RESOLUTION NO. 3748
A RESOLUTION of the Port Commission of the Port of Seattle
restating the Port of Seattle Statement of
Investment Policy; repealing Resolution No. 3663 in
its entirety; and adopting the State Treasurer's
Resolution Authorizing Investment of the Port of
Seattle's Monies in the Local Government
Investment Pool.
WHEREAS, on December 11, 2001, the Port Commission adopted Resolution No. 3476
appointing the Chief Financial Officer of the Port as the Treasurer of the Port ("Port Treasurer")
pursuant to RCW 53.36.010; and
WHEREAS, the Port Treasurer developed a Port of Seattle Statement of Investment
Policy ("Policy") in order to facilitate the exercise of the Port Treasurer's responsibilities; and
WHEREAS, pursuant to Resolution No. 3487, the Port Commission adopted the Policy
effective June 11, 2002; and
WHEREAS, consistent with the Association of Public Treasurers of the United States and
Canada and the Government Finance Officers' Association best practices, the Chief Financial
Officer completed a review (?f the Policy resulting in the Port Commission's ad~ption of
Resolution No. 3569 on December 12, 2006; and
WHEREAS, the Policy was subsequently restated and amended by Port Commission
Resolution No. 3589 (repealed) and Resolution No. 3663; and
WHEREAS, the investment objectives of the Policy are to ensure the safety of the
principal, maintain liquidity of the Port's investment portfolio, and seek a yield reflecting a
market rate of return; and
WHEREAS, sections nine and ten of the Policy list authorized investments and their
diversification parameters; and
WHEREAS, Port of Seattle staff recommends including the Local Government
Investment Pool {LGIP) as an authorized investment, an additional option to invest short-term
cash, to enhance the Policy's liquidity investment objective; and
WHEREAS, the Washington State Treasurer's Office requires local governments to
authorize participation in the Local Government Investment Pool by resolution in the form
prescribed by that office;
NOW, THEREFORE, BE IT RESOLVED by the Port Commission of the Port of Seattle as
follows:
Section 1. Resolution No. 3663 is repealed.
Section 2. The restated Port of Seattle Statement of Investment Policy is established to
include the Local Government Investment Pool {LGIP) as an authorized investment, as provided
in Exhibit A.
Section 3. The State of Washington Treasurer's Office Resolution Authorizing
Investment of the Port of Seattle's Monies in the Local Government Investment Pool is
adopted, as provided in Exhibit B.
ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting
thereof, held this J} v.,J.._ day of Mfry .2018, and duly authenticated in open
session by the signatures of the Commissioners voting in favor thereof and the seal of the
Commission.
RYAN CALKINS
COURTNEY G!iEGO!RE
Pl:TER STE!NBRUECK
EXHIBIT B TO RESOLUTION NO. 3748
RESOLUTION AUTHORIZING INVESTMENT
OF THE PORT OF SEATILE'SMONIES IN THE
LOCAL GOVERNMENT INVESTMENT POOL
Updated 2013
RESOLUTION AUTHORIZING INVESTMENT
OF PORT OF SEATILE'SMONIES IN THE
LOCAL GOVERNMENT INVESTMENT POOL
WHEREAS, pursuant to Chapter 294, Laws of 1986, the Legislature created a trust
fund to be known as the public funds investment account (commonly referred to as the Local
Government Investment Pool (LGIP)) for the contribution and withdrawal of money by an
authorized governmental entity for purposes of investment by the Office of the State
Treasurer; and
WHEREAS, from time to time it may be advantageous to the authorized governmental
entity, PORT OF SEATTLE, the "governmental entity", to contribute funds available for
investment in the LGIP; and
WHEREAS, the investment strategy for the LGIP is set forth in its policies and
procedures; and
WHEREAS, any contributions or withdrawals to or from the LGIP made on behalf of
the governmental entity shall be first duly authorized by the Port of Seattle Commission, the
"governing body" or any designee of the governing body pursuant to this resolution. or a
subsequent resolution; and
WHEREAS the governmental entity will cause to be filed a certified copy of said
resolution with the Office of the State Treasurer; and
WHEREAS the governing body and any designee appointed by the governing body
with authority to contribute or withdraw funds of the governmental entity has received and
read a copy of the prospectus and understands the risks and limitations of investing in the
LGIP; and
.WHEREAS, the governing body attests by the sign.ature of its members that it is duly
authorized and empowered to enter into this agreement, to direct the contribution or
withdrawal of governmental entity monies, and to delegate certain authority to make
adjustments to the incorporated transactional forms, to the individuals designated herein.
NOW THEREFORE, BE IT RESOLVED that the governing body does hereby authorize
the contribution and withdrawal of governmental entity monies in the LGIP in the manner
prescribed by law, rule, and prospectus.
BE IT FURTHER RESOLVED that the governing body has approved the Local
Government Investment Pool Transaction Authorization Form (Form) as completed by
Treasury Manager and incorporates said form into this resolution by reference and does
hereby attest to its accuracy.
BE IT FURTHER RESOLVED that the governmental entity designates the Port of
Treasurer, Dan Thomas, Chief Financial Officer, the "authorized individual" to authorize all
amendments, changes, or alterations to the Form or any other documentation including the
Updated 2013
designation of other individuals to make contributions and withdrawals on behalf of the
governmental entity.
BE IT FURTHER RESOLVED that this delegation ends upon the written notice, by any
method set forth in the prospectus, of the governing body that the authorized individual has
been terminated or that his or her delegation has been revoked. The Office of the State
Treasurer will rely solely on the governing body to provide notice of such revocation and is
entitled to rely on the authorized individual'sinstructions until such time as said notice has
been provided.
BE IT FURTHER RESOLVED that the Form as incorporated into this resolution or
hereafter amended by delegated authority, or any other documentation signed or otherwise
approved by the authorized individual shall remain in effect after revocation of the
authorized individual'sdelegated authority, except to the extent that the authorized
individual whose delegation has been terminated shall not be permitted to make further
withdrawals or contributions to the LGIP on behalf of the governmental entity. No
amendments, changes, or alterations shall be made to the Form or any other documentation
until the entity passes a new resolution naming a new authorized individual; and
BE IT FURTHER RESOLVED that the governing body acknowledges that it has
received, read, and understood the prospectus as provided by the Office of the State
Treasurer. In addition, the governing body agrees that a copy of the prospectus will be
provided to any person delegated or otherwise authorized to make contributions or
withdrawals into or out of the LGIP and that said individuals will be required to read the
prospectus prior to making any withdrawals or contributions or any further withdrawals or
contributions if authorizations are already in place.
PASSED AND ADOPTED by the Commission of the Port of Seattle, State of Washington on
this J-J-n d day of May 2018.
~ Co~,,,-.....;""--
RYAN CALKINS
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CoIMMAAs.s. io~ l l 1fllHANrE BOWMAN
TITLE
~f\Al SS" rfJ/IJ.J(' .
COURTNEY GREGOIRE
TITLE
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