12/23/2010 12:17:40 PM
12/23/2010 12:17:40 PM
City of Clive
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M <br /> RESOLUTION NO. 89 -57 <br /> FORM C <br /> IOWA PUBLIC AGENCY INVESTMENT TRUST <br /> A RESOLUTION AUTHORIZING INVESTMENTS THROUGH THE FIXED TERM AUTOMATED INVESTMENT <br /> PROGRAM OF THE IOWA PUBLIC AGENCY INVESTMENT TRUST, AND AUTHORIZING THE TRUST TO <br /> DESIGNATE AND NAME DEPOSITORIES. <br /> WHEREAS, Iowa Code section 28E.1 (1987 as amended) permits political subdivisions to make efficient <br /> use of their powers by enabling them to provide joint services with other Public Agencies and to <br /> cooperate in other ways of mutual advantage, and to exercise and enjoy jointly any powers, privileges <br /> or authority exercised or capable of being exercised by one Public Agency of this state or private <br /> agencies for the joint or cooperative action; and <br /> WHEREAS, Iowa Code sections 331.555 and 348.21(1987 as amended) empowers Cities, City Utilities <br /> and Counties to invest their moneys pursuant to a joint investment agreement; and <br /> WHEREAS, the City of Fairfield, the Maquoketa Municipal Utility and Buchanan County are political <br /> subdivisions being duly organized and existing under and by virtue of the laws and constitution of <br /> the State of Iowa and have approved the Joint Powers Agreement and Declaration of Trust and <br /> thereby have established the Iowa Public Agency Investment Trust as of October 1, 1987; and <br /> WHEREAS, this Governing Body has adopted and entered into the Joint Powers Agreement and <br /> Declaration of Trust; and <br /> WHEREAS, this Governing Body deems it to be advisable for this Public Agency to make use from time <br /> to time, of the Fixed Term Automated Investment Program available to Participants of the Trust; <br /> NOW, THEREFORE, BE IT RESOLVED that this Public Agency is hereby authorized to invest its available <br /> moneys from time to time and to withdraw such moneys from time to time in accordance with the <br /> provisions of the Joint Powers Agreement and Declaration of Trust and the Fixed Term Automated <br /> Investment Program of the Trust. The officers and officials of this Public Agency hereinafter <br /> identified and their respective successors in office each hereby are designated as "Authorized <br /> Officials" with full power and authority to effectuate the investment and withdrawal of moneys of <br /> this Public Agency from time to time in accordance with the Joint Powers Agreement and <br /> .slaration of Trust and pursuant to the Fixed Term Automated Investment Program of the Trust. <br /> Tie "Fixed•Thrm Automated Investment Program" is a program in which the Public Agency will, <br /> from time to time, invest moneys from its Trust Account in certificates of deposit issued and secured <br /> in the manner prescribed by Iowa law, in securities issued or guaranteed by the United States <br /> Government, or in obligations issued or guaranteed as to payment of principal and interest by <br /> agencies or instrumentalities of the United States Government to be purchased by the Trust at the <br /> direction of the Public Agency for its account. Payment for such investments is authorized and shall <br /> be made from the Public Agency's specified Trust Account. Interest and principal payments on such <br /> investments shall be credited to the Public Agency's designated Trust Account. Such investments <br /> shall be held by the Custodian in the name of the Trust for the account of the Public Agency. <br /> The Trustees of the Trust are hereby designated as having official custody of this Public Agency's <br /> moneys which are invested in accordance with the Joint Powers Agreement and Declaration of Trust <br /> and any moneys invested in accordance with the Trust's Fixed Term Automated Investment <br /> Program. <br />
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