2023-R-03 - FLSTAR RESOLUTION NO. 2023-R-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF EDGEWATER, FLORIDA, AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INTERLOCAL
AGREEMENT FOR THE PURPOSE OF JOINTLY
EXERCISING ITS POWER TO INVEST SURPLUS FUNDS
IN AN INTERGOVERNMENTAL INVESTMENT POOL
PURSUANT TO SECTION 218.415, FLORIDA STATUTES,
AND SECTION 163.01, FLORIDA STATUTES;
APPROVING THE INVESTMENT OF CERTAIN SURPLUS
FUNDS IN THE FLORIDA SHORT TERM ASSET
RESERVE; APPOINTING AN AUTHORIZED
REPRESENTATIVE; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Section 218.415, Florida Statutes, authorizes any governmental entity
within the State of Florida (the "State") and not part of State government, including, but not
limited to, counties, municipalities, school districts, special districts, clerks of circuit court,
sheriffs, property appraisers, tax collectors, supervisors of elections, authorities, boards, public
corporations, or any other political subdivision of the State (each a "Unit of Local Government"
and,collectively, "Units of Locai Government") to invest and reinvest any surplus funds in their
control or possession in any intergovernmental investment pool authorized pursuant to Section
163.01,Florida Statutes;and
WHEREAS, Section 163.01, Florida Statutes,permits political subdivisions,agencies,or
officers of the State, including, but not limited to State government, counties, cities, school
districts, single and multipurpose special districts, single and multipurpose public authorities,
metropolitan or consolidated governments, separate legal entities or administrative entities
created under Section 163.01(7), Florida Statutes,or independently elected county officers(each
a "Public Agency" and,collectively, "Public Agencies"),to enter into an interlocal agreement to
jointly exercise any power,privilege,or authority which such Public Agencies share in common
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and which each might exercise separately, permitting the Public Agencies to make the most
efficient use of their powers by enabling them to cooperate on a basis of mutual advantage and
thereby provide for the sharing of their powers in a manner and pursuant to forms of
governmental organization that are in the best interests of the Public Agencies; and
WHEREAS, The City of Edgewater(referred to herein as the "Governmental Entity') is
a Unit of Local Government and Public Agency, and is authorized pursuant to Section 218.41
of the Florida Statutes, and its own local laws to invest certain of its surplus funds in statutorily
permitted investments. including, but not limited to, any intergovernmental investment pool
authorized pursuant to Section 163.0 1. Florida Statutes; and
WHEREAS,the City of Ocoee, Florida and the City of Haines City, Florida. entered into
that certain Interlocal Agreement and Trust Agreement. dated as of March 21, 2019 and filed of
record with the Clerk of the Court of Ocoee and Orange Counties, respectively (as amended to
date and as set forth on www.flstar.org. the "Interlocal Agreement"). in order to provide the
Participants (as defined in the Interlocal Agreement), a substantial benefit by establishing the
intergovernmental investment pool to be known as the Florida Short "Perm Asset Reserve
("FLSTAR"), which is an intergovernmental investment pool as described in Section 218.415.
Florida Statutes, and managed, operated, and supervised by a board of trustees, which is a
separate legal entity and public body corporate and politic pursuant to Section 163.01(7), Florida
Statutes; and
WHEREAS, the Governmental Entity desires to join the Interlocal Agreement and
execute and deliver the Additional Party Agreement, in order to jointly exercise its investment
power and invest its surplus finds in concert with the other Participants pursuant to the Interlocal
A-reement in order (a) participate in diversified and professionally managed Portfolios (as
defined in the Interlocal Agreement) to meet its investment needs, (b) create greater purchasing
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powers through economies of scale, (c) lower the costs associated with the investment and
reinvestment of its surplus funds; and (d) be provided assistance on investment alternatives and
other investment issues of concern;and
WHEREAS, the Governmental Entity further desires to invest and reinvest a portion of
its surplus funds in FLSTAR;and
WHEREAS, the Governmental Entity has adopted written investment policies
authorizing investment in intergovernmental investment pools authorized pursuant to Section
163.01, Florida Statutes, and with respect to the funds to be invested in such intergovernmental
investment pools, all authorized investments set forth in the investment policies of such
intergovernmental investment pools.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Edgewater,Florida:
IQ"1
SECTION 1. Authority. This Resolution of the Governmental Entity is adopted
pursuant to the provisions of Section 163.01, Florida Statutes (the "Interlocal Act"), Section
218.415, Florida Statutes (the "Local Government Investment Act") and Chapter 166, Part II,
Florida Statutes, Chapter 125, Florida Statutes, and other provisions of law to the extent
applicable(collectively, the "Act").
