A
RESOLUTION
RESOLUTION
NO. 3748
of
the
Port Commission
of
the Port
of
Seattle
restating
the
Port
of
Seattle Statement
of
Investment Policy; repealing Resolution No. 3663
in
its entirety; and adopting the State Treasurer's
Resolution Authorizing Investment
of
the Port
of
Seattle's Monies in the
Local
Government
Investment Pool.
WHEREAS,
on
December 11, 2001, the Port Commission adopted Resolution No. 3476
appointing the Chief Financial Officer
of
the Port
as
the
Treasurer
of
the Port ("Port Treasurer")
pursuant
to
RCW
53.36.010; and
WHEREAS,
the Port Treasurer developed a Port
of
Seattle Statement
of
Investment
Policy ("Policy") in order
to
facilitate the exercise
of
the
Port Treasurer's responsibilities; and
WHEREAS,
pursuant
to
Resolution
No.
3487, the Port Commission adopted the Policy
effective June 11, 2002; and
WHEREAS,
consistent
with
the Association
of
Public Treasurers
of
the United States
and
Canada
and
the
Government Finance Officers' Association best practices, the Chief Financial
Officer completed a review
(?f
the Policy resulting in the Port Commission's ad~ption
of
Resolution No. 3569
on
December 12, 2006; and
WHEREAS,
the Policy was subsequently restated and amended by Port Commission
Resolution No. 3589 (repealed) and Resolution
No.
3663; and
WHEREAS,
the investment objectives
of
the
Policy are
to
ensure the safety
of
the
principal, maintain liquidity
of
the Port's investment portfolio, and
seek
a yield reflecting a
market rate
of
return;
and
WHEREAS,
sections nine and ten
of
the Policy list authorized investments and
their
diversification parameters;
and
WHEREAS,
Port
of
Seattle staff recommends including
the
Local
Government
Investment Pool
{LGIP)
as
an
authorized investment,
an
additional option
to
invest short-term
cash,
to
enhance
the
Policy's liquidity investment objective; and
WHEREAS,
the Washington State Treasurer's Office requires local governments
to
authorize participation in the
Local
Government Investment Pool by resolution in
the
form
prescribed by
that
office;
NOW,
THEREFORE,
BE
IT
RESOLVED
by
the
Port Commission
of
the Port
of
Seattle
as
follows:
Section
1.
Resolution No. 3663
is
repealed.
Section
2.
The restated Port
of
Seattle Statement
of
Investment Policy
is
established
to
include the
Local
Government Investment Pool
{LGIP)
as
an
authorized investment,
as
provided
in
Exhibit
A.
Section
3.
The State
of
Washington Treasurer's Office Resolution Authorizing
Investment
of
the Port
of
Seattle's Monies
in
the
Local Government Investment Pool
is
adopted,
as
provided in Exhibit
B.
ADOPTED
by
the
Port Commission
of
the Port
of
Seattle at a duly noticed meeting
thereof, held this
J}
v.,J.._
day
of
Mfr
y . 2018, and duly authenticated in open
session
by
the signatures
of
the Commissioners voting in favor
thereof
and the
seal
of
the
Commission.
R
YAN
CALKIN
S
COURTNEY
G!iEGO!RE
Pl:TER
STE!NBRUECK
EXHIBIT B
TO
RESOLUTION
NO.
3748
RESOLUTION
AUTHORIZING
INVESTMENT
OF
THE PORT
OF
SEA
TILE'S
MONIES
IN
THE
LOCAL GOVERNMENT INVESTMENT
POOL
Updated 2013
RESOLUTION AUTHORIZING INVESTMENT
OF PORT OF SEA
TILE'S
MONIES
IN
THE
LOCAL GOVERNMENT INVESTMENT POOL
WHEREAS,
pursuant
to
Chapter
294,
Laws
of 1986, the Legislature created a
trust
fund to be
known
as the public funds investment account (commonly referred to as the Local
Government Investment Pool (LGIP)) for the contribution
and
withdrawal
of
money
by
an
authorized governmental entity for
purposes
of investment
by
the Office of the State
Treasurer;
and
WHEREAS, from time to time it
may
be
advantageous
to
the authorized governmental
entity, PORT OF SEATTLE, the "governmental entity", to contribute funds available for
investment
in
the LGIP;
and
WHEREAS, the investment strategy for the LGIP is set forth
in
its policies
and
procedures;
and
WHEREAS,
any
contributions
or
withdrawals
to
or
from the LGIP
made
on
behalf of
the governmental entity shall
be
first
duly
authorized
by
the Port of Seattle Commission, the
"governing
body"
or
any designee of the governing
body
pursuant
to this resolution.
