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
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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.
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Paul R. Johnston •' ayor
ATTEST:
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Pamela A. Brandmeyer, wn Clerk
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