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Home My Public Portal About1995.08.25 State Treasurer Joint Exercise of PowersLYDIA JUSTICE EDWARDS STATE ~EASU~ER STATE OF IDAHO OFFICE OF THE STATE TREASURER Room 102 Statehouse P. O. Box 83720 Boise, Idaho 83720-0091 ~34 320C RETURN SIGNATURE REQUIRED ON NEW INVESTMENT APPLICATION PROMPT ACTION REQUESTED July 31,1995 Dear Pool Member: The State Treasurer's Office has written an Investment Circular which outlines the practices and procedures used by the Local Government Investment Pool. Over time, personnel changes within an agency may cause questions regarding current Pool policies. The Circular sets uniform guidelines of operation. The last page of the Circular is an application. We request that it be completed, signed by a member or your governing board and returned to the State Treasurer's office to update our records. This signed application will replace any prior contracts, agreements or applications. A current application must be on file with the State Treasurer to insure the continued service offer by the Investment Pool on your behalf. We would appreciate your prompt attention in this matter. If you have any questions regarding the Circular, please call me or Angela Bonaminio, Investment Assistant, at (800) 448-5447 or (208) 334-3202. Sincerely, f ~/~ JUS~ Codstock Investment Manager Local Government Pool Enclosure LYDIA JUSTICE EDWARDS State Treasurer JOINT EXERCISE OF POWERS LOCAL GOVERNMENT INVES~NT POOL Investment Circular Judy Comstock Manager, Joint Powers Local Governments Investments State Treasurer's Office Room 102 Statehouse P. O. Box 83720 Boise, Id 83720-0091 (2O8) 334-3202 1-800-448-5447 FAX (208) 334-3261 Structure and Purnose Joint Exercise of Powers is an investment pool with the primary purpose of providing a safe, liquid vehicle for investing idle funds under the Idaho Code, Section 67-2328, and to obtain the best interest rate available at the time of investment. Participation in the Pool is open to all political subdivisions, including: · Cities, Towns, and Counties · Public Retirement Systems · Regional School Districts · Local Public Agencies · Public Health Districts Authority for Organization According to Section 67-1301, Idaho Code, the State Treasurer is appointed and authorized to act as administrator responsible for managing the joint or cooperate investing of pooled funds. Investment Ob_iectives The investment objectives of the Joint Exercise of Powers are: · Preservation of Capital - This objective will be carried out with no exceptions. · Liquidity - The Pool will meet participants cash needs by maintaining a high level of portfolio liquidity invested in readily marketable securities. · Maximum Yield - The Pool will attain the highest possible yield consistent with the objectives of preservation of capital and liquidity. Investment Policies and Restrictions Joint Exercise of Powers program invests in high-quality, readily marketable instruments as described below. All investments must comply with Idaho Code 67-1210 and 1210A, and the State Treasurer's written investment policy. The following is 67-1210 and 67-1210A paraphrased, for exact wording see the Idaho Code. 67-1210 and repurchase of call options and securities lending agreements. Such securities lending agreements shall require the borrower to provide and maintain collateral (cash or securities which are authorized investments for the state treasurer) at least equal in value to the value of the securities loaned. The sale (writing) and repurchase of call options is permitted only when the state treasurer or the joint powers local government pooled fund own the securities on which the option is written. While the Pool purchases securities with the intention of holding them to maturity, it may liquidate early to maximize the total return on assets. While the Pool invests in the high-grade instruments descnt~xt above, investments in the Pool are not without some risk. Participant Accounts The Pool is a voluntary investment vehicle for public agencies. A public agency can request to join the Pool by submitting a completed Joint Exercise of Powers Application. This application must be approved by the agency's governing board and signed by at least one member of the agency's governing board before submission to the State Treasurer for consideration. Upon remm receipt of the completed application signed by the State Treasurer, the public agency may open as many investment funds as it requires. All funds may be opened with a zero balance and maintained until activated with an initial deposit. The bank and account number specified on the application will control where money being withdrawn from the Pool can be deposited. In the event of a change in bank and/or account number for the agency, written notification signed by a meanber of the governing board must be received prior to withdrawal requests. Each application should identify the contact person usually requesting transactions. However, the control is the bank and bank accou~ number. Det}osits Procedures for depositing into the Investment Pool. The public agency shall notify the State Treasurer's Pool Manager by telephone [(800) 448-5447 or(208) 334-3202] or FAXing (208) 334-3261] the day prior to investment with the following information: Public agency pool number. · Amount of the deposit. · Bank making the deposit to the State Treasurer's account. Instruct the public agency's bank to transfer such funds to the bank account of the State Treasurer. 