HomeMy WebLinkAboutResolution No. 817-23 Florida Safe Investment PoolRESOLUTION NO. 817-23
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ZEPHYRHILLS, FLORIDA, AUTHOMZING AND DIRECTING
EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST
AND ESTABLISHING THE FLOMDA SURPLUS ASSET FUND;
AND PROVIDING AN EFFECTIVE DATE.
SECTION 1. DEFINITIONS. Unless the context of use clearly indicates
another meaning or intent, the following words and tenns as used in this Resolution shall
have the following meanings.
"City" shall mean the City of Zephyrhills, a municipal corporation organized
under the laws of the State of Florida.
"Clerk" shall mean the City Clerk or such other person as may be duly authorized
to act on his or her behalf.
"Council" shall mean the City Council of the City ofZephyrhills.
"FLSAFE or Trust" shall mean the Florida Surplus Asset Fund Trust.
"Investment Fund" or "Investment Funds" shall mean one or more tmst funds
established pursuant to the Indenture of Tmst to enable public entities to pool their
surplus funds for joint investment.
"Instrument of Adoption" shall mean the Instrument of Adoption between the
City and the Florida SAFE, in substantially the form appended hereto as Exhibit A.
"M:ayor" shall mean the Mayor of the City ofZephyrhills, or such other person as
may be duly authorized to act on his or her behalf.
"Resolution" shall mean this Resolution, as the same may from time to time be
amended, modified or supplemented.
"Indenture of Trust" shall mean the Indenture of Tmst, dated as of December
11, 2007, creating and establishing the Florida Surplus Asset Fund Tmst, as amended and
restated as of July 13, 2012.
SECTION 2. FINDINGS. It is hereby determined that:
(A) It furthers the public interest for the City to invest any monies not
immediately required to be disbursed and to maximize the net earnings on such funds.
(B) The Florida Surplus Asset Fund Tmst has been established pursuant to the
Indenture of Trust for the purpose of establishing one or more Investment Funds for
pooling surplus funds of public entities for joint investment.
(C) The City desires to have the Investment Funds available if they become an
advantageous investment for the City's surplus funds; the Investment Policy adopted
pursuant to Section 218.415, Florida Statutes, pennits investment in the Investment
Funds established by the Florida Surplus Asset Fund Tmst.
(D) The City is required to become a party to the Indenture of Tmst as a
condition precedent to participation in any Investment Fund.
SECTION 3. AUTHORIZATION OF INDENTURE OF TRUST. The
Council hereby authorizes and directs the Council President to execute, and the City
Clerk to attest under the seal of the City, the Instrument of Adoption for the purpose of
becoming a party to the Indenture of Tmst and evidencing the City's agreement to
become bound by the terms thereof. Upon execution and delivery of the Instmment of
Adoption by the City and the Florida Surplus Asset Fund Tmst, all of the terms and
provisions of the Instmment of Adoption shall be deemed to be a part of this Resolution
as fully and to the same extent as if incorporated verbatim herein. The Instmment of
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Adoption shall be in substantially the form attached hereto as Exhibit A, with such
changes, amendments, modifications, omissions and additions as may be approved by the
Council President. Execution of the Instrument of Adoption by the Council President
shall be deemed to be conclusive evidence of approval of such changes.
SECTION 4. EFFECTIVE DATE. This Resolution shall take effect
immediately upon its adoption.
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'Q,,TKe f6reg61^!Resolution No. 817-23 was passed in an open and regular meeting of the
... City Council b^he; City ofZephyrhills, Florida, on this 8th day of May, 2023
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^ori L,.'Qfflman, City Clerk
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Lane A. Smith, Council President
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Melonie Bahr Monson, Mayor
Approved as to legal form and legal content
for the reliance of the City ofZephyrhills only:
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MaTTliia^. Maggard, Ci
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Attorney
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EXHIBIT A
INSTRUMENT OF ADOPTION
Page 432 of 483
INSTRUMENT OF ADOPTION
For the Florida Surplus Asset Fund Trust
This Instrument of Adoption (Instrument") is executed as of the 8th day of May, 2023 by and
on behalf of City of Zephyrhills (hereinafter "The Participant''). Reference is made to that
certain Indenture of Trust for the Florida Surplus Asset Fund Trust (hereinafter "FLSAFE" or
"Trust", dated as of December 11, 2007, as amended and restated as of July 13, 2012, made by
and among certain Initial Participants (as defined therein) and such additional Participants who
may have heretofore and may hereafter join therein, and as may have been and may be
modified or amended as provided therein (the "Indenture of Trust"). Capitalized terms not
defined in this Instrument shall have the meanings given in the Indenture of Tmst.
