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HomeMy Public PortalAboutResolution 26-89 Approving a joint exercise of powers agreement with the Idaho State Treasurer to invest idle funds of the city RESOLUTION NO. 26-89 A RESOLUTION OF THE CITY OF McCALL APPROVING A JOINT EXERCISE OF POWERS AGREEMENT WITH THE IDAHO STATE TREASURER TO INVEST IDLE FUNDS OF THE CITY. WHEREAS, the City is authorized by Section 50-1013 Idaho Code to invest funds and the State Treasurer is authorized by Section 67- 2328 Idaho Code to act as administrator responsible for administering joint or cooperative investment of idle funds. WHEREAS , the State Treasurer is able , due to a larger investment volume and a full-time investment manager , to obtain more favorable returns on investments. WHEREAS, the City has been party to a similar agreement with the State Treasurer since August 20, 1984 and the parties now desire to renew their agreement. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF McCALL, IDAHO AS FOLLOWS: SECTION 1 : That the Joint Powers Agreement with the Idaho State Treasurer is hereby approved and adopted. Section 2: This Resolution shall take affect and be in force from and after the passage and approval. DATED: this �fo day of September, 1989 . By: City of McCall Attest: al ey County, Idaho Arie JOHN J. ALLEN ARTHUR J. SCHMIDT Mayor Clerk STATE OF IDAHO OFFICE OF THE STATE TREASURER ROOM 102.STATEHOUSE BOISE, IDAHO 63720 LYDIA JUSTICE EDWARDS STATE TREASURER (208) 334-3200 JOINT EXERCISE OF POWERS AGREEMENT THIS AGREEMENT IS MADE BETWEEN__the_fity_of_MI�Ca11 -PUBLIC CALLED "PUBLC AGENCY", AND THE STATE TREASURER OF THE STATE OF IDAHO, HEREAFTER CALLED STATE TREASURER, PURSUANT TO THE PROVISIONS OF SECTION 67-2328, IDAHO CODE, THE JOINT EXERCISE OF POWERS ACT. IT IS MUTUALLY AGREED: 1 . DURATION AND TERMINATION: THIS AGREEMENT SHALL BECOME EFFECTIVE ON THE _26.th. DAY OF S.ut ar__, 1989. ALL OR PART OF ANY FUND BALANCE SHALL BE RETURNED TO THE PUBLIC AGENCY UPON THREE DAYS WRITTEN NOTICE, EXCLUDING WEEKENDS AND HOLIDAYS. 2. ADMINISTRATOR: THE STATE TREASURER IS HEREBY APPOINTED AND AUTHORIZED TO ACT AS ADMINISTRATOR RESPONSIBLE FOR ADMINISTERING THE JOINT OR COOPERATIVE INVESTING OF IDLE FUNDS. 3. PURPOSE: THE PURPOSE OF THIS AGREEMENT IS TO EXERCISE JOINTLY THE POWER EACH PARTY HAS TO INVEST ANY IDLE FUNDS IN INVESTMENTS PERMITTED UNDER THE IDAHO CODE TO OBTAIN THE BEST INTEREST RATE AVAILABLE AT THE TIME OF INVESTMENT. THIS MAKES THE MOST EFFICIENT USE OF OUR POWERS BY ENABLING US TO COOPERATE TO OUR MUTUAL ADVANTAGE, AND THEREBY BENEFIT THE TAXPAYERS. 4. MANNER OF FINANCING: THE PUBLIC AGENCY MAY MAKE AVAILABLE TO THE STATE TREASURER ANY IDLE FUNDS FOR THE PURPOSE OF JOINT INVESTMENT. THE ADMINISTRATOR SHALL CHARGE A SERVICE FEE AT THE RATE OF ONE QUARTER OF ONE PERCENT ( .257) ON THE ACCRUED INTEREST EARNED FOR EACH INVESTMENT AND A MINIMUM OF $.75 ON OVERNIGHT TRANSACTION . ALL FEES SHALL BE DEDUCTED FROM THE INTEREST EARNED ON THE INVESTMENT. WIRE TRANSFER FEES, IF ANY, SHALL BE PAID BY THE PUBLIC AGENCY. 