HomeMy WebLinkAboutResolution No. 2024-13 Authorizing Investments w US BANK Intrafi Cash ServiceRESOLUTION NO. 2024-13
A RESOLUTION OF THE PASCO PUBLIC FACILITIES DISTRICT
BOARD, AUTHORIZING INVESTMENT OF PASCO PUBLIC FACILITIES
DISTRICT FUNDS IN THE U.S. BANK UNDER INTRAFI CASH SERVICE
(ICS).
WHEREAS, U.S. Bank is a participating institution of the IntraFi Cash Service (ICS),
a service offered by IntraFi Network LLC; and
WHEREAS, from time to time it may be advantageous to the authorized governmental
entity, Pasco Public Facilities District (PPFD), the "governmental entity", to contribute funds
available for investment in the ICS; and
WHEREAS, the investment strategy for the ICS is to place funds into deposit accounts
established at other ICS participating institutions, in amounts less than the standard FDIC
insurance maximum, so that both principal and interest are eligible for FDIC protection, as a
result, you can access coverage from many banks, while working directly with one bank; and
WHEREAS, any contributions or withdrawals to or from the ICS made on behalf of
the governmental entity shall be duly authorized by the PPFD, the "governing body" and The
City of Pasco (Fiscal Agent) designee of the governing body pursuant to this resolution, or a
subsequent resolution; and
WHEREAS, the governing body and The City of Pasco (Fiscal Agent) appointed by
the governing body with authority to contribute or withdraw funds of the governmental entity
understands the risks and limitations of investing in the ICS; and
WHEREAS, the governing body attests by the signature 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 BY THE BOARD OF DIRECTORS OF
THE PASCO PUBLIC FACILITIES DISTRICT AS FOLLOWS:
Section 1. The Pasco Public Facilities District (PPFD) authorizes Fiscal Agent to
contribute and withdraw funds of the PPFD for investment of district funds in the U.S. Bank IntraFi
Cash Service (ICS).
Section 2. That this Resolution shall take effect immediately.
PASSED by the Pasco Public Facilities District Board of Directors, of Pasco, Washington,
on this 22nd day of October, 2024.
PASCO PUBLIC FACILITIES DISTRICT
Mark Morrissette, oard President
ATTEST:
OM4, L*4t
Caroline Bowdish, Secretary/Treasurer
Pasco Public Facilities District
APPROVED AS TO FORM:
Kerr F uson Law, PLLC
At ey for PPFD
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