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HomeMy WebLinkAbout2015-06ORDINANCE 2015-05 AN ORDINANCE TO AUTHORIZE PARTICIPATION BY THE TOWN OF PULASKI, VIRGINIA IN THE VAC®/VML VIRGINIA INVESTMENT POOL TRUST FUND FOR THE PURPOSE OF INVESTING IN ACCORDANCE WITH SECTION 2.2-4501 OF THE VIRGINIA CODE. WHEREAS, Va. Code § 15.2-1500 provides, in part, that every locality shall provide for all the governmental functions of the locality, including without limitation, the organization of all departments, offices, boards, commissions and agencies of government, and the organizational structure thereof, which are necessary to carry out the functions of government; and 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 in accordance with the provisions of that Code section; and WHEREAS, the City of Chesapeake, Virginia and the City of Roanoke, Virginia have jointly established and participate in the VACoNML Virginia Investment Pool (the "Trust Fund") for each such city; and WHEREAS, it appears to the Town Council of the Town of Pulaski, Virginia that it is otherwise in the best interests of the Town of Pulaski, Virginia to become a participating locality in the Trust Fund; and -2 - WHEREAS, the Town Manager, with the Finance Director as alternate, of the Town of Pulaski, Virginia has the authority and responsibility under Virginia law to determine the manner in which public funds other than sinking funds under its control will be invested; NOW, THEREFORE be it ORDAINED by the Town Council of the Town of Pulaski, Virginia sitting in regular session this 7th day of April 2015 that: § 1 That the Town Council of the Town of Pulaski, Virginia hereby establishes a trust pursuant to Section 2.2-4501 of the Virginia Code 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 VACo/VML Virginia Investment Pool Trust Fund Agreement (the "Agreement") is attached and incorporated in this ordinance as Exhibit A. § 2 That the Town Council of the Town of Pulaski, Virginia agrees to become a "Participating Political Subdivision" in the Trust Fund, as further defined in the Agreement. § 3 That the Town Council of the Town of Pulaski, Virginia does hereby designate the Town Manager, with the Finance Director designated as alternate, of the Town of Pulaski to serve as the trustee of the Town of Pulaski with respect to the Trust Fund, and to determine what funds under the Finance Director's control shall be invested in the Trust Fund. § 4 That the Town Council of Town of Pulaski, Virginia hereby authorize the Town Manager to execute and deliver the Trust Joinder Agreement for Participating Political Subdivisions under VACo/VML Virginia Investment Pool ("Trust Joinder -3 - Agreement"), a copy of which is attached and incorporated by reference in this ordinance as Exhibit B. § 5 This ordinance shall become effective upon adoption and is hereby adopted by the duly recorded vote of the Town Council of the Town of Pulaski, Virginia this 7th day of April 2015, as follows: Heather L. Steele - Aye Gregory C. East - Aye David L. Clark - Aye ATTEST: Patricia Cruise, Clerk of Council H.M. Kidd - Aye James A. Radcliffe - Aye Lane R. Penn - Aye THE TOWN OF PULASKI, VIRGIN A 1, Worrell, Mayor Exhibits: VACoNML Virginia Investment Pool Trust Fund Agreement ("Exhibit A") Trust Joinder Agreement ("Exhibit B")