Title
A RESOLUTION APPROVING AND AUTHORIZING (1) PMA FINANCIAL NETWORK, INC. AND PMA SECURITIES, INC. TO PROVIDE INVESTMENT SERVICES AND (2) EXECUTION OF THE DECLARATION OF TRUST ESTABLISHING THE ILLINOIS PUBLIC RESERVES INVESTMENT MANAGEMENT TRUST
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WHEREAS, the Board of Trustees (“Board”) of the Village of Orland Park (the “Entity”), deems it to be in the best interest of the Entity for its treasurer to make use, from time to time, of investments which are legal under the Constitution and laws of the State of Illinois (the “State”), including through participation in joint investments permitted by the Constitution and laws of the State; and
WHEREAS, this Board deems it to be in the best economic and administrative interest of this unit of local government for its treasurer to make use of, from time to time, PMA Financial Network, Inc. and PMA Securities, Inc. in securing investments in accordance with an Investment Policy presented to the Board as it may be amended from time to time; and
WHEREAS, separately, certain political corporations or subdivisions intend to enter into a Declaration of Trust establishing the Illinois Public Reserves Investment Management Trust (the “Fund”), for the purpose of combining their respective available investment funds so as to enhance the investment opportunities available to them and increase the investment earnings accruing to the benefit of the respective municipalities on behalf of which they acted; and
WHEREAS, the Fund is an investment opportunity for political corporations or subdivisions of the State of Illinois excluding school districts, community college districts and educational service regions (called “Participants”); and
WHEREAS, the authority for the Participants to jointly invest their funds in the Fund comes from the following sources:
(i) Article VII, Section 10 of the Constitution of the State of Illinois provides, among other things, that the State shall encourage intergovernmental cooperation and ...
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