WHEREAS, The City of Zephyrhills ("Participant") desires to pool its surplus public funds with other local government
entities by becoming a Participant, and purchasing shares of beneficial interest, in the Florida Surplus Asset Fund Trust
("FSAFE" or the "Trust"), a common law tmst under the laws of the State of Florida, and therefore passes the following
ordinance/resolution:
WHEREAS, Art. VIII, Sec. 2, Fla. Const., in part provides municipalities shall have governmental, corporate, and
proprietary powers to enable them to conduct municipal government, perform municipal functions, and render municipal
services, and may exercise any power for municipal purposes except as otherwise provided by law;
WHEREAS, Sec. 166.021, Fla. Stat., in part provides municipalities shall have the governmental, corporate, and
proprietary powers to enable them to conduct municipal government, perform municipal functions, and render municipal
services, and may exercise any power for municipal purposes, except when expressly prohibited by law, and further
defines a municipal purpose to mean activity or power which may be exercised by the state or its political subdivisions;
WHEREAS, Sec. 125.01, Fla. Stat., in part provides counties, by and through theu- legislative and governing bodies, shall
have the power to cany on county government and may exercise all powers and privileges not specifically prohibited by
law;
WHEREAS, Sec. 218.415, Fla. Stat., authorizes units of local government to invest and reinvest public funds in
excess of the amounts needed to meet current expenses in certain enumerated investments, in any other investments
authorized by the municipality or county by law or by ordinance or by a school district or special district by law or by
resolution, and in addition authorizes units of local government to invest and reinvest such surplus public fimds in any
intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act, as provided m Sec.
163.01,Fla.Stat.;
WHEREAS, Sec. 163.01, Fla. Stat., authorizes a political subdivision, agency, or officer of the State of Florida, including
but not limited to state government, county, city, school district, single and multipurpose special district, single and
multi-purpose public authority, metropolitan or consolidated government, a separate legal entity or administrative entity
created under subsection (7) of Section 163.01, Fla. Stat., or an independently elected county officer (each of the
foregoing a "Local Government Entity" or "Entity"), to exercise jointly with any other Entity any power, privilege,
or authority which such Entities share in common and which each might exercise separately;
WHEREAS, Sec. 163.01, Fla. Stat., further authorizes such public agencies to enter into contracts m the form of
interlocal agreements to accomplish such purposes;
WHEREAS, under the terms of an Indenture ofTmst dated as of December 11, 2007, as amended and restated as of July
13, 2012, relating to the Trust (the "Indenture ofTmst") any Local Government Entity desiring to participate in the Trust
as a member must become a party to the Indenture ofTmst;
WHEREAS, it is the intent of the Participant, with other Local Government Entities, to join in an intergovernmental
investment pool pursuant to Sections 163.01 and 218.415, Fla. Stat. and to enter into the Indenture of Tmst for such
purpose, and that the Indenture of Trust will serve as an interlocal agreement under Section 163.01, Fla. Stat.;
Page 433 of 483
WHEREAS, the Participant finds that the creation of an intergovernmental investment pool pursuant to the Indenture of
Trust serves a goveinmental purpose for the Participant and would therefore be in the best interests of the Participant, its
officials, officers, and citizens in that such a program would offer diversified and professionally managed portfolios to
meet investment needs, would result in economies of scale that would create greater purchasing powers, and would
thereby lower the costs traditionally associated with the investment of the assets of the Participant; and
WHEREAS, as the governing body of the Participant desires to participate in the Trust formed in accordance with the
aforesaid statutes, and to purchase shares therein as provided in the Indenture of Trust, in order to pool its surplus funds
with other Local Government Entities, and to otherwise participate in programs of the Tmst it has passed, in accordance
with applicable law the following ordinance/resolution;
By executing this Instmment, the undersigned represents and warrants the following:
. The Undersigned, who is the government official empowered to invest funds of the Participant, and each and every
successor in such function, is hereby authorized and directed to execute on behalf of the Participant the Indenture of
Trust and any other documents necessary to establish an account with the Tmst. The Representative is hereby
designated the "Treasurer" as that term is defined in the Indenture of Trust and is therefore authorized to invest surplus
public funds from the Participant's treasury by purchasing shares of the Trust with such available funds, and is authorized
to redeem, from time to time, part or all of such shares as funds are needed for other purposes, subject to the tenns and
restrictions of the Indenture of Trust.
