HomeMy WebLinkAboutLiquid Asset Securities System Municipal CooperationRESOLUTION 2012-217
ADOPTED
DOC ID: 7655
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2012-217 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
MARCH 13, 2012:
RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs
Supervisor Scott Russell to execute any documents related to amending the Cooperative
Liquid Asset Securities System Municipal Cooperation Agreement Amendment dated as of
April 23~ 2012 to the Cooperative Liquid Asset Securities System Municipal Cooperation
Agreement as Amended and restated as of October 20~ 1999~ so that it shall then be by and
between the Village of Potsdam and the Participants~ including the Town of Southoid.
Elizabeth A. Neville
Southoid Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: Albert Krupski Jr., Councilman
SECONDER: William Ruland, Councilman
AYES: Ruland, Talbot, Doherty, Krupski Jr., Evans, Russell
NYCLASS_AMENDMENT TO AGREEMENT
AMENDMENT DATED AS OF APRIL 23, 2012 TO THE COOPERATIVE
LIQUID ASSET SECURITIES SYSTEM MUNICIPAL COOPERATION
AGREEMENT AS AMENDED AND RESTATED AS OF OCTOBER 20, 1999.
The Municipal Cooperation Agreement referenced above is hereby amended so that it
shall now be by and between the Village of Potsdam and the Participants thereto. In addition,
the following definitional changes are made:
Section 1. The definition of "Investment Advisor" means the investment advisor with
which the Governing Board has contracted to serve in such capacity under the Agreement.
The definition of "Lead Participant" means the Village of Potsdam, but solely in its
capacity as Lead Participant hereunder and not individually.
The definition of "Services Agreement" means the agreement between the Governing
Board and the Investment Advisor, as the same may be amended from time to time, providing
for
administrative and investment advisory services to the Governing Board.
March 14, 2012
Agreed to an.,~ccepted.~: Town of Southold
Name?~cott A. Russell
Title: Supervisor
I hereby certify that the necessary actions required in order to approve this Amendment
have been taken by the Town of Southold and attached hereto is a copy of the resolution
and/or minutes of the meeting at which such action was taken.
Elizabeth A.'Neville, Town Clerk
Please return no later than April 23, 2012 to
John Ireland
NYCLASS Executive Director
270 Howard Ave., WE
Jamestown, NY 14701-5821
OHSUSA:750085425.1
Page 1
NYCLASS
NOTICE OF AMENDMENT OF
MUNICIPAL COOPERATION AGREEMENT
Putnam/Northern Westchester BOCES (the "BOCES") gave notice to the governing
board of the Cooperative Liquid Assets Securities System Municipal Cooperation Agreement
(the "Agreement') that they were resigning as Lead Participant. In addition, notice was received
from Cutwater Asset Management that they wished to terminate their Investment Advisory
Services. On February 23, 2012 the Governing Board voted to replace BOCES with the Village
of Potsdam as Lead Participant under the Agreement. In addition the Governing Board, after a
request for proposals process, selected First Southwest/J.P. Morgan Asset Management as the
new Investment Advisor.
The Agreement is now being amended to accommodate these changes.
In accordance with Section 11.1 of the Agreement, each Participant has until April 23,
2012 to approve the Amendment to the Agreement reflecting such change (form attached).
Unless the executed Amendment is returned to the Executive Director at 270 Howard Ave.
Jamestown NY 14701 by April 23, 2012, a Participant shall be deemed to have given notice of
withdrawal from the Agreement.
Any questions concerning the foregoing, please feel free to contact any member of the
Governing Board.
Dated: February 27, 2012
OHSUSA:750085337.1
Kathleen Saville
Chairperson
John Ireland
Executive Director
Governing Board 2012 · 2013:
(in Alphabetical Order)
Laude Baum
Bethpage Union Free School District
Philip Cosmo
City of Ogdensburg
Shawn Cullinane
Village of Lindenhumt
Lyn Derway
Brunswick Central School District
David Fenton
Village of Potsdam
William Furlong
Cazenovia Central School District
Loraine Ingresci
Grand Island Central School District
Gregory Kern
Elmira City School District
Christine Romaniuk
Rockland BOCES
Kathleen Ryan
Rye City School Distdct
Kathleen Saville
Town of Ogden
Robert Wheeling
Howells Fire District
Mamh 1,2012
Dear NYC[ASS Participants:
On behalf of the NYC[ASS Governing Board, I am pleased to announce several exciting changes to our
program.
The Village of Potsdam has been authorized to serve as Lead Participant under the NYC[ASS Investment
Municipal Cooperation Agreement and the Village Administrator shall serve as the Lead Fiscal Officer.
Mr. Dav~l Fenton, Potsdam Village Administrator has been e long time Board member and supporter of the
Cooperative. The village is very enthusiastic about this opportunity.
As a result of the change in Lead Participant, all participants will be required to have their governing board
adopt a resolution (see attachment) to reflect the amendment to the Cooperative Agreement you originally
approved when joining NYC[ASS. This resolution requires your immediate attention, as it must be
adopted no later than April 20, 2012. Please do not delay.
In November 2011, the Board issued a Request for Proposal for Administrative Services. Several
proposals were received and reviewed by the Contract Services Commiltee and the Board. At our meeting
last week the Board awarded a three-year contract to JP Morgan Asset Management and First Southwest
Asset Management who wirl now serve as our new program administrators. JPMorgan Asset Management,
Inc. will provide investment management, fund accounting, transfer agency and custodial services and First
Southwest Asset Management, Inc. will provide administrative, marketing and participant services for the
pool. Their partnership reflects a proven track record of two well-respected firms in managing local
government investment pools and brings to NYC[ASS the global presence and resources of one of the
largest asset managers in the world with the personalized service and experience of one of the leading
tinancial advisory firms in the state.
We have recently started the transition process and will work to make this conversion as smooth as
possible. This requires no immediate action on your part at this time. However, please be aware that there
will be come procedural changes as we move forward. First Southwest and JP Morgan will be contacting
you in the upcoming weeks to discuss their new relationship with NYC[ASS. In the meantime, the
Governing Board, Cutwater Asset Management, JP Morgan and First Southwest will work together on
providing a seamless transition to the new team.
The exciting news that comes from our new administrators is that you will again earn interest on your
deposits with NYC[ASS! As the economy recovers, please know that the NYC[ASS Goveming Board will
continue to make changes for the benefit of our participants and their communities. The Governing Board
would like to assure you that the NYCLASS program remains dedicated to providing the safety,
convenience and liquidity to our participants that you have come to expect.
We look forward to an exciting future and developing our new partnerships. Please join me in welcoming
these changes. If you have additional questions please feel free to contact a board member or myself.
Sincerely,
Kathleen Saville
Chairperson