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HomeMy WebLinkAbout1992-04 Authorizing to Open a Franklin Adjustable Group US Government FundsRESOLUTION N0.4 SERIES '1992 A RESOLUTION AUTHORIZING THE TOWN OF VAIL TO OPEN A FRANKLIN ADJUSTABLE U.S. GOVERNMENT SECURITIES FUND, OF THE FRANKLIN GROUP OF FUNDS ("FUNDS"), AND TO DEPOSIT OR WITHDRAW SUCH FUNDS OF THE TOWN IN THE ACCOUNT AS THE TOWN DEEMS NECESSARY OR DESIRABLE. WHEREAS, the Town of Vail, a Colorado municipal corporation, is authorized by its investment policy to vest in the various types of mutual funds; and WHEREAS, the Town wishes to open an account with The Franklin Group of Funds; and WHEREAS, the Town wishes to set forth the employees of the Town who are authorized to sign the share agreements on behalf of the Town, and to take any other actions as may be necessary to sell or redeem shares in the funds ar to sign checks ar drafts withdrawing funds from the funds account. NOW, THEREFORE, be it resolved by the Town Council of the Tawn of Vail, Colorado: 1. The Town Council has determined that it will benefit the health, safety, and welfare of the Tawn and its citizens to open a Franklin Adjustable U.S. Government Securities Fund account in the name of the Town. 2. Steve Barwick, the Administrative Services Director of the Town of Vail, or his successor in that pasitign, Steve Thompson, the Controller of the Town of Vail, or his successor in that position, and Ran Phillips, the Town Manager of the Town of Vail, or his successor in that position, are hereby authorized to sign any share agreement on behalf of the Town, and to take any other actions as may be necessary to sell or redeem the Town's shares in the funds or to sign checks or drafts withdrawing funds from the accounts. 3. The Town sha11 hold harmless, indemnify, and defend the funds, its custodian bank currently Bank of America}, Franklin Advisors, Inc., Franklin Distributors, Inc., and Franklin Administrative Services, Inc. from any claim, loss, or liability resulting in whole or in part, directly or indirectly, from the reliance from time to time, upon any certifications by the Town Council as to the names of the individuals occupying such offices and their acting reliance upon these resolutions, to actual receipt by them as a certified copy of a resolution of the Town Council of the Town of Vail, modifying or revoking any or all such resolutions. 4. This resolution shall take effect immediately upon its passage. INTRODUCED, READ, APPROVED AND ADOPTED this 18th day of February, 1992. rc~.P~ ~ . fit ~'`_ Marga~t A. Osterfoss, Mayb~r ATTEST: Pamela A. Brandmeyer, Town Clerk CIRESOLL192A