SECTION 2. Interlocal Agreement.
a. Pursuant to Article VI of the Interlocal Agreement, the Governmental Entity hereby
approves and joins the Interlocal Agreement as a Participant and agrees to be bound
by all of the terms and provisions thereof.
b. The Chief Executive Officer, or his or her duly authorized designee, is hereby
authorized and directed to execute and deliver the Additional Party Agreement,which
is in substantially the form attached hereto as Exhibit "A" with such changes,
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amendments, modifications, deletions, and additions as may be approved by such /IWA�
officer, or his or her duly authorized designee, the execution thereof being conclusive
evidence of such approval.
c. The Interlocal Agreement constitutes a joint exercise of power,privilege, or authority
by and between the Participants thereunder and is deemed to be an "interlocal
agreement"within the meaning of the Interlocal Act.
SECTION 3. Investment in FLSTAR; Appointment of Authorized Representative;
Tax Payer Identification Number; Contact Information.
a. The Governmental Entity is hereby authorized to invest and reinvest a portion of its
surplus funds in one or more Portfolios of FLSTAR.The Governmental Entity hereby
acknowledges the board of trustees' power to supervise FLSTAR and hereby agrees
the surplus funds transferred to FLSTAR shall be held and managed in trust by the
board of trustees for the Governmental Entity's benefit.
b. The following officers,officials,or employees of the Governmental Entity are hereby
designated as "Authorized Representatives" within the meaning of the Interlocal
Agreement, with full power and authority to, among other things, execute the
Interlocal Agreement, the Additional Party Agreement, an application to join
FLSTAR, and any other documents required to become a Participant; deposit money
to and withdraw money from the Governmental Entity's FLSTAR account from time
to time in accordance with the Interlocal Agreement and the Information Statement;
to agree to the terms for the use of the website for online transactions; and take all
other actions deemed necessary or appropriate for the investment of funds of the
Governmental Entity:
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'0041'` 1. Name: Glenn Irbv Title: City Manager
Signature: :.�.� :� • .! - Phone: 386-424-2400 ext. 1201
Email: girby@cityofedgewater.org
2. Name: Bonnie Zlotnik Title: City Clerk
Signaturenn�: La ,o'-A Loa-k' Phone: 386-424-2400 ext. 1101
Email: bzlotnik@cityofedgewater.org
3. Name: Bridgette Vaissiere Title: Finance Director
Signature: Phone: 386-424-2400 ext. 1301
Email: bvaissiereQcityofedgewater.ora
In accordance with FLSTAR's procedures, an Authorized Representative shall promptly
notify FLSTAR in writing of any changes in who is serving as Authorized Representatives.
c. The name of the Authorized Representative listed above that will be designated as the
primary contact and will receive all FLSTAR correspondence, including transaction
conformations and monthly statements, is:
Name: Bridgette Vaissiere
d. The following additional Governmental Entity representative(not listed above) is
designated as an inquiry only representative authorized to obtain account information:
Name:James Daly Title:Accountine Manaeer
Signature: &At Phone: 386-424-2400 ext. 1308
V yrEmail:jdalv@cityofedgewater.ora
e. The Governmental Entity may designate other Authorized Representatives by written
instrument signed by an existing Authorized Representative or the Governmental
Entity's chief executive officer.
f. The taxpayer identification number for the Governmental Entity is 59-6000314.
g. The contact information for the Governmental Entity is:
Primary mailing address: PO Box 100, Edgewater, FL 32132.
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Physical address(if different): 104 N. Riverside Dr.,Edgewater, FL 32132.
Main phone number: 386-424-2400
Main fax number:386-424-2409
SECTION 4. Direction and Authority. The officials, officers, attorneys, and other
agents or employees of the Governmental Entity are directed and authorized to do all acts and
things required of them by this Resolution and the Interlocal Agreement for the full, punctual,
and complete performance of all the terms, covenants, and agreements provided for herein and
therein, and each of the officials, officers, attorneys, or other agents or employees are hereby
authorized and directed to execute and deliver any and all papers and instruments (including any
agreements required for use of online portals related to FLSTAR)and to do and cause to be done
all acts and things necessary or proper for carrying out the activities and actions contemplated by
this Resolution and the Interlocal Agreement.
SECTION 5. Investment Policies. With respect to the surplus funds to be invested in
FLSTAR, to the extent the written investment policies of the Governmental Entity adopted
pursuant to Section 218.415, Florida Statutes (the "Investment Policies"), are inconsistent with
the investment policies of FLSTAR, the Governmental Entity hereby amends the Investment
Policies to include as an authorized investment FLSTAR and all authorized investments set forth
in the investment policies of FLSTAR,as such investment policies may be amended from time to
time in accordance with the Interlocal Agreement.
