HomeMy WebLinkAboutRes 2011-17RESOLUTION NO. 2011-17
A RESOLUTION OF THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS, ARIZONA, APPROVING THE TRANSFER OF
INVESTMENT FUNDS FROM THE ARIZONA STATE TREASURER'S LOCAL
GOVERNMENT INVESTMENT POOL TO PFM ASSET MANAGEMENT.
WHEREAS, pursuant to the Town of Fountain Hills Investment/Cash Management
Policy, Amended and Restated December 2, 2010 (the "Investment Policy "), the Mayor and
Town Council (the "Town Council ") may invest reserve funds of the Town of Fountain Hills
(the "Town ") in certain eligible investments, as set forth in Subsection 8 -2 of the Investment
Policy ( "Eligible Investments "); and
WHEREAS, the Town has historically invested certain reserve funds with the Arizona
State Treasurer's Local, Government Investment Pool ( "LGIP "); and
WHEREAS, on May 19, 2011, the Town entered into a professional services agreement
with PFM Asset Management, LLC ( "PFM ") to provide the Town with professional investment
management services; and
WHEREAS, the Town Council desires to approve the transfer of $15,000,000 from the
LGIP to PFM for the purpose of investing in Eligible Investments at an improved rate of return
over the LGIP.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF FOUNTAIN HILLS as follows:
SECTION 1. The recitals above are hereby incorporated as if fully set forth herein.
SECTION 2. The transfer of $15,000,000 from the Arizona State Treasurer's Local
Government Investment Pool to PFM Asset Management for the purpose of investment in
Eligible Investments is hereby approved.
SECTION 3. The Mayor, the Town Manager, the Town Clerk and the Town Attorney
are hereby authorized and directed to take all steps necessary to cant' out the purpose and intent
of this Resolution.
[SIGNATURES ON FOLLOWING PAGE]
1569676.1
PASSED AND ADOPTED by the Mayor and Council of the Town of Fountain Hills,
Arizona, September 15, 2011.
FOR THE TOWN OF FOUNTAIN HILLS:
.klyfAchlum. Mayor
REVIEWED BY:
Mlle Cola ti, Inte rn Town Manager
1)
ATTESTED TO:
� W,1 1 1,
A 1' 1' IZOVED AS TO FORM:
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Andrew J. McGuire, Town Attorney