or
a
subsequent resolution;
and
WHEREAS the governmental entity will cause to be filed a certified copy of said
resolution
with
the Office of the State Treasurer;
and
WHEREAS the governing
body
and any
designee
appointed
by
the governing
body
with authority to contribute
or
withdraw
funds
of
the governmental entity
has
received and
read a copy of the prospectus
and
understands
the risks
and
limitations of investing
in
the
LGIP; and
.WHEREAS, the governing
body
attests
by
the sign.ature of its members
that
it is
duly
authorized
and
empowered
to enter into this agreement, to direct the contribution
or
withdrawal of governmental entity monies,
and
to delegate certain authority to make
adjustments to the incorporated transactional forms, to the individuals designated herein.
NOW THEREFORE,
BE
IT RESOLVED
that
the governing
body
does hereby authorize
the contribution
and
withdrawal
of governmental entity monies
in
the LGIP
in
the
manner
prescribed
by
law, rule,
and
prospectus.
BE
IT
FURTHER RESOLVED
that
the governing
body
has
approved
the Local
Government Investment Pool Transaction Authorization Form (Form) as completed
by
Treasury Manager
and
incorporates said form into this resolution
by
reference
and
does
hereby attest to its accuracy.
BE
IT
FURTHER RESOLVED
that
the governmental entity designates the Port of
Treasurer, Dan Thomas, Chief Financial Officer, the "authorized individual" to authorize all
amendments, changes,
or
alterations to the
Form
or
any other documentation including the
Updated 2013
designation of
other
individuals to make contributions
and
withdrawals
on
behalf of the
governmental entity.
BE
IT FURTHER RESOLVED
that
this delegation
ends
upon
the written notice,
by
any
method
set forth
in
the prospectus, of the governing
body
that
the authorized individual
has
been
terminated
or
that
his
or
her
delegation
has
been
revoked. The Office of the State
Treasurer will rely solely
on
the governing
body
to
provide
notice of such revocation
and
is
entitled to rely
on
the authorized individual's instructions until
such
time as said notice
has
been
provided.
BE
IT
FURTHER RESOLVED
that
the
Form
as incorporated into this resolution
or
hereafter
amended
by
delegated authority,
or
any
other
documentation signed
or
otherwise
approved
by
the authorized individual shall
remain
in
effect after revocation of the
authorized individual's delegated authority, except to the extent
that
the authorized
individual whose delegation
has
been
terminated shall
not
be
permitted
to make further
withdrawals
or
contributions to the LGIP
on
behalf of the governmental entity.
No
amendments, changes,
or
alterations shall be
made
to the Form
or
any other documentation
until the entity passes a
new
resolution naming a
new
authorized individual;
and
BE
IT
FURTHER RESOLVED
that
the governing
body
acknowledges
that
it
has
received, read,
and
understood
the prospectus as
provided
by
the Office of the State
Treasurer.
In
addition, the governing
body
agrees
that
a copy of the prospectus will be
provided
to
any
person
delegated
or
otherwise authorized to make contributions
or
withdrawals into
or
out
of the LGIP
and
that
said individuals will
be
required to read the
prospectus
prior
to
making
any
withdrawals
or
contributions
or
any
further withdrawals
or
contributions if authorizations are already
in
place.
PASSED
AND
ADOPTED
by
the Commission of the Port of Seattle, State of Washington
on
this
J-J-n
d
day
of May
2018.
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Co~,,,-.....;""--
RYAN
CALKINS
~ -
RE
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TITLE
Updated 2013