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Home My WebLink About2019-012 Amended and Restated Interlocal Agreement - FLSTAR RESOLUTION NO. 2019-012 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF OCOEE,FLORIDA AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDED AND RESTATED INTERLOCAL AGREEMENT FOR THE PURPOSE OF JOINTLY EXERCISING ITS POWER TO INVEST SURPLUS FUNDS IN AN INTERGOVERNMENTAL INVESTMENT POOL PURSUANT TO SECTION 218.415,FLORIDA STATUTES,AND SECTION 163.01, FLORIDA STATUTES; APPROVING THE INVESTMENT OF CERTAIN SURPLUS FUNDS IN THE FLORIDA SHORT TERM ASSET RESERVE; APPOINTING AN AUTHORIZED REPRESENTATIVE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS,Section 218.415, Florida Statutes, authorizes any governmental entity within the State of Florida (the "State") and not part of State government, including, but not limited to, counties,municipalities,school districts,special districts,clerks of circuit court,sheriffs,property appraisers,tax collectors,supervisors of elections,authorities,boards,public corporations,or any other political subdivision of the State(each a"Unit of Local Government"and,collectively,"Units of Local Government") to invest and reinvest any surplus funds in their control or possession in any intergovernmental investment pool authorized pursuant to Section 163.01, Florida Statutes; and WHEREAS, Section 163.01, Florida Statutes, permits political subdivisions, agencies, or officers of the State, including, but not limited to State government, counties, cities, school districts, single and multipurpose special districts, single and multipurpose public authorities, metropolitan or consolidated governments, separate legal entities or administrative entities created under Section 163.01(7), Florida Statutes, or independently elected county officers (each a "Public Agency" and, collectively, "Public Agencies"), to enter into an interlocal agreement to jointly exercise any power, privilege, or authority which such Public Agencies share in common and which each might exercise separately, permitting the Public Agencies to make the most efficient use of their powers by enabling them to cooperate on a basis of mutual advantage and thereby provide for the sharing of their powers in a manner and pursuant to forms of governmental organization that are in the best interests of the Public Agencies; and WHEREAS, the City of Ocoee, Florida is a Public Agency, and is authorized pursuant to Section 218.415 of the Florida Statutes,and its own local laws to invest certain of its surplus funds in statutorily permitted investments, including, but not limited to, any intergovernmental investment pool authorized pursuant to Section 163.01, Florida Statutes; and WHEREAS,the City of Ocoee,Florida previously approved an Interlocal Agreement and Trust Instrument for the Florida Short Term Asset Reserve on June 19, 2018 by Resolution No. 2018-015 (the "Original Resolution"); and 1 WHEREAS, the City of Haines City, Florida, also entered into the Interlocal Agreement and Trust Instrument for the Florida Short Term Asset Reserve (the "Original Interlocal Agreement"), which became effective on March 21, 2019; and WHEREAS,the City of Ocoee,Florida and the City of Haines City,Florida wish to amend and restate the Original Interlocal Agreement by entering into that certain Amended and Restated Interlocal Agreement which is attached hereto as Exhibit A (as may be further amended or supplemented from time to time pursuant to its terms, the "Interlocal Agreement"), in order to increase the benefits to be attained by the Interlocal Members (as defined in the Interlocal Agreement), by the intergovernmental investment pool known as the Florida Short Term Asset Reserve ("FLSTAR"), which is an intergovernmental investment pool as described in Section 218.415, Florida Statutes, to-wit: (a) participate in diversified and professionally managed Portfolios (as defined in the Interlocal Agreement) to meet investment needs, (b) create greater purchasing powers through economies of scale,(c)lower the costs associated with the investment and reinvestment of surplus funds;and(d)be provided assistance on investment alternatives and other investment issues of concern;and WHEREAS, FLSTAR is to be managed, operated, and supervised by a board of trustees, which is a separate legal entity and public body corporate and politic pursuant to Section 163.01(7), Florida Statutes; and WHEREAS, the City of Ocoee, Florida further desires to invest and reinvest a portion of its surplus funds in FLSTAR; and WHEREAS, the City of Ocoee, Florida has adopted written investment policies authorizing investment in intergovernmental investment pools authorized pursuant to Section 163.01, Florida Statutes, and with respect to the funds to be invested in such intergovernmental investment pools, all authorized investments set forth in the investment policies of such intergovernmental investment pools. NOW, THEREFORE, BE IT RESOLVED by the City Commission of the City of Ocoee, Florida as follows: SECTION 1. AUTHORITY.This Resolution of the City of Ocoee,Florida (the "City") is adopted pursuant to the provisions of Section 163.01, Florida Statutes (the "Interlocal Act"), Section 218.415, Florida Statutes (the "Local Government Investment Act"), and other applicable provisions of law (collectively, the "Act"). 