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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