2016-R-13 RESOLUTION 2016-R-13
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
EDGEWATER APPROVING THE ENTRANCE INTO AN INTERLOCAL
AGREEMENT WITH OTHER GOVERNMENTAL PARTICIPANTS FOR
THE PURPOSE OF EXERCISING INVESTMENT POWER JOINTLY TO
INVEST FUNDS IN CONCERT WITH OTHER PARTICIPANTS;
PROVIDING FOR SEVERABILITY; REPEALING ALL RESOLUTIONS
IN CONFLICT HEREWITH AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the CITY OF EDGEWATER is permitted and has the power pursuant to
the provisions of the Florida Statutes, including but not limited to Section 218.415 of the Florida
Statutes, and its own local laws to invest certain of its funds in statutorily permitted investments,
including but not limited to any intergovernmental investment pool authorized pursuant to
Section 163.01, Florida Statutes, as amended (the "Florida Interlocal Cooperation Act"); and
WHEREAS, Sec. 163.01, Fla. Stat., authorizes a political subdivision, agency, or officer
of the State of Florida, including but not limited to state government, county, city, school district,
single and multipurpose special district, single and multi-purpose public authority, metropolitan
or consolidated government, a separate legal entity or administrative entity created under
subsection (7) of Section 163,01, Fla. Stat., or an independently elected county officer (each of
the foregoing a "Local Government Entity" or "Entity"), to exercise jointly with any other Entity
any power, privilege, or authority which such Entities share in common and which each might
exercise separately;
WHEREAS, the Florida Interlocal Cooperation Act authorizes the CITY OF
EDGEWATER, together with other local governmental entities, to exercise jointly any power,
privilege or authority which the local governmental entities share in common and which each
might exercise separately pursuant to a written interlocal agreement; and
WHEREAS, Palm Beach County, Pinellas County, and Orange County Tax Collector, as
initial Participants (as such term is defined in the Interlocal Agreement described below), entered
into that certain Interlocal Agreement, a copy of which is attached hereto as Exhibit A (the
"Interlocal Agreement"), the purpose of which is to provide the CITY OF EDGEWATER
and each Participant which has executed or otherwise joined the interlocal Agreement, a
substantial benefit by establishing the intergovernmental investment pool to be known as the
Florida Cooperative Liquid Assets Securities System ("FLCLASS"), which is an
intergovernmental investment pool as described in Section 218.415, Florida Statutes, as
amended, in order to exercise such investment power jointly and invest such funds in concert
with the other Participants pursuant to the interlocal Agreement as authorized by the Florida
interlocal Cooperation Act in order to take advantage of economies of scale and perform
governmental functions more efficiently; and
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Resolution #2016-R-13
WHEREAS,the CITY OF EDGEWATER desires to join the Interlocal Agreement as a
Participant, in order to exercise investment power jointly and invest funds in concert with the
other Participants pursuant to the Interlocal Agreement in order to take advantage of economies
of scale and perform governmental functions more efficiently; and
WHEREAS, the policy of the Interlocal Agreement shall be to place the highest priority
on the safety of principal and liquidity of funds, and the optimization of investment returns shall
be secondary to the requirements for safety and liquidity;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF EDGEWATER,FLORIDA, as follows:
SECTION 1. The Interlocal Agreement executed or otherwise joined by the Participants
thereto, a copy of which is attached to this Resolution as Exhibit A and incorporated herein by
reference.
SECTION 2. Pursuant to Section 2.4 of the Interlocal Agreement, the CITY OF
EDGEWATER hereby joins the Interlocal Agreement as a Participant and agrees to be bound
by all of the terms and provisions thereof. The CITY OF EDGEWATER further agrees to file
an executed copy of this Resolution with the Clerk of Court of Volusia County, Florida.
SECTION 3. Severability. If any section, subsection, sentence, clause, phrase or portion
of this Resolution is for any reason held invalid or unconstitutional by any court of competent
jurisdiction, such portion shall be deemed a separate, distinct and independent provision and
such holding shall not affect the validity of the remaining portion hereto.
Section 4. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
Section 5. Effective Date. This Resolution shall become effective immediately upon
passage, adoption and recording into the public records of Volusia County with the Clerk of
Court.
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Resolution#2016-R-13
Motion to approve was made by Cv 144,1 r l+y�:y► QL« j with
second by C.6r-,,,rt.tigev►h,r) tLr1 during the City
Council meeting held this y. day of jgoi-i I , 2016.
AYE NAY
Mayor Mike Ignasiak
Councilwoman Christine Power
Councilwoman Gigi Bennington Y
Councilman Dan Blazi
Councilman Gary Conroy
PASSED AND DULY ADOPTED this day of
, 2016.
ATTEST: CITY COUNCIL OF THE
CITY OF EDGEWATEER,7^L!'RIDA
41-7'
og By: 4/44/ 1.11°
Mitch Honaker Mike Ignasia /
Deputy City Clerk Mayor
For the Mme and reliance only by the City of Approved by the City Council of the City of
Edgewater,Florida. Approved as to form and Edgewater a meeting held on this 414
' legality by: Aaron R. Wolfe, Esquire day of cr J , 2016 under
City Attorney Agenda Iterfi No 8
Doran, Cims,Wolfe& Ciocchetti
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Resolution#2016-R-13
EXHIBIT "A"
INSTRUMENT OF' ADOPTION •
of that certain
Interlocal Agreement for the
Florida Cooperative Liquid Assets Securities System (FLCLASS)
This Instrument of Adoption (this "Instrument") is executed as of the day of
_,20 /6o , by and on behalf of the CITY OF' EDGEWATER.
Reference is made to that certain Interlocal Agreement for the Florida Cooperative Liquid Assets
Securities System, dated as of April I, 2015, made by and among certain Initial Participants (as defined
therein) and such additional Participants who may have heretofore and may hereafter join therein, and as
may have been and may be modified or amended as provided therein (the "Interlocal Agreement").
Capitalized terms not defined in this Instrument shall have the meanings given in the Interlocal
Agreement.
By executing this Instrument, the undersigned represents and warrants that (a) the undersigned is
a Unit of Local Government as defined in the Interlocal Agreement; (b) the person executing this
Instrument on behalf of the undersigned is an officer of the Unit of Local Government, authorized to
execute this Instrument; (c)the undersigned has tendered to FLCLASS the minimum investment required
under the Interlocal Agreement; and (d) the undersigned (i) has taken all required official action to adopt
and authorize the execution of the Interlocal Agreement including, without limitation, adopting a written
investment policy consistent with the Interlocal Agreement and the Investment Policy adopted thereby or
amending or modifying any existing written investment policy not consistent with the Interlocal
Agreement or the Investment Policy, and (ii) has furnished to the Board evidence satisfactory to the
Board that such official action has been taken.
By executing this Instrument, the undersigned agrees that it 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 a written investment policy consistent with the provisions of the Interlocal Agreement and
Investment Policy adopted thereby, as each of the same may be amended from time to time.
IN WITNESS WHEREOF, the undersigned has executed this Instrument as of the day first
above written.
Name of Public Agency CITY OF EDCEWATER
Date /41prd LI, 2-0/ b
ATTEST: CITY COUNCIL OF THE
CITY OF EDGEW• TER,F/I RID•
POIF
Ar By:
Mitch Honaker Mike lgnasiak
Deputy City Clerk Mayor
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Resolution #2016-R-13