HomeMy WebLinkAboutresolution.council.015-93 A resolution approving the participation of funds
in Colorado Public Funds Trust by the City of Aspen
WHEREAS, under Colorado Statutes, any county, city, town, school district, or
other political subdivisions of the state is authorized to pool any monies in its treasury,
which are currently surplus funds and not immediately requires to be disbursed, with
similar monies from other public entities, in order for such public entities to take
advantage of short-term investments and maximize net interest earnings;
WHEREAS, Colorado Public Funds Investment Trust (the "Trust") is a common
law trust organized in accordance with the laws of the state of colorado;
WHEREAS, the City of Aspen desires to become a participant in the trust;
RESOLVED, that the governing body of the City of Aspen has reviewed Colo.
Rev. Stat. §24-75-601 and 601.1 and §24-75-701 and 702 and the merits of investing m
the trust;
FURTHER RESOLVED, that the governing body hereby determines that it is ~n
the best interests of the public entity to participate in the trust, and hereby approves and
adopts that certain Declaration of Trust of Colorado Public Funds Investment Trust dated
March 2,1992 (the "Declaration of Trust"), which shall be amended from time to time.
and thereby joins as a participant with other public entities in the trust for the purpose
of pooling surplus funds;
FURTHER RESOLVED, that the terms and provisions of the Declaration of Trust
shall be incorporated herein by this reference and a copy of the Declaration of Trust
shall be filled with the minutes of the meeting at which these resolutions are adopted;
FURTHER RESOLVED, that the City of Aspen acknowledges and agrees that no
warranties, either expressed or implied, are part of the agreement between the Trust and
the City of Aspen, unless as set forth in the Declaration of Trust;
FURTHER RESOLVED, that the City of Aspen Finance Director, who is the
local government official empowered to invest funds of the City of. Aspen, or his/her
successor in function, is hereby authorized and directed to execute the Declaration of
Trust and any other documents necessary to establish an account with the Trust and to
invest funds in the Trust;
FURTHER RESOLVED, that the City of Aspen Finance Director is hereby the
designated "representative" as the term is defined in the Declaration of Trust and
therefor authorized to invest money from the City of Aspen's funds, from time to time-
which are not immediately required to be disbursed, by purchasing shares of the Trust
with those available funds and is further authorized to redeem from time to time part or
all of those shares as funds are needed for other purposes.
coNTINUED
FURTHER RESOLVED, that the Custodian appointed under the
Declaration of Trust is hereby designated the custodian as a depository for funds
of the district.
The undersigned certify that the City of Aspen has adopted the above
resolution or, in the alternative, a similar resolution, a copy of which is attached.
The undersigned agree that the authorizations and instructions contained in the
Trust Registration Form are to remain in effect until the Trust receives written
notice of any changes. The undersigned also affirm that they have received and
reviewed a copy of the Trust Information Statement and agree to be bound by its
terms.
· - City/~&k · - -
Wp :CAKMS.INVEST.RES .93