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:
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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 . :
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