SECTION d. Conflicting Provisions.All resolutions or parts of resolutions in conflict
are hereby repealed.
SECTION 7. Severability and Applicability. If any portion of this resolution is for any
reason held or declared to be unconstitutional, inoperative,or void,such holding shall not affect
the remaining portions of this resolution. If this resolution or any provisions thereof shall be held /On",
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to be inapplicable to any person,properly, or circumstances,such holding shall not affect its
applicability to any other person, property,or circumstance.
SECTION 8. This resolution shall take effec
t upon adoption.
PASSED AND DULY ADOPTED this of( U'- A ,2023.
1
t— Y Diezel Depew, Mayor
'TEStr:it �r
Bonnie Zlotnik—, C, City Clerk
REVIEWED AND APPROVED:
Aaron R. Wolfe, UY116orney
2023-R-03 7
ADDITIONAL PARTY AGREEMENT
of that certain
INTERLOCAL AGREEMENT AND TRUST INSTRUMENT
for the
FLORIDA SHORT TERM ASSET RESERVE
This Additional Party Agreement (this "Agreement") is executed as of the 9th day of
January 20 23 by and on behalf of The City of Edgewater Florida (the"Participant
The City of Ocoee, Florida and the City of Haines City, Florida (collectively, the "Initial
Members") entered into that certain Interlocal Agreement and Trust Instrument, dated as of
March 21, 2019 and filed of record with the Clerk of the Court of Ocoee and Orange Counties,
respectively(as amended to date and as set forth on www.flstar.or& the"Interlocal Agreement"),
in order to establish and maintain an intergovernmental investment pool as described in Section
218.415,Florida Statutes.All capitalized undefined terms used herein shall have the meanings set
forth in the Interlocal Agreement.
The Initial Members through due execution and delivery of the Interlocal Agreement have
thereby created the Florida Short Term Asset Reserve ("FLSTAR"), an intergovernmental
investment pool as described in Section 218.415, Florida Statutes, which is managed, operated,
and supervised the Board,a separate legal entity and public body corporate and politic pursuant
to Section 163.01(7), Florida Statutes.
The Participant hereby represents and warrants that(a)prior to the Participants execution
of this Agreement, the Participant has received and reviewed the Interlocal Agreement and finds
it proper to invest all or a portion of its Surplus Funds in one or more Portfolios of FLSTAR in
accordance with the terms of the Interlocal Agreement; (b) the Participant is a Unit of Local
Government and Public Agency; (c) the Person executing this Agreement on behalf of the
Participant is an officer of the Unit of Local Government who is properly authorized to invest the
Surplus Funds of the Participant and execute this Agreement; (d)the Participant(i) has taken all
required official action to adopt and authorize the execution of the Interlocal Agreement
including,without limitation,adopting or enacting a resolution or ordinance,or taking any other
action necessary to authorize participation and investment in FLSTAR (for example, adopting
written investment policies or amending or modifying any existing written investment policies
to authorize the investment in intergovernmental investment pools),and(ii)has furnished to the
Board evidence satisfactory to FLSTAR that such official action has been taken; and (e) the
Participant has tendered or has agreed to tender to the Custodian Surplus Funds for investment
under the Interlocal Agreement.
I
By executing this Agreement, the Participant agrees that (a) it will be a Participant in FLSTAR
and may appoint an officer or employee to serve as a Trustee as described in the Interlocal
Agreement;and (b) it will become a party to the Interlocal Agreement to which this Agreement
is attached,and thereby will be bound by all terms and conditions of the Interlocal Agreement,
as amended from time to time, including without limitation that it will maintain written
investment policies consistent with the provisions of the Investment Policies,as the same may be
amended from time to time.
IN WITNESS WHEREOF, the undersigned has executed and sealed this Agreement as of
the day first above written.
Name of Unit of Local Government: City of Edgewater_
OFFICIAL SEAL OF LI7VTT OF LOCAL
By:
GOVERNMENT Authorized Representative Signatule
Required Below
Printed Name and Title
�{7 Attest:
� . �� � .= n Authorized Rep tative Signature
'hmai��Zlc�&, k��'- ,C]
41 CIS
Printed Name and Title
Approved and accepted:
FLORIDA SHORT TERM ASSET RESERVE
By: Hilltop Securities Inc., as Co-Administrator
By: Date:
Authorized Signer
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