HomeMy Public PortalAboutResolutions-2012-50IOWA PUBLIC AGENCY INVESTMENT TRUST (IPAIT)
RESOLUTION 2012 -50
FORM A Date 09/26/12
A RESOLUTION AUTHORIZING THE APPROVAL OF AND PARTICIPATION IN A JOINT POWERS
AGREEMENT AND DECLARATION OF TRUST FOR THE IOWA PUBLIC AGENCY INVESTMENT TRUST,
AUTHORIZING INVESTMENTS THROUGH THE FIXED TERM AUTOMATED INVESTMENT PROGRAM
OF IPAIT AND AUTHORIZING IPAIT TO DESIGNATE AND NAME DEPOSITORIES.
WHEREAS, Iowa Code section 28E.1 permits political subdivisions to make efficient use of their powers by
enabling them to provide joint services with other Public Agencies and to cooperate in other ways of mutual
advantage, and to exercise and enjoy jointly any powers, privileges or authority exercised or capable of being
exercised by one Public Agency of this state or private agencies for the joint or cooperative action; and
WHEREAS, Iowa Code sections 331.555 and 384.21 empowers Cities, City Utilities, and Counties to invest their
monies pursuant to a joint investment agreement; and
WHEREAS, the City of Fairfield, the Maquoketa Municipal Utility, and Buchanan County are political
subdivisions organized and existing under and by virtue of the laws and Constitution of the State of Iowa and have
approved the Joint Powers Agreement and Declaration of Trust and thereby they have established the Iowa Public
Agency Investment Trust as of October 1, 1987, and amended as of May 1, 1993; and
WHEREAS, this Governing Body desires to adopt and enter into the Joint Powers Agreement and Declaration of
Trust, and it is in the best interest of this Governing Body to participate in the Iowa Public Agency Investment Trust
for the purpose of joint investment of monies with other cities, city utilities and counties to enhance investment
earnings to each; and
WHEREAS, this Governing Body deems it to be advisable for this Public Agency to make use, from time to
time, of the Fixed Term Automated Investment Program available to Participants of IPAIT;
NOW, THEREFORE, BE IT RESOLVED:
Section 1. The Joint Powers Agreement and Declaration of Trust is approved and adopted. This Public Agency
joins with the other public agencies in accordance with the Joint Powers Agreement and Declaration of Trust, as
amended, (the "Declaration of Trust ") which is incorporated herein by reference with the same effect as if it had
been set out in this resolution by becoming a Participant of IPAIT. The Joint Powers Agreement and Declaration of
Trust is filed in the minutes of the meeting at which this Resolution is adopted. The authorized officials of this
Public Agency are directed and authorized to take such actions and execute documents as may be deemed necessary
and appropriate to effect the entry of this Public Agency into the Declaration of Trust and adoption thereof by this
Public Agency and to carry out the intent and purpose of this Resolution.
Section 2. This Public Agency is authorized to invest its available monies from time to time and to withdraw such
monies from time to time in accordance with the provisions of the Declaration of Trust and the Fixed Term
Automated Investment Program of IPAIT.
Payment for any investments made within the Fixed Term Automated Investment Program is authorized from the
Public Agency's specified IPAIT Account. Interest and principal payments must be credited to the Public Agency's
designated Trust Account. The Custodian will hold investments in the name of IPAIT for the account of the Public
Agency.
The following officers and officials of this Public Agency and their respective successors in office each are
designated as "Authorized Officials" with full power and authority to effectuate the investment and withdrawal of
monies with this Public Agency from time to time in accordance with the Joint Powers Agreement and Declaration
of Trust.
Michon Jackson City Administrator /Clerk
Printed Name Title
Steve Berner Mayor
Printed Name Title
Printed Name Title
IPAIT must be advised of any changes in Authorized Officials in accordance with procedures established by IPAIT.
Section 3. The Trustees of IPAIT are designated as having official custody of this Public Agency's monies which
are invested in accordance with the Joint Powers Agreement and Declaration of Trust and any monies invested in
accordance with the Trust's Fixed Term Automated Investment Program.
Section 4. IPAIT is authorized to designate and name depositories and to file form CPE- 31019, to execute
documents, and to take actions as may be necessary to purchase and make payment, sell, secure, or take payment of
principal and interest. Certificates of deposit must be purchased only from financial institutions designated by IPAIT
which are approved depositories as prescribed by Iowa Code chapters 12B and 12C..
Section 5. Authorization is given for members and officials of this Public Agency to serve as Trustees of IPAIT
from time to time if selected as such pursuant to the provisions of the Declaration of Trust.
Section 6. Unless otherwise expressly defined, words that are capitalized in the Resolution have meanings
defined in the Joint Powers Agreement and Declaration of Trust.
Passed and approved this 26th day of September,2012.
City of Tiffin
Name of Public Agency
ATTEST:
Clerk/Secre
Signature of Presiding Officer
NOTE: Please mail . ne original copy of this form and the certification and a completed application Form B to the
following address:
Miles Capital
1415 28th Street, Suite 200
West Des Moines, Iowa 50266 -1461
This form may be photocopied.