HomeMy WebLinkAbout1991-20 Authorizing the Town to Invest its Surplus Funds with other Government Entities in Centrust10.1.1r - .U.t4L
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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