2 SECTION 2. INTERLOCAL AGREEMENT. (a) Pursuant to Article VI of the Interlocal Agreement, the City hereby approves and joins the Interlocal Agreement, a copy of which is attached hereto as Exhibit A and incorporated herein by reference, as an Initial Interlocal Member and agrees to be bound by all of the terms and provisions thereof. (b) The Mayor,as attested by the City Clerk,or their duly authorized designee, are hereby authorized and directed to execute and deliver the Interlocal Agreement, with such changes, amendments, modifications, deletions, and additions as may be approved by the Mayor or his or her duly authorized designee, the execution thereof being conclusive evidence of such approval. (c) The Interlocal Agreement constitutes a joint exercise of power, privilege, or authority by and between the Interlocal Members thereunder and is deemed to be an"interlocal agreement"within the meaning of the Interlocal Act.The City shall cause this Resolution and the Interlocal Agreement with the Clerk of the Circuit Court in the County of the City or in the county where FLSTAR maintains its principal place of business, as provided in section 163.01(11), Florida Statutes. SECTION 3. INVESTMENT IN FLSTAR; APPOINTMENT OF AUTHORIZED REPRESENTATIVE; TAX PAYER IDENTIFICATION NUMBER; CONTACT INFORMATION. (a) The City is hereby authorized to invest and reinvest a portion of its surplus funds in one or more Portfolios of FLSTAR. The City hereby acknowledges the board of trustees' power to supervise FLSTAR and hereby agrees the surplus funds transferred to FLSTAR shall be held and managed in trust by the board of trustees for the City's benefit. (b) The officers, officials, or employees of the City designated as "Authorized Representatives"for purposes of the Interlocal Agreement in Resolution No. 2018-015 are hereby reapproved, ratified, and confirmed. The City confirms that is taxpayer identification number and contact information set forth in Resolution No. 2018-015 remains in full force and effect. SECTION 4. DIRECTION AND AUTHORITY. The officials, officers, attorneys, and other agents or employees of the City are directed and authorized to do all acts and things required of them by this Resolution and the Interlocal Agreement for the full, punctual, and complete performance of all the terms, covenants, and agreements provided for herein and therein, and each of the officials, officers, attorneys, or other agents or employees are hereby authorized and directed to execute and deliver any and all papers and instruments (including any agreements 3 required for use of online portals related to FLSTAR) and to do and cause to be done all acts and things necessary or proper for carrying out the activities and actions contemplated by this Resolution and the Interlocal Agreement. SECTION 5. INVESTMENT POLICIES. With respect to the surplus funds to be invested in FLSTAR, to the extent the written investment policies of the City adopted pursuant to Section 218.415,Florida Statutes(the "Investment Policies"), is inconsistent with the investment policies of FLSTAR, the City hereby amends the Investment Policies to include as an authorized investment FLSTAR and all authorized investments set forth in the investment policies of FLSTAR, as such investment policies may be amended from time to time in accordance with the Interlocal Agreement. SECTION 6. EFFECTIVE DATE. This Resolution shall take effect immediately upon its filing with the Clerk of the Circuit Court in the County of the City or in the county where FLSTAR maintains its principal place of business. PASSED AND ADOPTED at a meeting held on the 1241 y of4ACZI, 2019 APPROVED: ATTEST: CITY OF OCOEE, FLORIDA Melanie Sibbitt, City Clerk Rusty Jot Mayor (SEAL) APPROVED BY TH OCOEE CITY COMMISSION ON a. r / 2019 UNDER AGENDA ITEM 'O. 1p FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE,APPROVED AS TO FORM AND LEGALITY THIS2 bAY OF 4/6 . ,2019 SHUFFIELD,LOWMAN&WILSON By: City • torn• 4