City of Alexandria - File #: 14-2285

• File #: 14-2285
• Name: Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance to Authorize Participation in the Virginia Investment Pool.
• Type: Ordinance
• Status: Agenda Ready
• File created: 1/3/2014
• In control: City Council Legislative Meeting
• On agenda: 1/14/2014
• Title: Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance to Authorize Participation in the Virginia Investment Pool.

City of Alexandria, Virginia
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MEMORANDUM


DATE: JANUARY 8, 2014

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

FROM: RASHAD M. YOUNG, CITY MANAGER /s/

DOCKET TITLE:
TITLE
Introduction and First Reading. Consideration. Passage on First Reading of an Ordinance to Authorize Participation in the Virginia Investment Pool.
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ISSUE: Consideration of an Ordinance to Authorize Participation in the Virginia Investment Pool.

RECOMMENDATION: That City Council pass this proposed ordinance (Attachment 2) on first reading on January 14, 2014 and schedule it for public hearing, second reading, and final passage on January 25, 2014.

BACKGROUND: The Virginia Association of Counties ("VACo") and the Virginia Municipal League ("VML") have joined together to establish a new investment program for local governments and authorities named the Virginia Investment Pool ("VIP"). While new to Virginia, similar locally-controlled joint investment pools have operated successfully in other states for years. VIP is a Section 115 governmental trust fund created under the Joint Exercise of Powers statute of the Commonwealth of Virginia. The program will allow political subdivisions to invest jointly in relatively short-term, conservative fixed income investments that are authorized under state law. The Trust was established by the City of Chesapeake and the City of Roanoke and operates under the Trust Agreement dated September 13, 2013. By letter to the Honorable Laura M. Rudy, Treasurer of Stafford County, dated February 8, 2013, the Virginia Attorney General has opined that two or more political subdivisions may exercise their investment powers by investing in a jointly administered investment pool, which may be organized in the form of a trust fund (Attachment 5).

This is the same approach used to create the VACo/VML Virginia Pooled OPEB Trust, w...