Resolution 1457RESOLUTION NO. 1457
A RESOLUTION OF THE CITY OF EDMONDS, WASHNGTON,
AUTHORIZING INVESTMENT OF THE CITY OF EDMONDS
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 authorized
governmental entity, the City of Edmonds, the "governmental entity," 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 governmental entity shall be first duly authorized by the Finance Director, the "governing
body" or any designee of the governing body pursuant to this resolution, or a subsequent
resolution; and
WHEREAS, the governmental entity will cause to be filed a certified copy of said
resolution with the Office of the State Treasurer; and
WHEREAS, the governing body and any designee appointed by the governing body
with authority to contribute or withdraw funds of the governmental entity has received and
read a copy of the prospectus and understands the risks and limitations of investing in the
LGIP; and
WHEREAS, the governing body attests by the signature of its members that it is duly
authorized and empowered to enter into this agreement, to direct the contribution or
withdrawal of governmental entity monies, and to delegate certain authority to make
adjustments to the incorporated transactional forms, to the individuals designated herein.
NOW THEREFORE, BE IT RESOLVED that the governing body does hereby
authorize the contribution and withdrawal of governmental entity monies in the LGIP in the
manner prescribed by law, rule, and prospectus.
BE IT FURTHER RESOLVED that the governmental entity designates Dave Turley,
Acting Finance Director, 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.
BE IT FURTHER RESOLVED that this delegation ends upon the written notice, by
any method set forth in the prospectus, of the governing body 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 governing body 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.
BE IT FURTHER RESOLVED that 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 governmental entity. 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; and
BE IT FURTHER RESOLVED that the governing body acknowledges that it has
received, read, and understood the prospectus as provided by the Office of the State Treasurer.
In addition, the governing body 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.
ADOPTED by the City Council of the City of Edmonds, State of Washington, on this 27T11
day of October, 2020.
APPROVED:
MOOR, MIKE NELSON
ATTEST/AUTHENTICATED :
CLERK, SCOT ASSEY
FILED WITH THE CITY CLERK: October 23, 2020
PASSED BY THE CITY COUNCIL: October 27, 2020
RESOLUTION NO. 1457