5. PROCEDURES FOR DEPOSITING INTO THE INVESTMENT POOL: THE PUBLIC AGENCY SHALL NOTIFY THE STATE TREASURER BY TELEPHONE THE DAY PRIOR TO INVESTMENT WITH THE FOLLOWING INFORMATION: SIGNATOR'S INITIALS) PAGE 1 OF 4 THIS AGREEMENT WAS APPROVED BY THE City Council OF THE City of McCall , A PUBLIC AGENCY, ON SIGNED:/ 2 CONTACT PERSON: Jim Henderson PHONE NUMBER: _2, a_____ MAILING ADDRESS: P.O. Box j.Q6.5_ McCall, Idaho 83638 PUBLIC AGENCY'S BANK: West One Bank BRANCH: McCall Office BANK ACCOUNT NUMBER 18 38037 4 THIS AGREEMENT UNDER SECTION 67-2328, IDAHO CODE, THE JOINT EXERCISE OF POWERS ACT, IS HEREBY APPROVED ON LYDIA JUSTICE EDWARDS, IDAHO STATE TREASURER TREASURER' S BANK: BRANCH: BANK ACCOUNT NUMBER: ATTN: PAGE 3 OF 4 A. PUBLIC AGENCY FUND NUMBER B. AMOUNT OF THE DEPOSIT C. 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. YOUR BANK MUST CONFIRM THE DEPOSIT INTO THE STATE TREASURER'S BANK ACCOUNT PRIOR TO 10:00 A.M. IN ORDER TO BE INVESTED FOR THAT DAY. IF CONFIRMATION BY YOUR BANK IS RECEIVED AFTER 10:00 A.M. , THOSE FUNDS WILL BE INVESTED THE FOLLOWING DAY. A PUBLIC AGENCY MAY MAKE A DEPOSIT INTO THE INVESTMENT POOL BY MAILING AN AGENCY CHECK, PAYABLE TO THE "STATE TREASURER", ROOM 102, STATEHOUSE, BOISE, IDAHO 83720. THE STATE TREASURER SHALL JOINTLY INVEST ANY IDLE FUNDS OF THE PUBLIC AGENCY ON THE EFFECTIVE BUSINESS DATE OF THEIR NOTIFICATION AND RECEIPT AS PROVIDED HEREIN. INTEREST SHALL ACCRUE BEGINNING ON THE DAY OF INVESTMENT, BUT SHALL NOT ACCRUE FOR THE DAY OF THE WITHDRAWAL. 6. PROCEDURES FOR WITHDRAWALS FROM THE INVESTMENT POOL: THE PUBLIC AGENCY SHALL NOTIFY THE STATE TREASURER AT LEAST THE DAY PRIOR TO WITHDRAWALS WITH THE FOLLOWING INFORMATION: A. PUBLIC AGENCY FUND NUMBER B. AMOUNT OF WITHDRAWAL C. DATE THE WITHDRAWAL IS TO BE MADE D. BANK AND BANK ACCOUNT NUMBER INTO WHICH THE WITHDRAWAL IS TO BE DEPOSITED DEPOSITS WILL ONLY B'E MADE TO AUTHORIZED ACCOUNTS. AN AUTHORIZED ACCOUNT IS ANY BANK ACCOUNT SPECIFIED AT THE BOTTOM OF THIS AGREEMENT OR BY WRITTEN AUTHORITY FROM THE PUBLIC AGENCY ALLOWING ADDITIONAL BANK ACCOUNTS. IT IS THE PUBLIC AGENCY'S RESPONSIBILITY TO CONFIRM ALL DEPOSITS WITH THE BANK. IF A PROBLEM OCCURSL THE PUBLIC AGENCY WILL NOTIFY THE STATE TREASURER OR THE POOL INVESTMENT MANAGER THE SAME DAY. 7. REPORTS TO THE PUBLIC AGENCY: A MONTHLY "ACTIVITY REPORT" ON EACH FUND AND A "MONTHLY INVESTMENT REPORT" SHALL BE PROVIDED BY THE STATE TREASURER. AT THE END OF EACH QUARTER, A "BALANCE CONFIRMATION" FOR AUDITING PURPOSES WILL BE ISSUED. THIS REPORT MUST BE SIGNED AND RETURNED PROMPTLY. IF THE "BALANCE CONFIRMATIONS" ARE NOT RETURNED PROMPTLY, THE PUBLIC AGENCY'S FUNDS COULD BE CLOSED AT THE TREASURER'S DISCRETION. SIGNATOR'S INITIALS € .__ PAGE 2 OF 4 STATE OF IDAHO STATE TREASURER' S OFFICE JOINT POWERS INVESTMENT POOL JUDY EVANS SPRUTE, MANAGER ROOM 102, STATEHOUSE BOISE, IDAHO 83720 ADDITIONAL FUNDS THE _ WOULD LIKE TO OPEN AN ADDITIONAL FUND WITH THE JOINT POWERS INVESTMENT POOL. THE NEW FUND WILL BE CALLED: CONTACT PERSON: BANK NAME: -- BRANCH: ACCOUNT NUMBER: AUTHORIZED SIGNATURE: TITLE: DATE: FOR STATE TREASURER'S OFFICE USE ONLY STATE TREASURER'S BANK NAME: BRANCH: ACCOUNT NUMBER: ATTN . : PAGE 4 OF 4