Ordinance 2011-22 Ordinance No. 2011- c9Q
ORDINANCE APPROVING PARTICIPATION IN THE ILLIOIS METROPOLITAN FUND
WHEREAS, the United City of Yorkville, Kendall County, Illinois (the "City"), is a duly
organized and validly existing non-home rule municipality pursuant to the 1970 Constitution of the
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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 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
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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 for the purpose of
investing the municipal funds of which the treasurer has custody; and,
WHEREAS, Section 3.1-35-50 of the Illinois Municipal Code permits each official
custodian of municipal funds to jointly invest,with other official custodians of municipal funds,the
funds of the respective municipality,intergovernmental risk management entity,self insurance pool,
waste management agency or other intergovernmental entity-composed solely of participating
municipalities in accordance with the laws of the State of Illinois; 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 municipalities 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 municipal officials may jointly act to
enhance their investment opportunities pursuant to an investment program conducted in accordance
with the State of Illinois;
WHEREAS,the City 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 Mayor and City Council of the United
City of Yorkville, Kendall County, Illinois, that the First Amended and Restated Declaration of
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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 City Treasurer to become a
participant in the Illinois Metropolitan Investment Fund(the"Fund")and the Mayor and City Clerk
to execute any and all documentation as may be required to confirm the foregoing.
BE IT FURTHER ORDAINED,that the Mayor, City Treasurer, City Finance Director or
City Administrator are hereby authorized to act on behalf of the City in connection with the City's
participation in the Fund and are hereby directed to provide the Fund with specimen signatures in
order to evidence such authority.
Section IV. This Ordinance shall be in full force and effect from and after its passage and
approval as provided by law.
Passed by the City Council of the United City of Yorkville,Kendall County,Illinois,this day of
J u n!E ,A.D. 2011.
CHRIS FUNKHOUSER _ GEORGE T. GILSON, JR.
CARLO COLOSIMO _ DIANE TEELING �[
JACKIE MILSCHEWSKI V MARTY MUNNS
ROSE SPEARS LARRY KOT
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APPROVED by me,as Mayor of the United City of Yorkville,Kendall County,Illinois,this I
day of 14/4 ,A.D. 2011.
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Mayor
Attest:
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—OquTy City Clerk
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