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HomeMy WebLinkAboutD-1421-99 Invest Public FundsAN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL, INDIANA, AUTHORIZING AND APPROVING THE ENTRY INTO AN INTERLOCAL AGREEMENT FOR THE INVESTMENT OF PUBLIC FUNDS WHEREAS, IC 36-1-7 (the "Interlocal Law") authorizes political subdivisions to enter into interlocal cooperation agreements for the joint exercise of powers; and WHEREAS, the City of Carmel, Indiana (the "City"), has public funds which are eligible for investment pursuant to the provisions of IC 5-13, and regularly exercises its power to invest such moneys pursuant to the provisions thereof; and WHEREAS, the Interlocal Law requires that any interlocal cooperation agreement be approved and authorized by the fiscal body of such participating political subdivision; and WHEREAS, the Common Council of the City of Carmel, Indiana (the "Council"), is the fiscal body and the legislative body of the City and the City desires to enter into an interlocal agreement for the joint exercise of the power to invest public funds. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of Carreel, Indiana, as follows: 1. The Council does hereby authorize and approve the entry by the City into the Interlocal Agreement dated as of October 1, 1996 (the "Agreement"), constituting an interlocal cooperation agreement by and among the Indiana participants that enter into the Interlocal Agreement (the "Participants"), and an agreement for services by and among the Participants, Bank One, Indianapolis, N.A., as Custodian, and MBIA Municipal Investors Service Corporation, a copy of which has been presented to this Council and is attached hereto. 2. The Clerk-Treasurer is the investing officer (as defined in IC 5-13-9) of the City (the "Investing Officer") and is hereby designated as the representative to the Board of Representatives described and set forth in the Agreement. 3. The execution and delivery of the Participation Certificate, in the form attached as Exhibit D to the Agreement (as modified and completed for execution by the City), by the Mayor of the City are hereby authorized and approved to evidence the entry into the Agreement by the City as a Participant. 4. The Investing Officer is authorized to return the executed Participation Certificate to MBIA Municipal Investors Service Corporation and to take any such other action as may be necessary to effectuate the participation by the City in the Agreement, and is further authorized to take such other actions as may be necessary or desirable for the investment of funds of the City pursuant to the Agreement. Page One of Two Pages [eb:msword:c:\ordinances\1999\investpublicfunds-doc:9/8/99] 5. This Ordinance shall become effective upon passage and upon compliance with the procedures required by law. ,1999, by a vote and ~, nays. day of ~-~-~~t/ ,, '/"2_ .coM COUNCmFOR es Brai~ard eliding ' ' ' ~ irby . ' ATL,_)~ Diana L. Cordray, IA~easurer Presented by me to the Mayor of the City of Carmel, Indiana the at the hour of/0" ;.5 6) , q . m. day of ~.~t~~ , 1999, Diana L. Cordray, I k urer Approved by me, the Mayor of the City of Carreel, Indiana, this at the hour of ( ~)'- .% Q ~ . m.. day of ~¢Ci~'t~/T/, 1999, , rainard Mayor ATTEST: Diana L. Cordray, I~easurer Ordinance No. Page Two of Two Pages [eb:msword:c:\ordinances\1999\investpublicfunds.doc:8/9/99]