2019-012 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
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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").
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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
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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•
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