. That the Undersigned has reviewed Article VIII, Section 2, of the Florida Constitution, Sections 166.021, 125.01,
218.415, and 163.01 of the Florida Statutes, and the merits ofmvesting in the Trust, including the Trust's liquidity, risk
diversification, flexibility, convenience, and cost compared to the alternative direct purchase of comparable investments.
. That the Undersigned finds that it is in the best interest of the Participant, its officials, officers, and citizens, to join
with other Local Government Entities in the Trust for the purpose of pooling suiplus public funds because the Trust
offers diversified and professionally managed portfolios to meet investment needs, and the pooling of such surplus
public funds 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 Participant.
. The Undersigned hereby expressly has the authority to participate in the Tmst as a member and to become a party to the
Indenture of Trust, which is adopted by reference with the same effect as if it had been set out verbatim herein.
. The Undersigned 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 Indenture of Trust.
. The Trustees of the Tmst are designated as having official custody of the Participant's funds which are invested by the
purchase of shares of beneficial interest in the Trust.
. That the Undersigned or those acting on behalf of the Treasurer shall make use of, from time to time, Fixed Income
Investments through a program ofFL SAFE but not a purchase of shares or an investment in FL SAFE, and which are
legal under Florida investment statutes and that which are also permitted by this Local Government Entity's investment
policy;
. That monies of this Local Government Entity may be invested at the discretion of the Treasurer or those acting on behalf
of the Treasurer in the Trust's Fixed Income Investment Program through the intermediaries PMA Securities, LLC and
PMA Financial Network, LLC and/or their successors, and held in safekeeping or custody in a financial institution
acceptable to PMA and this Local Government Entity;
Page 434 of 483
. That this Local Government Entity may open depository accounts, make pemiitted investments, enter into wire transfer
agreements, safekeeping agreements, third party surety agreements securing deposits, custodial programs (in which
deposits are placed on behalf of a participant by a custodian), collateral agreements, letters of credit, and lockbox
agreements with institutions participating in FL SAFE programs including BMO Harris Bank N.A., its successor, or
programs ofPMA Financial Network, LLC and PMA Securities, LI.C. Monies of this Local Government Entity may be
deposited in eligible depositories, from time to time in the discretion of the Authorized Officials, pursuant to the Fixed
Income Investment Program available to participants of the Trust through the intemiediaries PMA Financial Network,
LLC and PMA Securities, LLC. PMA Financial Net\vork, LLC and PMA Securities, LLC are authorized to act oil
behalf of this Local Government Entit)- as its agent with respect to such accounts and agreements; and
. That the Undersigned or those acting on behalf of the Treasurer may execute account agreements, applications and other
applicable documents and agreements, as necessary, with PMA Financial Network, LLC and PMA Securities, LLC and
BMO Harris Bank N.A. and./or their successors.
IN WITNESS WHEREOF, the undersigned has executed this Instrument as of the day first above written.
PARTICIPANT
CITY OF ZEPHYRHIL
By:
RIDA
Lance A. ^::iith. Council
Pres^d^tBy:
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The Representative (Treasurer as defined herein)
STATE OF FLORIDA
COUNTY OF
The foregoing instrument was sworn to and subscribed before me this -^-^ day of .
., 202^, by as Treasurer (as defined in the foregoing instrument) of (_^t^Gy ^9^^
'Va^Afj^A^ ^y^a-^
^i^entiflCation.
. Such person i ersonall know o me or he has produced (typeofidentificaticy^as ^
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LORI L. HILLMAN
^'i Notary Public - State of Florid*
<S: Commission # HH 254622
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