3 5447 or (208) 334-3202] at the State Treasurer's office or by mailing or FAXing [(208) 334-3261] written notification. Voice Messaeine The Pool has 24 hour voice messaging for the convenience of it's members. Upon arrival each morning, the Pool Manager will relxieve any messages and use a best effort basis to complete any tran.nactions requested prior to 6:30 A.M. Mountain Time.. Daily Transaction Confirmations For each transaction posted to an agency's fund (except the monthly interest distribution), a Transaction Confirmation is generated and mailed on a daily basis to the agency. The agency is responsible for reviewing the confirmation/s for accuracy. If the agency has any questions as to the activity posted to their account, the Pool manager should be contacted. Closine a Fund A fund may be closed by either the public agency or the State Treasurer with seven days written notice. AuOit Confirmations All audit confirmations from agency auditors should be directed to: State Treasurer, Lydia Justice Edwards Room 102 Statehouse, P. O. Box 83720, Boise, Idaho 8372043091 The agency fund number(s), fund name(s) and amounts to be confu'med should be listed on the confirmation. Business Days The State of Idaho's business day, for accounting purposes, is from 10:30 A.M. to 10:30 A.M. To allow for processing, a cutoff time of 10:00 A.M. has been set by the State Treasurer for deposit confLrmation from the bank, The working hours for the State Treasurer's Investment Pool are 6:30 A.M. to 12:00 P.M., and 1:00 P.M. to 5:00 P.M. Mountain Time, Monday through Friday except holidays. For your convenience, Voice Messaging Service has been implemented. The public agency may leave a message 24 hours a day, 7 days a week. At 6:30 A.M., all messages left after the close 5 deposits made by the Pool on behalf of the agency. The Treasurer is careful not to exceed the insurance limit for any one depositor. The Treasurer does require the financial institution to provide their Quarterly statement of Condition for review prior to the purchase of C.D. 's. Swiss Bank Cornoration Swiss Bank Corporation has been chosen as the Treasurer's safekeeping agent for the current contract. All investment tra~,~actions, except C.D.'s, are executed by Swiss Bank Corporation per written instructions. Swiss Bank Corporation is active in security lending on behalf of the Pool. All lendable investments are subject to a negotiated contract with stringent regulations protecting the Pool investments. 7 APPLICATION JOINT EXERCISE OF POWERS LOCAL GOVERNMENT INVESTMENT POOL F~ubl~ Agency Name City of McCall Jim Henderson 8-21-95 Fiu~ Nu,[~, 208-634-7142 PO Box 986, C~ $~ ZiP McCall ID 83638 West ONe Bank of Idaho, N.A. McCall, ID ~ank Acx:ou[,[ Num~, 110018380374 ~ .:~:.....:::......:.:.:...:....:..: - c...c::.:.:-:c::¥::::=.; -~::: :.:...~.:-:..~.:.:~.~.~:' .'.'.':.: ~.. · · .:.:c~ .'.:.~.~ "." '::..':: :,:':::.'.'::::"::::::':'~:::':.':'"' ='~'~:-:.::..':.. ~'.::'.c: c:.:.,,.:..'.:.:.::: :c:.:: :.c.:c. ~ ~:- X~!~:' "'"':' ~.!:Y..~+~' ''~' ~./"~::~.:::::~i~i.'~'~'' '~:~':':'~:~':' : '~...:~.:: ~:-'.' *..:.~.~ ..... .~:.'~<.'~]i~ .' · '~. ............... ~. - ~t4~ ~ .::~ After reading the attached circular, the public agency applying above agrees to the terms and con__ditions stated therein, and any subsequent changes thereto. A of any changes to the Icir~._u~'l~,~r ~i[I be,~r~(i~,~ to, the public agency on request, copy This agreement under section 67-2328, Idaho Code, the Joint Exercise of Powers Act, is hereby aproved on LYDIA JUSTICE EDWARDS Idaho State Treasurer ~ank A~Jnt Number LOCAL GOVERNMENT INVESTMENT POOL US BANK INFORMATION AGENCY NAME CITY OF MC CALL CONTACT PERSON JIM HENDERSON ADDRESS P. O. BOX 986 CITY, STATE, ZIP MC CALL, ID 83638 US BANK ACCOUNT NUMBER 3347803318 DEPOSIT PROCEDURE: TREASURER'S US BANK ACCOUNT NUMBER 3327005710 US BANK CORPORATE CUSTOMER SERVICE PHONE NUMBER (800) 810-8778 FUND NUMBER 1060 FAX NUMBER e74F--a3ij---303� 9"--25--,--‘ DATE PLEASE KEEP A COPY FOR YOUR FILES LOCAL GOVERNMENT INVESTMENT POOL US BANK INFORMATION AGENCY NAME CITY OF MC CALL CONTACT PERSON JIM HENDERSON ADDRESS P. O. BOX 986 FUND NUMBER 1093 FAX NUMBER ao;—E23ci3v3s- CITY, STATE, ZIP MC CALL, ID 83638 US BANK ACCOUNT NUMBER 3347803318 NATURE DEPOSIT PROCEDURE: DATE TREASURER'S US BANK ACCOUNT NUMBER 3327005710 US BANK CORPORATE CUSTOMER SERVICE PHONE NUMBER (800) 810-8778 PLEASE KEEP A COPY FOR YOUR FILES LOCAL GOVERNMENT INVESTMENT POOL US BANK INFORMATION AGENCY NAME CITY OF MC CALL FUND NUMBER 1182 CONTACT PERSON HENDERSON FAX7,0,2‘350(....:?6.3y,._JIM A ADDRESS P. O. BOX 986 CITY, STATE, ZIP MC CALL, ID 83638 US BANK ACCOUNT NUMBER 3347803318 9---.2ms"--- DATE DEPOSIT PROCEDURE: TREASURER'S US BANK ACCOUNT NUMBER 3327005710 US BANK CORPORATE CUSTOMER SERVICE PHONE NUMBER (800) 810-8778 PLEASE KEEP A COPY FOR YOUR FILES