HomeMy WebLinkAbout91-5-4607185
ORDINANCE NO. 91-5-4607
AN ORDINANCE AUTHORIZING THE CITY OF PADUCAH,
KENTUCKY, TO PARTICIPATE IN THE KENTUCKY LEAGUE OF CITIES
"INVESTMENT POOL PLUS" PROGRAM
WHEREAS, the City of Paducah has been presented
with and has reviewed an Information Statement dated
March 9, 1990, for a cash management and investment program
known as the Kentucky League of Cities Investment Pool Plus;
and
WHEREAS, the City has determined that partici-
pation in this program for the purpose of the joint invest-
ment of monies with other local governments will result in
economies of scale that should enhance the investment
earnings accruing to the City while preserving the principal
of the City's investment.
BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY:
SECTION 1. The City of Paducah hereby approves
and adopts the Interlocal Cooperation Agreement and
Declaration of Trust as described in the Information
Statement on file in the Office of the Secretary of State of
the Commonwealth of Kentucky.
SECTION 2. The Mayor is authorized to execute and
deliver the Interlocal Cooperation Agreement and all other
documents as may be necessary, and otherwise to evidence the
City of Paducah's approval and participation in the above
program, and the City Clerk is authorized to attest such
signature and to sign such documents and take such actions
as may be directed by the Mayor, and their respective
signatures shall constitute conclusive evidence of their
approval of such documents signed by them.
SECTION 2. The City Manager and the Finance
Director are designated as Authorized Officials with
authority to effectuate the investment and withdrawal of
monies from time to time in accordance with the Declaration
of Trust. The Finance Director shall advise the Fund of any
changes in authorized officials, in accordance with
procedures established by the Fund.
SECTION 3. The provisions of this Ordinance are
severable, and if any section, phrase or provision hereof
shall for any reason be declared invalid or unenforceable,
_
such declaration shall not affect the validity of the
remainder hereof. If any ordinance, resolution, order or
part there is in conflict with the provisions of this
ordinance, the provisions hereof shall prevail and be given
effect.
186
SECTION 4. This ordinance shall be read on two
separate days and will become effective upon publication of
title and a certified summary thereof.
GE RR B. MONTGOMERY
Mayor
Introduced by the Board of Commissioners April 23, 1991
Adopted by the Board of Commissioners May 14, 1991
Recorded by Lenita Smith, City Clerk, May 14, 1991
Published by The Paducah Sun May 20, 1991.
ord/kmlpool