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HomeMy WebLinkAbout1991-20 Authorizing the Town to Invest its Surplus Funds with other Government Entities in Centrust10.1.1r - .U.t4L rr-1q-1r0:.G.ct, RESOLUTION NO. 20 SERIES 1991 A RESOLUTION AUTHORIZING THE TOWN TO INVEST ITS SURPLUS FUNDS WITH OTHER GOVERNMENT ENTITIES IN CENTRUST FORMERLY JEFFTRUST); AND SETTING FORTH DETAILS IN REGARD THERETO WHEREAS, C.R.S. Section 24-75-601 and 701, et seq., as amended and C.R.S. Section 24-75-702, et seq., as amended, authorize local governments to pool any moneys in their treasuries which are currently surplus funds and not immediately required to be disbursed, with similar moneys from other local governmental entities, in order for these entities to take advantage of short-term investments and maximize net interest earnings; and, WHEREAS, CENTRUST is formed as a common law trust under the laws of the state of Colorado; and, WHEREAS, the Town of Vail wishes to participate in CENTRUST. NOW, THEREFORE, it is hereby resolved: 1. The Town Council hereby designates the Controller of the Town of Vail, who is the Town of Vail official empowered to invest the Town's funds to execute the CENTRUST trust indenture and any other documents necessary to establish an account with CENTRUST, and the Controller is hereby designated the "Treasurer" as that term is defined in the trust indenture and is therefore authorized to invest money from the Town of Vail treasury, from time to time, which are not immediately required to be disbursed, by purchasing shares of CENTRUST with those available funds as he deems appropriate and is authorized to redeem, from time to time, part or all of those shares as funds are needed for other purposes. 2. This resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this day of 1991. Thomas I. Steinberg, Mayor Pro -Tem ATTEST: Pamela A. Brandmeyer, Town Clerk