R-09-07RESOLUTION NO. R -09 -07
A RESOLUTION APPROVING AND AUTHORIZING
EXECUTION OF A FIRST AMENDED AND RESTATED DECLARATION OF TRUST
WHEREAS, the Village of Deerfield, 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
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 intergovernmental 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
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 and
incorporating amendments dated January 28, 1999, January 27, 2000, March 22, 2002, March 18,
2004, and May 9, 2007 (the Original Declaration, as amended by the Amended and Restated
Declaration of Trust, hereinafter referred to as the "Declaration of Trust ').
WHEREAS, no municipal treasurer shall become a Participant in the Fund unless and
until such officer has adopted the Declaration of Trust and identified 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 of Deerfield deems it necessary and in the best interests of the
Village to participate in the Fund by having the Village become a Participant; and
NOW, THEREFORE BE IT RESOLVED BY THE VILLAGE OF DEERFIELD,
COUNTIES OF LAKE AND COOK, ILLINOIS, IN THE EXERCISE OF ITS POWERS,
AS FOLLOWS:
Section I. The preambles to this Resolution are hereby found and determined to be
true, correct and complete and are hereby incorporated into the text of this Resolution by this
reference as set out herein at length.
Section 2. The First Amended and Restated Declaration of Trust is attached hereto
and by this reference incorporated herein and made a part hereof, is hereby adopted, and the
Village, is hereby authorized to become and additional Participant of the Fund.
Section 3. The Mayor and Village Clerk and other officers or employees 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 Resolution.
Section 4. All ordinances, resolutions or motions in conflict herewith be and the
same are hereby superseded to the extent of such conflict, and that this Resolution shall be in full
force and effect forthwith upon its adoption.
PASSED this 19th day of October, 2009
AYES: Benton, Farkas, Jester, Oppenheim, Seiden, Struthers (0)
NAYS: None (0)
ABSENT: None (0)
APPROVED this 19thday of October, 2009
ATTEST:
Village Clerk
[Seal]
3
Mayor
ACCEPTANCE AND APPROVAL OF
FIRST AMENDED AND RESTATED DECLARATION OF TRUST
DATED AS OF JULY 1, 1996 AND INCORPORATING
AMENDMENTS DATED JANUARY 28, 1999,
JANUARY 27, 2000, MARCH 22, 2002, MARCH 18, 2004 AND MAY 9, 2007
(THE "TRUST ")
R -09 -07
The undersigned, having been authorized by Resolution Number , adopted by the
Village of Deerfield, Illinois, on the 19 day of October 2009 , 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.
Mayor
Attest:
Village C erk
(Village Seal)
Dated as of October 19, 2009