Library Ordinance 2012-01 Ordinance No. �1, � _ CY
ORDINANCE APPROVING PARTICIPATION IN THE
ILLINOIS METROPOLITAN FUND
WHEREAS,the Yorkville Public Library,Kendall County,Illinois(the"Library"),is a duly
organized and validly existing local unit of government pursuant to the 1970 Constitution of the
State of Illinois and the laws of the State; and,
WHEREAS, Section 10 of Article VII of the 1970 Constitution of the State of Illinois
provides,among other things,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(the"Cooperation Act"),
provides a statutory framework that supplements the constitutional grant of intergovernmental
cooperation powers found in said Section 10 of Article VII of the Constitution and provides that
"[a]ny power or powers,privileges,functions,or authority exercised or which may be exercised by a
public agency of[the] State may be exercised,combined,transferred,and enjoyed jointly with any
other public agency of[the] State ... except where specifically and expressly prohibited by law";
and,
WHEREAS,Section 5 of the Cooperation Act provides that any one or more public agencies
may contract with any one or more other public agencies to perform any governmental service,
activity or undertaking which any one of the public agencies entering into the contract is authorized
by law to perform, provided that such contract shall be authorized by the governing body of each
party of the contract; and,
WHEREAS,Section 5/4-7 of the Illinois Local Library Act(75 ILCS 5/4-7.15),as amended
(the "Act'), provides, among other things, that the Board of Library Trustees may invest funds
pursuant to the Public Funds Investment Act(30 ILCS 235/0.01); and,
WHEREAS,in 1995,certain municipal treasurers 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 public agencies on behalf of which they acted,pursuant to
the aforementioned constitutional and statutory authority; and,
WHEREAS,since 1995,the agreement has been amended and restated by a First Amended
and Restated Declaration of Trust (the "Declaration") which created the Illinois Metropolitan
Investment Fund to provide an entity through which authorized library officials may jointly act to
enhance their investment opportunities pursuant to an investment program conducted in accordance
with the Public Funds Investment Act;
WHEREAS, the Library has determined it to be in the best interest of its citizens to
participate in the Illinois Metropolitan Investment Fund in order to improve the return on the
investment of public funds for which it is responsible,all set forth in the First Amended and Restated
Declaration of Trust of the Illinois Metropolitan Investment Fund.
NOW, THEREFORE, BE IT ORDAINED by the Board of Library Trustees of the
Yorkville Public Library, Kendall County,Illinois, as follows:
Section 1. That the First Amended and Restated Declaration of Trust,dated July 1, 1996 and
amended January 28, 1999,January 27,2000,March 22,2002,March 18,2004 and May 9,2007,is
herby adopted thereby authorizing the Library to become a participant in the Illinois Metropolitan
Investment Fund(the"Fund')and the Library Board President and Board Secretary to execute any
and all documentation as may be required to confirm the foregoing.
Section 2. That the Library Board President, Library Treasurer,the Library Director or the
United City of Yorkville Finance Director are hereby authorized to act on behalf of the Library in
connection with the Library's participation in the Fund and are hereby directed to provide the Fund
with specimen signatures in order to evidence such authority.
Section 3. This Ordinance shall be in full force and effect from and after its passage and
approval as provided by law.
Passed by the Board of Library Trustees of the Yorkville Public Library, Kendall County,
Illinois,this y'Aday of h u ,A.D. 2012.
AYES:
NAYS:
ABSENT:
Approved this day of 2012.
,8Z
�44 S"41 L72
Board President
Attest:
Boar Secretary