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2012-44 Participation in Florida Prime RESOLUTION 2012-44 • A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA, AUTHORIZING PARTICIPATION IN THE LOCAL GOVERNMENT SURPLUS FUNDS TRUST FUND (FLORIDA PRIME); PROVIDING FOR CONFLICTS; AND PROVIDING FOR AN EFFECTIVE DATE. WHEREAS, the Village of North Palm Beach ("Participant") is a government entity within the State of Florida not part of state government, namely a municipality, as described in Section 218.403(11), Florida Statutes, and as authorized by Sections 218.407 and 215.44(1), Florida Statutes, and is empowered to delegate to the State Board of Administration of Florida the • authority to invest legally available funds in the Local Government Surplus Funds Trust Fund (Florida PRIME) and to act as custodian of investments purchased with such investment funds; and WHEREAS, it is in the best interest of Participant to invest its legally available funds in investments that provide for safety, liquidity, and competitive returns with minimization of risks consistent with Chapter 218.405, Florida Statutes; and WHEREAS, the Florida Local Government Surplus Funds Trust Fund (Florida PRIME), a public funds investment pool, was created on behalf of entities whose investment objectives, in order of priority, are safety, liquidity, and competitive returns, consistent with Chapter 218.405, Florida Statutes. NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA as follows: Section 1. The foregoing recitals are hereby ratified and are incorporated herein. Section 2. Participant approves this Authorizing Resolution and hereby requests the establishment of an account in its name in Florida PRIME, for the purpose of transmitting funds that the Participant has determined to be legally available for investment in Florida PRIME. Section 3. The individual, whose title is Mayor, is an authorized representative of the Participant and is hereby authorized to transmit funds for investment in Florida PRIME and is further authorized to withdraw funds from time to time, to issue letters of instruction, and to take all other actions deemed necessary or appropriate for the investment of the Participant's funds. The authorized representative identified above shall execute a Participant Account Maintenance Form (PAMF) containing a list of the authorized representatives to initiate transactions, bank account wiring instructions, and individuals authorized to make changes to account information. A revised PAMF may be submitted with changes to authorized individuals without the necessity to complete a new Authorizing Resolution. • Page 1 of 2 Section 4. This Authorizing Resolution shall continue in full force and effect until amended or revoked by the Participant and until Florida PRIME receives an original document of any such • amendment or revocation. Section 5. Participant further authorizes the Mayor to execute the Florida PRIME Disclosure Statement, a copy of which is attached hereto and incorporated herein by reference. Section 6. All resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent of such conflict. Section 7. This Resolution shall take effect immediately upon adoption. PASSED AND ADOPTED THIS 9th DAY OF AUGUST, 2012. rrrrt,,, \();i /'+�''''./ 111011111,,' oil (Village Seal) •r OR ATTEST: �, VILLAGE CLERK • Page2of2 le FLORIDA '-iiilv ME p, AN INVESTMENT SERVICE FOR PUBLIC FUNDS Disclosure Statement For Participation in the Local Government Surplus Funds Trust Fund (Florida PRIME) This Disclosure Statement(the"Statement")is made and entered into by and between the State Board of Administration of Florida (the "SBA")and Village of North. Palm Beach (the"Participant"). WHEREAS, Chapter 218.405, Florida Statutes, creates a public funds investment pool to which any local government of the State of Florida may delegate,by Authorizing Resolution,the authority to hold legal title as custodian and to make investments purchased with local surplus funds; WHEREAS, the SBA is authorized pursuant to Chapter 218.409, Florida Statutes to receive, transfer, and disburse surplus money and securities belonging to"units of local governments"of the state(as defined herein); • WHEREAS, the Local Government Surplus Funds Trust Fund (Florida PRIME) is a public funds investment pool, which funds are invested in certain eligible investments as more fully described in the enrollment materials; WHEREAS,the SBA is authorized pursuant to Section 215.44, Florida Statutes to invest the funds of state agencies,state universities and colleges and direct support organizations of any of the foregoing in Florida PRIME; WHEREAS,the Participant has determined that it is authorized to invest in Florida PRIME created under the. Florida Statutes and has adopted the required Authorizing Resolution to permit the SBA to invest and reinvest funds of the Participant in Florida PRIME; WHEREAS, the Participant acknowledges that the SBA is not responsible for independently verifying the Participant's authority to invest under the statutes; WHEREAS, the Participant acknowledges that the performance of Florida PRIME is not guaranteed by the State of Florida, the SBA or any other governmental entities;and NOW THEREFORE,for and in consideration of the mutual promises,covenants and agreements herein contained,the receipt and sufficiency of which are hereby acknowledged,the parties hereto agree with each other as follows: The Disclosure Statement.The Participant must execute this Disclosure Statement, an Authorizing Resolution and a completed Participant Account Maintenance Form designating person(s)to serve as Authorized Representatives of the Participant before depositing any funds into Florida PRIME. Acknowledgement of Disclosure.The following signatory is a duly appointed,actin g,and qualified officer of the Participant,who,in the capacity set forth above is authorized to execute this Statement. Further the Participant hereby acknowledges receipt and review of these enrollment materials which includes the New Participant Enrollment Guide,Authorizing Resolution,this Disclosure Statement,Florida PRIME Investment Policy Statement, applicable Rules,and other historical financial information also posted on the Florida PRIME website. At the SBA's discretion, modifications to these documents may be posted on the Florida PRIME website. The Participant will have up to 45 days to withdraw their funds from the Florida PRIME or the modifications will be deemed accepted by the Participant. Villaif North Pa` each August g', 2012 PAR iyi lift DATE: --®i_ Mayor GNATURE: TITLE: David B. Norris dnorris @village-npb.org PRINTED NAME: EMAIL: ©Copyright 2012 State Board of Administration(SBA)of Florida