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a~ RESOLUTION 2014-123
ADOPTED DOC ID: 9490
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2014-123 WAS
ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON
JANUARY 14,2014:
RESOLVED that the Town Board of the Town of Southold hereby authorizes and directs
Supervisor Scott A. Russell to execute the Amendment dated as of March 14, 2014 to the
New York Cooperative Liquid Assets Securities System Municipal Cooperation Aereement
as amended and restated as of April 23, 2012, subject to the approval of the Town Attorney.
Elizabeth A. Neville
Southold Town Clerk
RESULT: ADOPTED [UNANIMOUS]
MOVER: William P. Ruland, Councilman
SECONDER: Jill Doherty, Councilwoman
AYES: Ghosio, Dinizio Jr, Ruland, Doherty, Evans, Russell
0 L„L SS' NEW YORK COOPERATIVE. LIQUID ASSETS SECURITIES SYSTEM
NOTICE OF AMENDMENT OF THE NYCLASS
MUNICIPAL COOPERATION AGREEMENT
The Governing Board of the New York Cooperative Liquid Assets Securities System (NYCLASS)
has several program changes designed to better serve the NYCLASS investment program.
These program changes will serve to revitalize the program by enhancing its long-term viability
in all economic environments.
Effective today, January 13, 2014, the Governing Board has approved and gives notice of an
Amended and Restated NYCLASS Municipal Cooperative Agreement.
In summary, the Amended Agreement will serve to:
1) Bring the NYCLASS Investment Policy into conformity with all applicable
New York State General Municipal Law public funds investment guidelines.
2) Streamline the steps for certain amendments, by empowering the Governing
Board to amend certain operational aspects of the Agreement, including the
investment policy, which fully conforms to New York State Law. Thirty (30)
days' notice to Participants is required for such changes.
3) Allow for the potential creation of other investment options as market
conditions change or improve over time.
The current Agreement is being amended to accommodate these changes and other
housekeeping items as described in the attached redline version for your review.
In accordance with Section 11.1 of the current Agreement, each Participant has until March 14,
2014 to execute the Amended Agreement reflecting these changes (form attached).
Participants who have nit completed the amendment shall be deemed to have given notice of
withdrawal from the NYCLASS Program.
If you have any questions regarding the amendment process, please feel free to contact any
member of the Governing Board (list attached) or Matthew Starr, NYCLASS Administrator, at
ma arrCla n wvork la s.ora. or 914-301-4070.
99918th Street, Suite 1230 T 855-8049980 clientservices0newyorkdass.org t
Denver, CO 80202 F 855-804-9981 www.newyorkclass.org
N i..,i L .iSS- NEW YORK COOPERATIVE LIQUID ASSETS SECURITIES SYSTEM
AMENDMENT DATED AS OF MARCH 14, 2014 TO THE NEW YORK COOPERATIVE
LIQUID ASSETS SECURITIES SYSTEM MUNICIPAL COOPERATION AGREEMENT AS
AMENDED AND RESTATED AS OF APRIL 23, 2012
The Municipal Cooperation Agreement referenced above is hereby amended so that the
following changes are made:
1) The NYCLASS Investment Policy better conforms to New York State General Municipal
Law.
2) The Governing Board is empowered with the ability to further amend the Investment
Policy without further amendment to the cooperative, but while still maintaining
appropriate notice to Participants.
3) Allows for the potential creation of other investment options as market conditions
change or improve over time.
Agreed to and accepted by:
Name of Entity: I-OLA.2 tj 04-\ S [,t~/i 0 ~LT
Name of Signer: _S ~'o 4+ ~LA f
Title of Signer: S Lfjo E'-If- v O
Date Executed:
I hereby certify that the necessary actions requirrequired in order to approve this amendment have
been taken by the LJ /1 n~ So r.L ic~'dand attached hereto is a copy of
the resolution and/or minutes of the meeting at which such action was taken.
Signature
Please return this form along with a copy of the resolution and/or minutes of the
meeting at which such action was taken no later than March 14. 2014 to:
NYCLASS Client Services
Attn: Matthew Starr
999 18"' Street, Suite 1230
Denver CO, 80202
99918th Street, Suite 1230 T 855-804-9980 clientservices0newyorkdass.org 1
Denver, CO 80202 F 855-804-9981 www.newyorkclass.org