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AI- 3047   9. B. 1.    
BOC Regular
Meeting Date: 11/07/2019  
Government of Michigan Investing Cooperatively Resolution
Submitted For: Kelli Scott FROM: Shana Huerta, Administration
Department: Administration  

Information
RESOLUTION:
Resolved, the Board deems it advisable for the Local Unit to adopt and enter into the Declaration of Trust and become a participant of the Government of Michigan Investing Cooperatively Fund for the purpose of the joint investment of the Local Unit's money and those of other Political Subdivisions so as to enhance the investment earnings accruing to each Political Subdivisions
RECOMMENDATION:
Resolved, the Treasurer's Office recommends that the Board deem it advisable for the Local Unit to adopt and enter into the Declaration of Trust and become a participant of the Government of Michigan Investing Cooperatively Fund for the purpose of the joint investment of the Local Unit's money and those of other Political Subdivisions so as to enhance the investment earnings accruing to each Political Subdivisions
BACKGROUND:
WHEREAS, Public Act 20 of 1943, MCLA 129.91, et seq, as amended ("Public Act 20"), authorizes the Local Unit to invest surplus funds in certain permissible investments; and

WHEREAS, the Surplus Funds Investment Pool Act, Act No. 367 of the Public Acts of 1982, MCL 129.11, et leg, as amended, authorizes political subdivisions organized under the laws of the State of Michigan, including counties, cities, villages, townships, school districts and other authorities (collectively "Political Subdivisions") to invest surplus funds in certain investment pools; and

WHEREAS, the Urban Cooperation Act of 1967, 1967 PA 4, Ex. Sess. No. 7, MCLA 124.501, et seq., as amended, provides that two or more Political Subdivisions may jointly cooperate in the exercise or in the performance of their respective governmental functions, powers or responsibilities and may enter into such joint agreements as may be deemed appropriate for such purposes when such agreements have been adopted by all such cooperating Political Subdivisions; and

WHEREAS, the Declaration of Trust (Interlocal Agreement), as amended, and an Information Statement relating to the Governments of Michigan Investing Cooperatively (the "Fund") have been presented to this board; and

WHEREAS, the Declaration of Trust, as amended, authorizes Political Subdivisions to adopt and enter into the Declaration of Trust and become participants of the Fund; and

WHEREAS, this Board deems it advisable for the Local Unit to adopt and enter into the Declaration of Trust and become a participant of the Fund for the purpose of the joint investment of the Local Unit's money and those of other Political Subdivisions so as to enhance the investment earnings accruing to each Political Subdivisions.

NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
  1. The Local Unit shall join with other Political Subdivisions in accordance with the provisions of Public Act 20, the Surplus Funds Investment Pool Act and the Urban Cooperation Act of 1967, as such laws are applicable, by becoming a participant of a Fund in entering into the Declaration of Trust, which Declaration of Trust is adopted by reference thereto with the same effect as if it had been set out verbatim in this resolution. A copy of the Declaration of Trust shall be filed with the minutes of the meeting at which this resolution was adopted.
  2. The Local Unit is hereby authorized to invest its available funds from time to time and to withdraw such funds from time to time in accordance with the provisions of the Declaration of Trust. The following officers and officials of the Local Unit are authorized to take such actions and execute any and all such documents as they may deem necessary and appropriate to effectuate the entry by the Local Unit into the Declaration of Trust and the adoption thereof by the Local Unit.
 


Fiscal Impact
Attachments
Government of Michigan Investing Cooperatively Resolution
MILAF Information Statement

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