S-870 - 02/11/1997 - FINANCE - Ordinances ORDINANCE 97-AG-IMET-EI-S-870
AN ORDINANCE APPROVING AND AUTHORIZING EXECUTION OF
A FIRST AMENDED AND RESTATED DECLARATION OF TRUST
("ILLINOIS METROPOLITAN INVESTMENT FUND")
WHEREAS, the Village of Oak Brook, Illinois (the "VILLAGE") desires to
participate in the joint investment of certain of its funds in accordance with
the Constitution and laws of the State of Illinois (the "STATE") and has
determined that such joint investment is in the best interests of the VILLAGE
and its residents; and
WHEREAS, Section 10 of Article VII of the Constitution of the STATE
provides that the STATE shall encourage intergovernmental cooperation and use
its technical and financial resources to assist intergovernmental activities
among its units of local government; and
WHEREAS, the Intergovernmental Cooperation Act, as amended, provides a
statutory framework that supplements the constitutional grant of inter-
governmental cooperation powers found in said Section 10 of Article VII; and
WHEREAS, Section 5 of the Intergovernmental Cooperation Act, as amended,
provides that any one or more municipalities may contract with any one or more
other municipalities to perform any governmental service, activity or
undertaking which any of the municipalities entering into the contract is
authorized by law to perform, provided that such contract shall be authorized
by the corporate authorities of each party of the contract; and
WHEREAS, such contract shall set forth fully the purposes, powers,
rights, objectives and responsibilities of the contracting parties; and
WHEREAS, Section 1-1-5 of the Illinois Municipal Code, as amended (the
"MUNICIPAL CODE") , provides among other things, that the corporate authorities
of each municipality may exercise jointly, with one or more other municipal
corporations or governmental subdivisions or districts, all of the powers set
forth in the MUNICIPAL CODE; and
WHEREAS, Section 3.1-35-50 of the MUNICIPAL CODE provides, among other
things, that each municipal treasurer is permitted to join with other
municipal treasurers or municipalities for the purpose of investing the
municipal funds of which the treasurer has custody; and
WHEREAS, treasurers of certain Illinois municipalities have established
the Illinois Metropolitan Investment Fund (the "FUND") with the assistance of
the five metropolitan Chicago Councils of Government, for the purpose of
combining their respective available investment funds so as to enhance the
investment opportunities available to them and increase the investment
earnings accruing to the benefit of the respective municipalities on behalf of
which they act; and
WHEREAS, the FUND'S assets can only be invested in instruments
authorized by the Public Funds Investment Act, as amended, and
97-AG-IMET-EI-S-870
First Amended and Restated
Declaration of Trust (IMET)
Page 2
WHEREAS, pursuant to a Declaration of Trust, dated as of September 1,
1995, (the "ORIGINAL DECLARATION") certain municipal treasurers (known as
"PARTICIPANTS") entered into an agreement establishing an entity for joint
investment for the purpose of combining their respective available investment
funds so as to enhance the investment opportunities available to them and
increase the investment earnings accruing to the benefit of the respective
municipalities on behalf of which they acted, pursuant to the aforementioned
constitutional and statutory authority; and
WHEREAS, the ORIGINAL DECLARATION was amended and restated by adoption
of that certain First Amended and Restated Declaration of Trust, dated as of
July 1, 1996 (the Original Declaration, as amended by the Amended and Restated
Declaration of Trust, hereinafter referred to as the "DECLARATION OF TRUST") ;
and
WHEREAS, no municipal treasurer shall become a PARTICIPANT of the FUND
unless and until such officer has adopted the DECLARATION OF TRUST and iden-
tified the municipality with respect to the FUNDS of which he is acting; and
WHEREAS, the corporate authorities of each PARTICIPANT'S municipality
must also authorize the DECLARATION OF TRUST; and
WHEREAS, the Village Board of the Village of Oak Brook ("VILLAGE BOARD")
deems it necessary and in the best interests of the VILLAGE to participate in
the FUND by having the Treasurer of the VILLAGE become a PARTICIPANT;
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF OAK BROOK, DU PAGE AND COOK COUNTIES, ILLINOIS as follows:.
Section 1: That the provisions of the preamble hereinabove set forth
are hereby adopted as though fully set forth herein.
Section 2: That the First Amended and Restated Declaration of Trust is
attached hereto as Exhibit A and by this reference incorporated herein and
made a part hereof, is hereby adopted, and Darrell J. Langlois, the Treasurer
of the VILLAGE, is hereby authorized to become an additional PARTICIPANT of
the FUND.
Section 3: That the President and Village Clerk and other officers or
employers of the VILLAGE are hereby empowered and directed to execute and
deliver all documents, certificates and other instruments necessary to further
the intent and purpose of this Ordinance.
Section 4: That all ordinances, resolutions or motions in conflict
herewith be and the same are hereby superseded to the extent of such conflict,
and that this Ordinance shall be in full force and effect forthwith upon its
adoption.
97-AG-IMET-E1-s-$70
First Amended and Restated
Declaration of Trust (IMET)
Page 3
PASSED THIS 11th day of February, 1997.
Ayes: Trustees Kenny, Payovich, Savino and President Bushy
Nays: None
Absent: Trustees Bartecki, McInerney and Shumate
Abstain: None
O� ®�APPROVED THIS 11th day of February, 1997.
i lage President
a� ;µ ATTEST
t
�� ^1:3• _5 ���h
e Clerk
Approved as to Form:
Village Attorney
Published 2-12-97 Pamphlet form
Date Paper
Not Published
EXHIBIT A
ACCEPTANCE AND APPROVAL OF
FIRST AMENDED AND RESTATED DECLARATION OF TRUST
DATED AS OF JULY 1, 1996
The undersigned, having been authorized by Ordinance 97-AG-IMET-E1-S-870 ,
adopted by the Village Board of the Village of Oak Brook, Illinois, on the 11th day of
February, 1997,to become an additional participant of the Illinois Metropolitan Investment
Fund (the "FUND"), hereby approves and accepts the First Amended and Restated
Declaration of Trust, dated as of July 1, 1996 and agrees to be bound by its terms with
respect to the Fund.
Village Trea urer
Attest:
tlage Cerk�a�
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Dated as of February 11 1997