R96-147RESOLUTION R96-/~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA,
AUTHORIZING AND DIRECTING THE MAYOR AND
CITY CLERK TO EXECUTE AN AGREEMENT WITH
FLORIDA MUNICIPAL INVESTMENT TRUST
AUTHORIZING THE CiTY OF BOYNTON BEACH TO
JOIN WiTH OTHER LOCAL GOVERNMENTAL UNITS
AS A PARTICIPANT IN THE FLORIDA MUNICIPAL
INVESTMENT TRUST FOR THE PURPOSE OF
PURCHASING SHARES OF BENEFICIAL INTEREST
IN THE TRUST; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, Section 163.01, Florida Statutes, authorizes the state, or any
county, municipality or political subdivision of the state, to jointly exercise any
power, privilege, or authority which such governmental entities share in common
and which each might exercise separately, and further provides such authority is
in addition to and not in limitation of those granted by any other general, local or
special law; and
WHEREAS, by Resolution dated the 27th day of January, 1993, the 25th
day of January, 1993 and the 14th day of January, 1993, the governing bodies of
the City of Bradenton, Florida, the City of Lauderhill, Florida and the City of Palatka,
Florida, respectively, found the creation of the Florida Municipal Investment Trust
serves a municipal purpose and will offer diversified and professionally managed
portfolios for the investment of the assets of participating municipalities and other
agencies or political subdivisions in or of the state; and
WHEREAS, the authorized representatives for the City of Bradenton, Florida,
the City of Lauderhill, Florida and the City of Palatka, Florida, have executed the
Agreement and Declaration of Trust on the 28th day of April, 1993, creating the
Florida Municipal Investment Trust which governs the purpose, administration and
operation of the Trust and its activities; and
WHEREAS, the Constitutional, statutory and judicial authorities in the State
of Florida authorize municipalities and other agencies or political subdivisions in or
of the State to join with other municipalities and other agencies or political
subdivisions in or of the State for the purpose of investing and reinvesting surplus
public funds; and
WHEREAS, under the terms and provisions of the Agreement and
Declaration of Trust creating the Florida Municipal Investment Trust any
municipality and any other agency or political subdivision or of the state desiring to
participate in the Trust as a member must become a party to the Agreement and
Declaration of Trust; and
WHEREAS, the Florida Municipal Investment Trust is an authorized
investment under Section 281.415(15), Florida Statutes for units of local
government in Florida.
WHEREAS, it is the intent of the City of Boynton Beach to participate in the
Florida Municipal Investment Trust as a member and become a party to the
Agreement and Declaration of Trust;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. This City of Boynton Beach finds that participation in the
Florida Municipal Investment Trust, a pool-investment program, would be in the
best interest of the City of Boynton Beach, its officials, officers and citizens in that
such a program offers diversified and professionally managed portfolios to meet
investment needs, results in economies of scale that will create greater purchasing
powers and will thereby lower the cost traditionally associated with the investment
of assets of the City of Boynton Beach.
Section 2. This City of Boynton Beach hereby expressly authorizes
participation in the Florida Municipal Investment Trust as a member and will
become a party to the Agreement and Declaration of Trust, as amended, which is
adopted by reference with the same effect as if it had been set out verbatim in this
section.
Section 3. This City of Boynton Beach is hereby expressly authorized to
purchase shares of beneficial interest in the Trust from time to time with available
funds, and to redeem some or all of its shares of beneficial interest from time to time
as funds are needed for other purposes, subject to the terms and restrictions of the
Agreement and Declaration of Trust referred to in Section 2 and the most recent
Informational Statement. These actions are to be taken by the officers designated
for this purpose pursuant to general or specific instructions by the governing body
of the City of Boynton Beach.
Section 4. The Trustees of the Trust are designated as having official
custody of the City of Boynton Beach's funds which are invested by the purchase
of shares of beneficial interest in the Trust.
Section 5. This City of Boynton Beach specifically finds and determines
the following matters:
(a) the conditions of the agreement and the rights and responsibilities of
members of the Trust are set forth in the Agreement and Declaration of Trust, as
amended and in the most recent Informational Statement;
(b) participation in the Trust shall be terminable at any time by the City
of Boynton Beach, subject to the terms and restrictions of the Agreement and
Declaration of Trust, as amended and the most recent Informational Statement;
(c) the Agreement and Declaration of Trust, as amended, and the
purchase of its shares of beneficial interest are for the purpose of investing the City
of Boynton Beach's funds as part of a pooled-investment program with other
agencies or political subdivisions in or of the state, thereby achieving economic and
other advantages of pooled investments, and the powers and scope of authority
delegated are set forth in the Agreement and Declaration of Trust, as amended;
(d) it is not necessary to finance the agreement authorized herein from
funds of this City of Boynton Beach, except through the purchase of shares of
beneficial interest in the Trust;
(e) the Trust shall be managed by a Board of Trustees as set forth in the
Agreement and Declaration of Trust, as amended; and
(f) the Board of Trustees of the Florida Municipal Investment Trust
adopted Resolution No. 93-2 providing for general disclosure policies of the trust's
operations an Information Statements for the benefit of members and prospective
members of the Trust so that members and prospective members are fully aware
of significant investment and administrative policies, practices and restrictions of
the investment portfolios of the Trust.
Section 6. The City of Boynton Beach designates and authorizes the
Mayor of the City of Boynton Beach to execute such applications and other
documents as are required to invest and reinvest surplus funds of the City of
Boynton Beach in shares of beneficial interest of the Trust's investment portfolios.
Section 7. The clerk of this City of Boynton Beach is hereby directed to
furnish a certified copy of this Resolution to the Florida League of Cities.
Section8. This Resolution will become effective immediately upon
passage.
PASSED AND ADOPTED this J day of October, 1996.
ATTEST:
CityC'Clerk
CITY OF BOYNTON BEACH, FLORIDA
vide Mayor, / /
C~mmissioner
Commissioner
Co~issioner
,/
(Corporate Seal)
FMIT/Inv.
9127196