HomeMy Public PortalAbout2015_05_26_O011 Participation in VML VACO Investment Pool The Town of
Leesburg,
Virginia PRESENTED: May 26, 2015
ORDINANCE NO. 2015-0-011 ADOPTED: May 26, 2015
AN ORDINANCE: TO AUTHORIZE PARTICIPATION BY THE TOWN OF LEESBURG IN
THE VIRGINIA MUNICIPAL LEAGUE/ VIRGINIA ASSOCIATION OF
COUNTIES (VML/VACo) VIRGINIA INVESTMENT POOL TRUST
FUND FOR THE PURPOSE OF INVESTING IN ACCORDANCE WITH
SECTION 2.2-4501 OF THE CODE OF VIRGINIA.
WHEREAS,the Investment of Public Funds Act(Va. Code §§ 2.2-4500 through 2.2-4519)
details the eligible categories of securities and investments in which municipal corporations, other
political subdivisions and other public bodies are authorized to invest funds other than sinking
funds, belonging to them or within their control; and
WHEREAS, Va. Code § 15.2-1300 provides that any power,privilege or authority
exercised by any political subdivision of the Commonwealth of Virginia may be exercised jointly
with any other political subdivision having a similar power,privilege or authority, by agreements
with one another for joint action and those agreements shall be approved by the governing body by
ordinance; and
WHEREAS,the City of Chesapeake, Virginia and the City of Roanoke, Virginia have
jointly established and participate in the Virginia Municipal League/Virginia Association of
Counties(VML/VACo) Virginia Investment Pool (the "Trust Fund") for each such city; and
WHEREAS, it appearing to the Town Council of the Town of Leesburg, Virginia("Town
Council")that it is otherwise in the best interests of the Town of Leesburg, Virginia("Town")to
become a participating locality in the Trust Fund; and
WHEREAS, the Director of Finance and Administrative Services ("Director") of the
Town, has the authority and responsibility under Virginia law to determine the manner in which
public funds other than sinking funds will be invested.
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AN ORDINANCE: TO AUTHORIZE PARTICIPATION BY THE TOWN OF LEESBURG IN
THE VIRGINIA MUNICIPAL LEAGUE/ VIRGINIA ASSOCIATION OF
COUNTIES (VML/VACo) VIRGINIA INVESTMENT POOL TRUST
FUND FOR THE PURPOSE OF INVESTING IN ACCORDANCE WITH
SECTION 2.2-4501 OF THE CODE OF VIRGINIA.
THEREFORE ORDAINED, by the Council of the Town of Leesburg in Virginia:
SECTION I. That the Town Council hereby establishes a trust pursuant to Section 2.2-
4501 of the Code of Virginia for the purpose of investing funds, other than sinking funds,
determined to derive the most benefit from this investment strategy, in investments authorized
under the Investment of Public Funds Act,jointly with other participating political subdivisions and
public bodies in the Trust Fund. A copy of the Virginia Municipal League/Virginia Association of
Counties (VML/VACo) Virginia Investment Pool Trust Fund Agreement("Agreement") is attached
and incorporated in this ordinance as Exhibit A.
SECTION II. That the Town Council agrees to become a"Participating Political
Subdivision" in the Trust Fund, as further defined in the Agreement.
SECTION III. That the Town Council does hereby designate the Director to serve as the
trustee of the Town with respect to the Trust Fund, and to determine what funds under the
Director's control shall be invested in the Trust Fund.
SECTION IV. That the Town Council hereby authorizes the Director to execute and deliver
the Trust Joinder Agreement for Participating Political Subdivisions under Virginia Municipal
League/Virginia Association of Counties (VML/VACo)Virginia Investment Pool ("Trust Joinder
Agreement"), a copy of which is attached and incorporated by reference in this ordinance as Exhibit
B.
SECTION V. All prior ordinances in conflict herewith are hereby repealed.
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AN ORDINANCE: TO AUTHORIZE PARTICIPATION BY THE TOWN OF LEESBURG IN
THE VIRGINIA MUNICIPAL LEAGUE/ VIRGINIA ASSOCIATION OF
COUNTIES (VML/VACo) VIRGINIA INVESTMENT POOL TRUST
FUND FOR THE PURPOSE OF INVESTING IN ACCORDANCE WITH
SECTION 2.2-4501 OF THE CODE OF VIRGINIA.
SECTION VI. Severability. If a court of competent jurisdiction declares any provision of
this ordinance invalid,the decision shall not affect the validity of the ordinance as a whole or any
remaining provisions of the Leesburg Town Code.
SECTION VII. This ordinance shall be effective upon adoption.
PASSED this 26th day of May, 2015.
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Kristen C. Uiiistattd, Mayor
Town of Leesburg
ASE. .
Clerk of C.11OP
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