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5 <br />EVERE I CITY COUNCIL AGENDA ITEM COVER SHEET <br />PROJECT TITLE: <br />A Resolution authorizing <br />investment of City of Everett <br />monies in the Local <br />Government Investment Pool <br />7/9/14 Briefmg <br />Proposed Action <br />Consent <br />7/16/14 Action <br />First Reading <br />Second Reading <br />Third Reading <br />Public Hearing <br />Budget Advisory <br />COUNCIL BILL # <br />Originating Department <br />Contact Person <br />Phone Number <br />FOR AGENDA OF <br />Initialed by: <br />Department Head <br />CAA <br />Council President <br />Finance <br />Susy Haugen <br />425-257-8612 <br />7/9/14 <br />Location <br />Preceding Action Attachments <br />Resolution, Prospectus <br />Department(s) Approval <br />Amount Budgeted <br />-0- <br />Expenditure Required <br />-0- <br />Account Number(s): <br />Budget Remaining <br />-0- <br />Additional Required <br />-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 />15 <br />