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HomeMy WebLinkAboutRes 11-09 04/08/2009 RESOLUTION NO. 11-09 A RESOLUTION AUTHORIZING THE ESTABLISHMENT OF A BROKERAGE AND INSTITUTIONAL ACCOUNT WITH PMA FINANCIAL NETWORK, INC. AND PMA SECURITIES, INC. WHEREAS, the Village of Mount Prospect will have from time to time the need to invest surplus funds not immediately needed for operations; and WHEREAS, it has been determined by the Village President and Board of Trustees to be in the best interest of the Village to permit its Treasurer to make use of investments which are legal under applicable State statutes and permitted under its own Investment Policy; and WHEREAS, a list of such investments is included in the Village's Investment Policy; and WHEREAS, the President and Board of Trustees deems it to be in the best economic and administrative interest of the Village for its Treasurer to make use of PMA Financial Networks, Inc. and PMA Securities, Inc. in securing such investments. NOW THEREFORE BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF MOUNT PROSPECT COOK COUNTY ILLINOIS: SECTION ONE: That the Treasurer shall make use of investments legal under the applicable State statutes and permitted under its own Investment Policy and such Policy be placed in the minutes of the meeting at which this Resolution was adopted; and that when needed, notice of the modifications made to the Policy from time to time be provided by the Treasurer; and SECTION TWO: That monies of this unit of local government may be invested at the discretion of its Treasurer or those acting on behalf of the Treasurer through the intermediary (PMA Securities, Inc. and PMA Financial Network, Inc.); and SECTION THREE: That the Treasurer may acquire guarantees for prompt return of invested and deposited monies; and SECTION FOUR: That attached to this resolution and placed in the minutes of this meeting are the "Institutional Brokerage Account Agreement" and the "Institutional Account Application" as issued by PMA Securities, Inc. and PMA Financial Network, Inc., and SECTION FIVE: That the unit of government may open a depository account and enter into wire transfer agreements, third party surety agreements, safekeeping agreements, collateral agreements and lockbox agreements with Harris N.A. and other Village authorized institutions participating in PMA programs for the purpose of transaction clearing and safekeeping or the purchase of insured certificates of deposit through PMA's Insured CD Program, and PMA Financial Network, Inc. and/or PMA Securities, Inc. are authorized to act on behalf of this entity as its agent with respect to such accounts and agreements; and SECTION SIX: That the Treasurer or those acting on behalf of the Treasurer may execute documents, financial planning contracts, financial advisory contracts and other applicable agreements, as necessary, with PMA Financial Network, Inc., PMA Securities, Inc. The following individuals, or their successors, currently holding the office or position are designated as "Authorized Officials" with full power and authority to effectuate the investment and withdrawal of monies, contracts and agreements on behalf of this unit of local government entity: David O. Erb Name Signature Lynn M. Jarog Name Signature Michael E. Janonis Name Signature SECTION SEVEN: That this Resolution shall be in full force and effect from and after its passage and approval in the manner provided by the law. AYES: Hoefert, Juracek, Korn, Matuszak, Polit, Zadel NAYS: None ABSENT: None PASSED and APPROVED this 8th day of April 2009 42 L4f~ Irva~ Mayor ATTEST: ~ M. ~ sa Angell Village Clerk H:\CLKO\ WIN\RESOLUTION\PMA-Harris Bank Resolution - april 2009.doc