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Home My WebLink AboutCity of Tamarac Resolution R-2008-023Temp Reso #11363 February 19, 2008 Revision 1 2/20/08 Page 1 of 6 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R-2008-c�g A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA, GRANTING THE CITY MANAGER, OR HIS OR HER DESIGNEE, THE AUTHORITY TO TAKE ACTION AS APPROPRIATE FOR THE CITY TO BECOME A PARTICIPANT IN THE FLORIDA SURPLUS ASSET FUND TRUST; AUTHORIZING THE CITY MANAGER TO NAME A "TREASURER", PURSUANT TO THE TERMS OF THE INDENTURE OF TRUST DATED DECEMBER 11, 2007, TO OVERSEE THE CITY'S PARTICIPATION IN THE TRUST; AUTHORIZING THE INVESTMENT OF CITY FUNDS IN THE TRUST, SUBJECT TO FUNDING AVAILABILITY AND BUDGETARY ANALYSIS; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the City of Tamarac, Florida (hereinafter referred to as the "City") desires to pool certain public funds, if available, with other local government entities by becoming a participant in and purchasing shares of beneficial interest, in the Florida Surplus Asset Fund Trust ("FLSAFE" or the "Trust"), a common law trust established under the laws of the State of Florida; and WHEREAS, Art. Vill, Sec. 2, Fla. Const., in part, provides that municipalities shall have governmental, corporate, and proprietary powers to enable them to conduct municipal government, perform municipal functions, and render municipal services, and may exercise any power for municipal purposes except as otherwise provided by law; and WHEREAS, Sec. 166.021, Florida Statutes, provides, in relevant part, that municipalities shall have the governmental, corporate, and proprietary powers to enable them to conduct municipal government, perform municipal functions, and Temp Reso #11363 February 19, 2008 Revision 1 2/20/08 Page 2 of 6 render municipal services, and may exercise any power for municipal purposes, except when expressly prohibited by law, and further defines a municipal purpose to mean activity or power which may be exercised by the state or its political subdivisions; and WHEREAS, Sec. 218.415, Fla. Stat., authorizes units of local government to invest and reinvest public funds in excess of the amounts needed to meet current expenses in certain enumerated investments, in any other investments authorized by the municipality by resolution, and in addition authorizes units of local government to invest and reinvest such certain available public funds in any intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Sec. 163.01, F.S.; and WHEREAS, Sec. 163.01, F.S., authorizes the City, to exercise jointly with any other entity, as defined in the statute, any power, privilege, or authority which such governmental entities share in common and which each might exercise separately; and WHEREAS, Section 163.01, F.S., further authorizes such public agencies to enter into contracts in the form of interlocal agreements to accomplish such purposes; and WHEREAS, under the terms of an Indenture of Trust dated as of December 11, 2007, relating to the Trust (the "Indenture of Trust") any Local Government Entity desiring to participate in the Trust as a member must become a party to the Indenture of Trust; and Temp Reso #11363 February 19, 2008 Revision 1 2/20/08 Page 3 of 6 WHEREAS, it is the intent of the City to join in an intergovernmental investment pool pursuant to Sections 163.01 and 218.415, F.S., and to enter into the Indenture of Trust for such purpose, and that the Indenture of Trust will serve as an interlocal agreement under Section 163.01, F.S.; and WHEREAS, the City Commission finds that the creation of an intergovernmental investment pool pursuant to the Indenture of Trust serves a governmental purpose for the City and is in the best interests of the citizens and residents of the City to the extent that such a program would offer diversified and professionally managed portfolios to meet investment needs, would result in economies of scale that would create greater purchasing powers, and would thereby lower the costs traditionally associated with the investment of the assets of the City; and WHEREAS, the City Commission further desires to participate in the Trust formed in accordance with the aforementioned statutes, and to purchase shares therein as provided in the Indenture of Trust, in order to pool certain funds with other statutorily -defined Local Government Entities, it has passed, in accordance with applicable law the following ordinance/resolution. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: The foregoing "WHEREAS" clauses are hereby ratified confirmed as being true and correct and are hereby made a specific part of this Resolution. Temp Reso #11363 February 19, 2008 Revision 1 2/20/08 Page 4 of 6 SECTION 2: The City Commission of the City of Tamarac, Florida has reviewed Article VII I, Section 2, of the Florida Constitution, Sections 166.021, 218.415, and 163.01 of the Florida Statutes, and considered the merits of investing in the Trust, including the Trust's liquidity, risk diversification, flexibility, convenience, and cost compared to the alternative direct purchase of comparable investments. SECTION 3: The City Commission finds that it is in the best interest of the citizens and residents of the City to join with other Local Government Entities, as defined by Section 163.01, F.S., in the Trust for the purpose of pooling certain public funds, if available, because the Trust offers diversified and professionally managed portfolios to meet investment needs, and the pooling of such funds results in economies of scale that will create greater purchasing powers and will thereby lower the cost traditionally associated with the investment of assets of the City. SECTION 4: The City Commission hereby expressly authorizes the City, at the City Manager's discretion, to participate in the Trust as a member and to become a party to the Indenture of Trust, which is adopted by reference with the same effect as if it had been set out verbatim herein. A conformed copy of the Indenture of Trust shall be filed with the minutes of the meeting at which this Ordinance/Resolution was approved or passed. SECTION 5: The City is hereby expressly authorized to purchase shares of beneficial interest in the Trust from time to time with available funds, 1 and to redeem some or all of its shares of beneficial interest from time to time as C 1 Temp Reso #11363 February 19, 2008 Revision 1 2/20/08 Page 5 of 6 funds are needed for other purposes, subject to the terms and restrictions of the Indenture of Trust. SECTION 6: The Trustees of the Trust are designated as having official custody of the City's funds which are invested by the purchase of shares of beneficial interest in the Trust. SECTION 7: The City Manager or Designee (the "Representative"), who is the government official empowered to invest funds of the City, and each and every successor in such function, is hereby authorized and directed to execute on behalf of the City the Indenture of Trust and any other documents necessary to establish an account with the Trust. The Representative is hereby designated the "Treasurer' as that term is defined in the Indenture of Trust and is therefore authorized to invest certain public funds from the City's treasury by purchasing shares of the Trust with such available funds, and is authorized to redeem, from time to time, part or all of such shares as funds are needed for other purposes, subject to the terms and restrictions of the Indenture of Trust. SECTION 8: The Trustees of the Trust are designated as having official custody of the City's funds which are invested by the purchase of shares of beneficial interest in the Trust. SECTION 9: All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. SECTION 10: If any clause, section, other part or application of this Resolution is held by any court of competent jurisdiction to be unconstitutional or Temp Reso #11363 February 19, 2008 Revision 1 2/20/08 Page 6 of 6 invalid, in part or application, it shall not affect the validity of the remaining portions or applications of this Resolution. SECTION 11: This Resolution shall become effective immediately upon its passage and adoption. PASSED AND ADOPTED BY THE CITY COMMISSION OF THE CITY OF TAMARAC, FLORIDA THIS �?_ DAY OF , 2008. ATTEST MARION SWENSON, CMC CITY CLERK I HEREBY CERTIFY that I have approved this RESOLUTION as to form. UEL S. GOREN Y ATTORNEY CITY OF TAMARAC, FLORIDA pap WE" / . - - 0m, RECORD OF COMMISSION VOTE: MAYOR FLANSBAUM-TALABISCOff DIST 1: V/M PORTNER LkalU DIST 2: COMM ATKINS-G D DIST 3: COMM. SULTANOF DIST 4: COMM. DRESSLER Fl 1 1