2024-11 RESOLUTION TO PARTICIAPTE IN NORTH CAROLINA INVESTMENT POOLHarnett
C O U N T Y
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`RESOLUTION NO. 2024-11
RESOLUTION TO PARTICIPATE IN NORTH CAROLINA
INVESTMENT POOL
A resolution authorizing County of Harnett, North Carolina (the "County") to join with other
political subdivisions of the State of North Carolina as a Participant ("Participant") in the North Carolina
Investment Pool (NCIP) (the "Trust") to pool funds for investment.
WHEREAS, the provisions of Section 159-30 of the General Statutes of North Carolina, as
amended ("N.C. Gen. Stat."), provide the guidelines for any local government or public authority of the
State of North Carolina (a "Local Government" or "Local Government Unit") to invest idle funds;
WHEREAS, under N.C. Gen. Stat. § 159-30(c)(10), moneys may be invested in a commingled
investment pool established by interlocal agreement pursuant to N.C. Gen. Stat. § 160A-460 through 160A-
464 (a "Local Government Investment Pool"), if the investments of the Local Government Investment Pool
are limited to those qualifying for investment under N.C. Gen. Stat. § 159-30(c) or other laws of the State
of North Carolina governing the investment of monies of a Local Government Unit ("Permitted
Investments");
WHEREAS, certain Local Government Units have executed an Interlocal Agreement dated March
1, 2023 (the "Original Interlocal Agreement" and as supplemented and amended the "Interlocal
Agreement") for the purpose of creating the Trust or executed a joinder agreement for purposes of joining
the Original Interlocal Agreement;
WHEREAS, the Trust is governed by the terms of an Indenture of Trust (as amended, the
"Indenture"), which provides for the deposit of the pooled idle funds in the Trust and the investment of such
funds in only Permitted Investments;
WHEREAS, the County desires to become a Participant in the Trust.
NOW, THEREFORE, it is hereby RESOLVED by the Board of Commissioners (the "Governing
Body") of the County as follows:
1. The Governing Body hereby approves the County becoming a Participant in the Trust,
which is governed by the Indenture.
2. The Governing Body authorizes the execution and delivery of a New Participant
Application (the "Application") substantially in the form presented at this meeting, together with such
changes, modifications and deletions as may be approved by the County's Finance Officer (the "Finance
Officer"). The approval of the Application will be evidenced conclusively by the execution and delivery of
the Application by the Finance Officer.
3. The Finance Officer is hereby authorized to take or cause to be taken any and all such other
actions as they may determine in their discretion to be to be necessary or advisable or in the best interest of
the County in order to effectuate, complete and carry out the intent and purposes of the foregoing resolutions
and the management, supervision, and investment of the County's idle funds, including, but not limited to,
the execution of all depository forms or other documents required by the administrator, the custodian or the
investment advisor of the Trust and for the purpose of (i) adding an additional Participant to the Trust or
(ii) which do not have financial implications for the County.
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4. The Governing Body hereby approves the Finance Officer to serve as the County's
Authorized Representative under the Indenture and in such capacity shall remain responsible for the
management, supervision, and investment ott
ounty's i
`dle funds.
4�'1 Adopted this the 1.,��day of 2024.
ATTEST:
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Melissa D. Capps
Clerk to the Board
HARNETT COUNTY BOARD OF COMMISSIONERS
4liamMoms, Chairman
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The undersigned hereby certifies that the Board of Commissioners has enacted this Resolution, a
copy of which is enclosed, and that such Resolution is a true and correct copy of the original which is in
my possession.
Authors Signature
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Printed Name
Title
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Date
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