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HomeMy WebLinkAboutResolution-1986-0974 COLOTRUST COLORADO LOCAL GOVERNMENT LIQUID ASSET TRUST RESOLUTION NO. 974 Series of 1986 TITLE: A resolution authorizing the City of Wheat Ridge 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, 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 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 Statutes regarding the investing, pooling for investment and protection of public funds; and WHEREAS, the City of Wheat Ridge, Colorado 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. The City of Wheat Ridge, Colorado, 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. James O. Malone, City Treasurer, who is the local government official impowered to invest the funds in this local government entity's treasury, 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 Page two Resolution No. 974 3. The "Treasurer" designated in Section 2 above is hereby authorized to invest, from time to time the moneys in this local goverment entity'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 this local government entity during such time or times as funds may be on deposit with COLOTRUST. The undersigned certify that the City of Wheat Ridge, Colorado has enacted this resolution and that Mr. James O. Malone, City Treasurer has full authority and capacity to open an account with the Trust, and to invest funds in and withdraw from the Trust. The undersigned affirm that we have received and read the Trust's Information Statement and agree to be bound by its terms. The undersigned agree that the certification, instructions, and authorizations contained in this Trust Registration Form will remain in effect until the Trust receives written notice of change. DONE and resolved on this 17th day of March, 1986. _.. /l",/,,/;t:1;:;._ Frank Sti t'es, Mayor ;' erk