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EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 2 <br /> PROJECT TITLE: <br /> A Resolution authorizing 7/9/14 Briefing COUNCIL BILL# <br /> investment of City of Everett Proposed Action Originating Department Finance <br /> monies in the Local Consent Contact Person Susy Haugen <br /> Government Investment Pool 7/16/14 Action Phone Number 425-257-8612 <br /> First Reading FOR AGENDA OF 7/9/14 <br /> Second Reading <br /> Third Reading <br /> Public Hearing <br /> Budget Advisory Initialed by: <br /> Department Head <br /> CAA <br /> Council President <br /> Location Preceding Action Attachments Department(s)Approval <br /> Resolution,Prospectus <br /> Amount Budgeted -0- <br /> Expenditure Required -0- Account Number(s): <br /> Budget Remaining -0- <br /> Additional Required -0- <br /> DETAILED SUMMARY STATEMENT: <br /> The Local Government Investment Pool, (LGIP)is a pool of public funds placed in the custody of the Office <br /> of the Washington State Treasurer for investment and reinvestment. The purpose of the LGIP is to allow <br /> eligible governmental entities to participate with the state investment of temporary surplus public funds. The <br /> LGIP investments have a maximum dollar-weighted average maturity of 60 days. The City uses the LGIP to <br /> manage liquidity needs. <br /> The Office of State Treasurer recently updated the LGIP prospectus to provide additional clarity with respect <br /> to how the LGIP operates. This Resolution acknowledges the receipt of the revised prospectus and <br /> authorizes investment of City of Everett monies in the pool. <br /> RECOMMENDATION: <br /> Adopt Resolution authorizing investment of City of Everett monies in the Local Government Investment <br /> Pool. <br /> 9 <br />