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File #: 14-2282    Name: Public Hearing, Second Reading, and Final Passage of an Ordinance to Authorize Participation in the Virginia Investment Pool.
Type: Ordinance Status: Agenda Ready
File created: 1/2/2014 In control: City Council Legislative Meeting
On agenda: 1/25/2014 Final action:
Title: Public Hearing, Second Reading, and Final Passage of an Ordinance to Authorize Participation in the Virginia Investment Pool. [ROLL-CALL VOTE]
Attachments: 1. 14-2282_Virginia Investment Pool Trust Fund Ordinance Cover Sheet, 2. 14-2282_Virginia Investment Pool Trust Fund Ordinance, 3. 14-2282_Trust Agreement, 4. 14-2282_Joinder Agreement, 5. 14-2282_AG Opinion, 6. 14-2282_After Items
City of Alexandria, Virginia
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MEMORANDUM



DATE: JANUARY 21, 2014

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

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

DOCKET TITLE:
TITLE
Public Hearing, Second Reading, and Final Passage of an Ordinance to Authorize Participation in the Virginia Investment Pool. [ROLL-CALL VOTE]
BODY
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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 II) set 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 V).

This is the same approach used to create the VACo/VML Virginia Pooled OPEB Trust, which was established by founding members Fairfax County and H...

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