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HomeMy WebLinkAbout1986-08 Authorizing the TOV to Join other Local Governement Entities as a Participant in the Colorado Local Government Liquid Assets TrustRESOLUTION N0. 8 Series of 1986 A RESOLUTION AUTHORIZING THE TOWN OF VAIL, COLORADO 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 far 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 G and Part 7 of Article 75 of Title 24 and Articles 10.5 and 47 of Title 11 of the Colorado Revised Statutes regarding the investing, pooling for investment and protection of public funds; and WHEREAS, the Tawn of Vail, Colorado desires to participate in COLOTRUST and therefore by a majority vote of its governing body has passed the following resolution. NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado, that: 1. The Town of Vail, 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. 2. The Director of Administrative Services, who is the local government official empowered to invest the funds in the Town of Vail`s treasury, is hereby designated the "Treasurer", as that term is defined in the Indenture of Trust, and as such is hereby designated our afficia1 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. 3. The "Treasurer" designated in Section 2 above is hereby authorized to invest, from time to time the moneys in the Town of Vail's treasury, which are not r. ~,~, r ~. m ~' .,. i 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 Town of Vail during such time or times as funds may be on'deposit with COLOTRUST. INTRODUCED, READ, APPROVED AND ADOPTED this 4th day of March, 1986. r C Paul R. Johnston •' ayor ATTEST: 4 Pamela A. Brandmeyer, wn Clerk 5r 2-