HomeMy WebLinkAbout1990-079-06/05/1990-DIVERSIFIED TRUST FUNDS LOCAL GOVERNMENT POOL PARTICIPATION PUBLIC INVESTOR RESOLUTION 90- 79
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING PARTICIPATION IN COLORADO
DIVERSIFIED TRUST FUNDS FOR THE PUBLIC
INVESTOR, A LOCAL GOVERNMENT POOL
WHEREAS, the Colorado Diversified Trust, Funds for the Public Investor
(hereinafter "the Trust") was established on April 2, 1990, in accordance
with the provisions of Part 7 of Article 75 of Title 24, C.R.S. ; and
WHEREAS, the stated objective of the Trust is to provide a high yield
for participants while maintaining liquidity and preserving capital by
investing only in instruments authorized by law which govern the temporary
investments of public entities' moneys; and
WHEREAS, the initial participants in the trust are Larimer County,
Poudre School District R-1 and Poudre Valley Hospital District; and
WHEREAS, the Trust's investment authority is governed by Part 6,
Article 75 of Title 24, C.R.S. , and the City of Fort Collins is authorized
by Ordinance No. 108, 1988, P-oviding for the investment and deposit of
public funds and moneys of the City of Fort Collins, to participate in
investments authorized by Part 6, Article 75 of Title 24, C.R.S. ; and
WHEREAS, Articles 10.5 and 47 of Title 11, C.R.S. , apply to the Trust
and offer certain protection for public funds on deposit with banks and
savings and loan associations when such funds are not insured by or are in
excess of a depository's insurance limits; and
WHEREAS, the City desires to participate in the Trust.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS:
Section 1 . That moneys from the City of Fort Collins (hereinafter
"City") Treasury which are not immediately required to be disbursed are
authorized for investment in the Colorado Diversified Trust, Funds for the
Public Investor (hereinafter "the Trust") .
Section 2. That the City's Financial Officer is the official
empowered to invest City funds and is hereby designated the "Treasurer" for
purposes of the City's participation in the Trust.
Section 3. That the City's Financial Officer is hereby authorized to
execute the Indenture of Trust as well as such other documents as may be
required.
Section 4. That the City's Financial Officer is responsible for the
deposit and withdrawal of funds in the Trust and shall use prudence and
care to preserve the principal and to secure the maximum rate of interest
consistent with safety and liquidity of the City's funds.
Section 5. That the City's Financial Officer is authorized to serve
as a member of the Supervisory Board of the Trust and, if duly appointed or
elected, as a member of the Trust's Board of Trustees.
Section 6. That the approximate cash flow requirements of the City
for withdrawals from the Trust during any single working day will not
exceed Five Hundred Thousand Dollars ($500,000) unless at least twenty-four
(24) hours notice is given to the Trust in advance.
Passed and adopted at a regular meeting of the City Council held this
5th day of June, A.D. 1990.
Mayor
ATTEST:
G2
City Clerk