Loading...
O-1017-96 08/26/96ITEM V.B.2 VILLAGE OF LEMONT ORDINANCE NO. 017 AN ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF A FIRST AMENDED AND RESTATED DECLARATION OF TRUST ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF LEMONT This 26th day of August , 1996. Published in pamphlet form by authority of the President and Board of Trustees of the Village of Lemont, Counties of Cook, Will, and DuPage, Illinois this 26th day of August , 1996 ORDINANCE NO. /off? AN ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF A FIRST AMENDED AND RESTATED DECLARATION OF TRUST 'WHEREAS, the Village of Lemont, 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 of Illinois (the "State") and has determined that such joint investment is in the best interests of the Village and its residents; and WHEREAS, 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 WHEREAS, the Intergovernmental Cooperation Act, as amended, provides a statutory framework 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 WHEREAS, Section 1 -1 -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 corporations or governmental subdivisions or districts, all of the powers set forth in the Municipal Code; and WHEREAS, 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 WHEREAS, treasurers of certain Illinois municipalities have established the Illinois Metropolitan Investment Fund (the "Fund"), with the assistance of the five metropolitan Chicago Councils 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 amended, 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 "). WHEREAS, 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 WHEREAS, the corporate authorities of each Participant's municipality must also authorize the Declaration of Trust; and WHEREAS, the Village Board of the Village of Lemont (the "Village Board") deems it necessary and in the best interests of the Village to participate in the Fund by having the Treasurer of the Village become a Participant; and NOW, THEREFORE BE IT ORDAINED BY THE VILLAGE BOARD OF THE VILLAGE OF LEMONT, ILLINOIS, IN THE EXERCISE OF ITS POWERS, AS FOLLOWS: Section 1. The preambles to this Ordinance are hereby found and determined to be true, correct and complete and are hereby incorporated into the text of this Ordinance 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 Jean Nona , the Treasurer of the Village, is hereby authorized to become and additional Participant of the Fund. Section 3. The President and Village Clerk and other officers or employers 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 Ordinance. 2 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 Ordinance shall be in full force and effect forthwith upon its adoption. PASSED this 02-6) day of August, 1996 AYES: NAYS: ABSENT: Chin, Latz, Markiewicz, Rimbo, Schobert 0 Buschman APPROVED this G day of Augu ATTEST: Village Clerk 3 ACCEPTANCE AND APPROVAL OF FIRST AMENDED AND RESTATED DECLARATION OF TRUST DATED AS OF JULY 1,1996 The undersigned, having been authorized by Ordinance Number , adopted by the Village Board of the Village of Lemont, Illinois, on the -2G day of , 1996, to become an additional Participant of the Illinois Metropolitan Investment Fund (th "Fund"), hereby approves and accepts the First Amended and Restated Declaration of Trust, dated as of July 1, 1996 and agrees to be bound by its terms with respect to the Fund. Attest: Village Clerk (Village Seal) Dated as of , 1996 4 Village Treasurer Jean M. Nona ILLINOIS METROPOLITAN INVESTMENT FUND New Account Application e this form to open a new Fund account or to amend an existing account. For additional information or help with this application, please call 708 - 450 -0100, ext. 252. etum the signed application to: Illinois Metropolitan Investment Fund c/o William Stafford 1127 S. Mannheim Road, Suite 102 Westchester, IL 60154 e following must accompany this application: (i) a designation of the person(s) authorized to effect transactions with IMET including: a verification of signatures, and (it) Bence of authority to participate in IMET in the form of an ordinance approving the IMET Declaration of Trust and a resolution allowing the treasurer to invest in IMET. a gistration and Mailing Address ;count title Contact Name reet Address City State Zip Code ontact Phone Number Contact Facsimile Number vestment Instructions (after the application has been approved by IMET): To purchase the Fund, please call the Municipal Services Desk at 1- 800 -822 -9335, Purchases can be made on any business day between 7:00 AM and 12:00 noon Central time. The initial purchase must be 550,000 or more. Each purchase must be followed by a wire transfer in federal funds to the following address: NBD ABA #: 072000326 For further credit to G.L.: 325606 FBO: IMET (Your Account Number with IMET) vestment Authorization By signing this New Account Application form, the undersigned: (i) represents and warrants that he/she has the power and authority to make the investment(s) applied for pursuant to this Application; (ii) agrees that the Illinois Metropolitan Investment Fund, its investment advisor, administrator and custodian, The First National Bank of Chicago and any of their subsidiary or affiliates, and the respective officers, directors, trustees, employees and agents of each of the foregoing shall be indemnified and held harmless by the undersigned from and against any loss damage, expense or cost (including but not limited to attomey's fees) for acting upon any instructions or inquiries believed genuine. .xpayer Certification Under the penalties of perjury, I (we) certify: DI that the Social Security Number(s) or Taxpayer Identification Number(s) shown below on this form is (are) my (our) correct Taxpayer identification Number(s), and [ii) that 1 (we) am (are) not subject to backup withholdings either because I (we) have not been notified that I (we) am (are) subject to backup withholdings as a result of a failure to report all dividends, or the Internal Revenue Service has notified me (us) that I (we) am (are) no longer subject to backup withholdings. Failure by non - exempt taxpayers to fumish the correct Taxpayer Identification Number will result in withholding of 20% of all taxable dividends paid to your account and/or withholding on certain other payments to you (this referred to as 'backup "). NOTE: Strike out item (ii) if you have been notified that you are subject to backup withholding by the IRS and you have not received a notice from the IRS advising you that backup withholding has been terminated. Registered owner is: Taxpayer ID Number I Govemment Entity /Agency j I Other lnature(s) The undersigned has had an opportunity to review the Fund's investment Circular, First Amended and Restated Declaration of Trust . before signing this application. investments in the Fund are subject to the terms of these documents. Principal value and yield of investments in IMET will fluctuate. Investments are subject to risk and a participant may experience a gain or loss upon redemption. Neither the principal value of the Fund or Its yield are guaranteed. nature & Title Signature & Title :t Name ce Use Only Print Name c2. / 7 /� Da Account Number