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