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HomeMy WebLinkAboutR-2009-117 Florida Municipal Investment Trust RESOLUTION NO. 2009-117 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF DANIA BEACH, FLORIDA, AUTHORIZING THE PROPER CITY OFFICIALS TO JOIN WITH OTHER LOCAL GOVERNMENTAL UNITS AS A PARTICIPANT IN THE FLORIDA MUNICIPAL INVESTMENT TRUST FOR THE PURPOSE OF PURCHASING SHARES OF BENEFICIAL INTEREST IN THE TRUST; PROVIDING FOR CONFLICTS; FURTHER, PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, Section 163.01, Florida Statutes, authorizes the state, or any county, municipality or political subdivision of the state, to jointly exercise any power, privilege, or authority which such governmental entities share in common and which each might exercise separately, and further provides that such authority is in addition to and not in limitation of those granted by any other general, local, or special law; and WHEREAS, by Resolutions dated January 27, 1993, January 25, 1993, and January 14, 1993, the governing bodies of the Cities of Bradenton, Lauderhill, and Palatka, Florida, respectively, found that the creation of the Florida Municipal Investment Trust serves a municipal purpose and will offer diversified and professionally managed portfolios for the investment of assets of participating municipalities and other agencies or political subdivisions in or a part of the state; and WHEREAS, the authorized representatives for the Cities of Bradenton, Lauderhill, and Palatka, Florida, executed an Agreement and Declaration of Trust on April 28, 1993, creating the Florida Municipal Investment Trust which governs the purpose, administration and operation of the Trust and its activities; and WHEREAS, constitutional, statutory and judicial authorities in the State of Florida authorize municipalities and other agencies or political subdivisions in or a part of the state to join with other municipalities and other agencies or political subdivisions in or a part of the state for the purpose of investing and reinvesting surplus public funds; and WHEREAS, under the terms and provisions of the Agreement and Declaration of Trust creating the Florida Municipal Investment Trust, any municipality and any other agency or political subdivision in or a part of the state desiring to participate in the Trust as a member must become a party to the Agreement and Declaration of Trust; and WHEREAS, the Florida Municipal Investment Trust is an authorized investment under Section 218.415, Florida Statutes, for units of local government in Florida; and WHEREAS, it is the intent of the City of Dania Beach, as a "Governmental Unit", to participate in the Florida Municipal Investment Trust as a member and to become a party to the Agreement and Declaration of Trust; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF DANIA BEACH,FLORIDA, THAT: Section 1. The City of Dania Beach, Florida finds that participation in the Florida Municipal Investment Trust, a pooled-investment program, would be in the best interest of the City of Dania Beach and its officials, officers, and citizens, in that such a program offers diversified and professionally managed portfolios to meet investment needs, results in economies of scale that will create greater purchasing powers and will lower the cost traditionally associated with the investment of assets of the City of Dania Beach. Section 2. The City Commission of the City of Dania Beach expressly authorizes participation by the City in the Florida Municipal Investment Trust as a member and will become a party to the Agreement and Declaration of Trust, as amended, which is adopted by reference with the same effect as if it had been set out verbatim in this section. 2 RESOLUTION #2009-117 Section 3. The City of Dania Beach is expressly authorized to purchase shares of beneficial interest in the Trust from time to time with available funds, and to redeem some or all of its shares of beneficial interest from time to time as funds are needed for other purposes, subject to the terms and restrictions of the Agreement and Declaration of Trust referred to in Section 2, above, and the most recent Informational Statement. These actions are to be taken by the officers designated for this purpose pursuant to general or specific instructions by the City Commission of the City of Dania Beach. Section 4. The Trustees of the Trust are designated as having official custody of the funds of the City of Dania Beach which are invested by the purchase of shares of beneficial interest in the Trust. Section 5. The City of Dania Beach specifically finds and determines the following matters: (a) the conditions of the agreement and the rights and responsibilities of members of the Trust are set forth in the Agreement and Declaration of Trust, as amended and as shown in the most recent Informational Statement; (b) participation in the Trust shall be terminable at any time by the City of Dania Beach, subject to the terms and restrictions of the Agreement and Declaration of Trust, as amended and the most recent Informational Statement; (c) the Agreement and Declaration of Trust, as amended, and the purchase of its shares of beneficial interest are for the purpose of investing funds of the City of Dania Beach as part of a pooled-investment program with other agencies or political subdivisions in or a part of the state, which will achieve economic and other advantages of pooled investments, and the powers and scope of authority delegated are set forth in the Agreement and Declaration of Trust, as amended; 3 RESOLUTION#2009-117 (d) it is not necessary to finance the agreement authorized in this Resolution from funds of the City of Dania Beach, except through the purchase of shares of beneficial interest in the Trust; (e) the Trust shall be managed by a Board of Trustees as set forth in the Agreement and Declaration of Trust, as amended; and (f) the Board of Trustees of the Florida Municipal Investment Trust has provided for general disclosure policies of the Trust's operations and Informational Statements for the benefit of members and prospective members of the Trust so that members and prospective members are fully aware of significant investment and administrative policies, practices and restrictions of the investment portfolios of the Trust. Section 6. The City of Dania Beach designates and authorizes the Director of Finance (or other authorized representatives) to execute such applications and other documents as are required to invest and reinvest surplus funds of the City of Dania Beach in shares of beneficial interest of the Trust's investment portfolios. Section 7. The City Clerk is directed to furnish a certified copy of this Resolution to the Florida League of Cities. Section 8. That all resolutions or parts of resolutions in conflict with this Resolution are repealed to the extent of such conflict. 4 RESOLUTION#2009-117 Section 9. This Resolution shall take effect immediately upon its adoption. PASSED and ADOPTED on June 23, 2009. n ANNE CASTRO �IPppIs FIRST AYOR-COMMISSIONER ATTEST: 0�0 — ryr` LOUISE STILSON, CMC , CITY CLERK APPROVED AS TO F RM ND CORRECTNESS: THOMAS J. A CITY ATTO EY 5 RESOLUTION#2009-117