HomeMy WebLinkAboutRes 22-99 05/04/1999 RESOLUTION NO. 22 - 99
A RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A FIRST AMENDED AND RESTATED DECLARATION OF TRUST
WITH THE ILLINOIS METROPOLITAN INVESTMENT FUND
WHEREAS, the Village of Mount Prospect, Illinois (the "Village"), desires to
participate in the joint investment of certain of its funds in accordance with the Constitution and
laws of the State ofnlinois (the "State'S; and
W~.REAS, Section 10 of Article VII of the Constitution of the State provides that the
State shall encourage intergovernmental cooperation and use its technical and financial resources
to assist intergovernmental activities among its units of local government; and
WI~EREAS, the Intergovernmental Cooperation Act, as amended, provides a statutory
fi'amework that supplements the constitutional grant of intergovernmental cooperation powers
found in said Section 10 of Article VII; and
WHEREAS, Section 5 of the Intergovernmental Cooperation Act, as amended, provides
that any one or more municipalities may contract with any one or more other municipalities to
perform any governmental service, activity or undertaking which any of the municipalities entering
into the contract is authorized by law to perform, provided that such contract shall be authorized
by the corporate authorities of each party of the contract; and
WHEREAS, such contract shall set forth fully the purposes, powers, rights, objectives
and responsibilities of the contracting parties; and
WI~.REAS, Section 1-I-5 of the Illinois Municipal Code, as amended (the "Municipal
Code"), provides among other things, that the corporate authorities of each municipality may
exercise jointly, with one or more other municipal corporafions or governmental subdivisions or
districts, all of the powers set forth in the Municipal Code; and
WI~EREAS, Section 3.1-35-50 of the Municipal Code provides, among other things, that
each municipal treasurer is permitted to .join with other municipal treasurers or municipalities for
the purpose of investing the municipal funds of which the treasurer has custody; and
WI~EREAS, treasurers of certain Illinois municipalities have established the Illinois
Metropolitan Investment Fund (the "Fund"), with the assistance of the five metropolitan Chicago
Coundfls of Government, for the purpose of combining their respective available investment funds
so as to enhance the investment opportunities available to them and increase the investment
earnings accruing to the benefit of the respective municipalities on behalf of which they act; and
WHEREAS, the Fund's assets can only be invested in instruments authorized by the
Public Funds Investment Act, as mended, and
WHEREAS, pursuant to a Declaration of Trust, dated as of September 1, 1995 (the
"Original Declaration ") certain municipal treasurers (known as "Participants") entered into an
agreement establishing an entity for joint investment for the purpose of combining their respective
available investment funds so as to enhance the investment opportunities available to them and
increase the investment earnings accruing to the benefit of the respective municipalities on behalf
of which they acted, pursuant to the aforementioned constitutional and statutory authority; and
WHEREAS, the Original Declaration was amended and restated by adoption of that
certain First Amended and Restated Declaration of Trust, dated as of July 1, 1996 (the Original
Declaration, as amended by the Amended and Restated Declaration of Trust, hereinafter referred
to as the "Declaration of Trust").
WffF, REAS, no municipal treasurer shall become a Participant in the Fund unless and
until such officer has adopted the Declaration of Trust and identified the municipality with respect
to the funds of which he is acting; and
WI~,REAS, the corporate authorities of each Participant's municipality must also
authorize the Declaration of Trust; and
WHEREAS, the Village of Mount Prospect (the "Village") deems it necessary and in the
best interests of the Village to participate in the Fund by having the Village become a Participant;
and
NOW, THEREFORE BE IT ORDAINED BY ~ VILLAGE OF MOUNT
PROSPECT, ILLINOIS, IN THE EXERCISE OF ITS POWERS, AS FOLLOWS:
Section 1. The preambles to this Resolution are hereby found and determined to be
tree, correct and complete and are hereby incorporated into the text of this Resolution by this
reference as set out herein at length.
Section 2. The First Amended and Restated Declaration of Trust is attached hereto
and by this reference incorporated herein and made a part hereof, is hereby adopted, and the
Village, is hereby authorized to become an additional Participant of the Fund.
Section 3. The President and Village Clerk and other officers or employees of the
Village are hereby empowered and directed to execute and deliver all documents, certificates and
other instruments necessary to further the intent and purpose of this Resolution.
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Section 4. All ordinances, resolutions or motions in conflict herewith be and the same
are hereby superseded to the extent of such conflict, and that this Resolution shall be in full force
and effect forthwith upon its adoption.
PASSED this 4 thday of May ,1999
AYES: Corcoran. Hoefert: Lohr~o~r: Notch,: .~mww~n~ Wilks
NAYS: None
ABSENT: None
APPROVED this 4th dayof May ,1999.
ATTEST:
ACCEPTANCE AND APPROVAL OF
FIRST AMENDED AND RESTATED DECLARATION OF TRUST
DATED AS OF JULY 1, 1996
The undersigned, having been authorized by Resolution Number 2 2- 9 9, adopted by the
Village of Mount Prospect, Illinois, on the 6 th day of l~lay ,1999, to become an
additional Participant of the Illinois Metropolitan Investment Fund (the "Fund"), hereby approves
and accepts the First Amended and Restated Declaration of Trust, dated as of July l, 1996 and
agrees to be bound by its terms with respect to the Fund.
Attest:
(Village Seal)
Dated this-..~¢day of ~ ,1999
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