join as a participant With other local govenunent entitiesinthe,trust for thepurpose of pooling surplus funds. The terms of the above I mentioned trust indenture shall be.incorporated hereiri by this reference and.a copy filed with,the nUimtes of the meeting at which this resolutiOu is adopted; and ' acknowledges and agrees that no warr.anties, eithetexpressed or, implied, 'are pm of this agreement between CSAFE and . unless as set,foith in'the lodenture ofTrus!, but that CSAFE shal~use its.best elIorts in conjUnction with . to accomplish these goals. ,-:ESOL VE, further, that _ ; wh<\ is the local govenunent official empowered to '~.nvest funds of ' , or hislher successor in function, is hereby authorized and directed to execute the lodentureofTrust and an)' other documents necess~ to establish an aCcount \\'ith CSAFE. , . Is'hereby desigoated the "Treasurer" as that term is defined. in the lodenttrre of . ," . " .' ,.' ,\ Trust and is therefore authorized tojnve~tmoney from the '. . treasury, from time to time, which are not immediately rell,*~ to tie disbursed, bypurchasihgshares of CSAFE With thos.eavirilableJimds :m,dis ' authorized to redeem,. from time to time, part or all of those sh3res' as funds are needid for otherpurposes. . . I , ' .' The undersigned certif'y that pas adopted> D The above -resolution. '__ ~ An alternative resolution, acopy of which is attached " ' ."., '. -' . . ' The undersigned agr~ that the, auth<?rizatiofis and 41striIctions contain~ in the trust-registration f~rnl are to-remain in effect until the. trust receives written notice of any changes. The undersigned also alfum that they have received and reviewed a copy pfthe fudenture of Trust and , agree to be bound by its terms. . '. Name S fefl;{e... 1(. tJqr ""~'<;-;{- Signature ~ #~ Tille /1>~r,I...:f'C~7 "7"7~"~ a.';' N_~ ~~;t~,,) ,~- ffi?:;:,-'.' A~,~(,lyl1v Name't- a ____,____L ._ /}'v\. Signature r:A--~~ . Title (3/1,1 tI1 R na WI o , (a. ,II' (SEAL) ATIEs4k l~~ r,4JL/DI: cflI( Secret or Clerk Signature . ,I . , ..........--~ 'DATED: 9- d3-9~ 1"'1 .j > i, ': ( \'\ t:~?.~. .,.'.. ,,' ',' Ii. I . <' (. '.' . '. ' .~ r ,__," TRUST REGISTRATION FORM August 18, 1994 " ( ...',~' .>"$' . DATED: "\ LOCAL GOVERNMENT NAME: , . tITY OF ASPEN ;.. ,--\ ADDRESS: \ 130 Galena Street / I' CrFY:.I, Aspen . STATE: ( 'Colorado' . 81611 ZIP,CODE:; . 'l" , ~~', , . I "I, TELEPHQNE: 303/1920-504>0 ATI'ENTION: I Finance Dept. , TAX 1.I>. # '84-6000563 -I I 'I" \ \ [ "---\". ~ .1'-' 'AUTIIORlzED REPRESENTATIVES I \ NAME ,'1 WJRJNG lNSlRUCTIONS , (~~, , . . 17M' .' Y cr~,'J .-'1 John Bennett - ~' -;0 \ " Stephen RoO Barw.ick BiJl Efting J ,( I ~-- Amy Marg'erum I' ----/' BANKNAME PRIMARY lNSlRUCTIONS: NpRWEST BANK O~\ASPEN ABA # 102104655 ACCOUNT # " " 6101835580!/' ' .o . -.~ j\-/ FFC" " 't', I. " I .~ 'i \:, ,I I' . SECONDARY lNSlRUCTIONS: 'I' ",', 1.\ BANK NAME ABM ACCOUNT # 1\:" FFC' ,[ AUTHORIZATIOli,: This ~~ement a~thori+es C~AFE to; ~er the ~roceedsofany~e,liemption ~fp~cipant's shai:es'iri dSAFE whe!l telephonic. oral;' electronic ~r writteh-:qtiests k ' , received by CSAFE from,any one of the A\1thori~d Representatives names above by transferring suchprocecds to the above-nam&:! Primaty or SecondlilY instIu~tions (or addi~onal accounts ,as denoted on the attachdd sheetJ in accordance with such requests. .' i' .' \,. -} , ", :', -'i ' i - - ,- \( DURATION; TERlv1INATION: 'This Agreeme~t and'the authorizations contained therein wiU remaiD e1;fectlve, commencing on thc date as set forth above.:until CSAFE receiVes'written'llotice of'terminatiolt The Participant i~ required to notifY CSAFE of any ch~es to either the authorized rePres~tatives or the wiring instructions. . ,. I , ' I , .... . '. ____. ' LIMITATION ON LIAJ?ILIt:y: The CSAFE Board ofTnlsteeSiI}cluding t):1e Investnient-Advisor, Administrator and Custodian' !mown cqllectively\8S CSAFE shall have no liability fot,.my transfers ofP~cipant's fimds made in accordance with this agreement. ., " " '. I- \. / PARTICIPANT: CSAFE: \ (Name of participating imtily) BY: BY: .,. , , f~ :> .', ~ ...' . I . , . · FFC stands for "for further credit:' .. This agreement must be signed by.an authorizedindividlial ., ,BY: \', .. --\ (7/94)