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HomeMy WebLinkAboutAgreements/Contracts - Treasurer (002)GRANT COUNTY COMMISSIONERS AGENDA MEETING REQUEST FORM (Must be submitted to the Clerk of the Board by 12:00pm on Thursday) REQUESTING DEPARTMENT:TI'@aSUf@I''s Office DATE: 11 /19/25 REQUEST SUBMITTED BY: Barbara Vasquez / D Pheasant PHONE: 2928 CONTACT PERSON ATTENDING ROUNDTABLE: Barbara Vasquez / D Pheasant CONFIDENTIAL INFORMATION: ❑YES 8NO ©Agreement / Contract ❑AP Vouchers ❑Appointment / Reappointment ❑ARPA Related ❑ Bids / RFPs / Quotes Award ❑ Bid Opening Scheduled ❑ Boards / Committees ❑ Budget ❑Computer Related ❑County Code ❑Emergency Purchase ❑Employee Rel. ❑ Facilities Related ❑ Financial ❑ Funds ❑ Hearing ❑ Invoices / Purchase Orders ❑ Grants — Fed/State/County Ell -eases ❑ MOA / MOU ❑ Minutes ❑ Ordinances ❑ Out of State Travel ❑ Petty Cash ❑ Policies ❑ Proclamations ❑ Request for Purchase 0 Resolution ❑ Recommendation ❑ Professional Serv/Consultant ❑ Support Letter ❑ Surplus Req. ❑Tax Levies ❑Thank You's ❑Tax Title Property ❑WSLCB F."r,lao'- Interlocal Investment Services Agreement with Washington Counties Risk Group (WCRG) to invest monies provided by the Local Government into the County Pool on its behalf. Term is upon signature through 12/31 /2035. i If necessary, was this document reviewed by accounting? ❑ YES ❑ NO 0 N/A If necessary, was this document reviewed by legal? 0 YES ❑ NO ❑ N/A DATE OF ACTION: �' •o�� DEFERRED OR CONTINUED TO: WITHDRAWN: APPROVE: DENIED ABSTAIN D1: RECEIVED D2- NOV ? 0 2025 D3: GRANT COUNTY COMMISSIONERS 4/23/24 INTERLOCAL INVESTMENT SERVICES AGREEMENT THIS IS AN AGREEMENT between the WASHINGTON COUNTIES RISK GROUP (WCRG), a joint insurance purchasing pool holding governmental funds in the state of Washington, hereinafter referred to as "Local Government" and GRANT COUNTY, a political subdivision of the state of Washington, hereinafter referred to as the "County," whereby local government agrees to participate in the County Investment Pool, hereinafter referred to as the "Pool," in the following manner: WHEREAS, pursuant to RCW 39.34.080, one or more public agencies may contract with one another to perform governmental services which each itself is, by law, authorized to perform; and WHEREAS, both Local Government and the County, through the Grant County Treasurer, are not only authorized but obligated by law to perform the investment function by placing such investments in instruments allowed by statute; and WHEREAS, both the County and Local Government incur various costs in placing investments, such as: the cost of receiving and sending wires, for placement of maturing of investments, safe -keeping of negotiable instruments, and daylight overdrafts; and WHEREAS, RCW 3 6.29.022 allows for the County Treasurer and j unior taxing districts to create a pool for investment of available cash; and WHEREAS, the County and local government desire to establish a mechanism by which the aforementioned activities, shall occur. FOR AND IN CONSIDERATION OF THE terms and conditions set forth below, the parties agree as follows: 1. PURPOSE. The purpose of this agreement is to invest monies provided by the Local Government into the County Pool on its behalf. 2. APPLICABILITY. All investments placed through the County for the Local Government will be governed by this agreement. 3. SCOPE. This agreement includes the following provisions for both parties: a. Investment Procedures. Local Government shall provide monies for investment in the Pool to the County Treasurer. The County Treasurer will invest the monies as soon as practicable after collection. Minimum investment shall be $200,000.00. Local Government shall notify the County Treasurer at least one day prior to the prospective fund transfer. No maturity date need be stated. If investments need to be sold for expenditures, notice must be given at least one day prior to fund withdrawal by fax, phone or e-mail by 10:00 am. Transfers will be done by ACH into the local government's account. The County Treasurer may require additional information as needed. b. Statements. The County shall provide a monthly Pool summary, and asset and liability statement to Local Government. c. Payment. Unless otherwise mutually agreed, all transfers of funds hereunder shall be by electronic funds or by fund transfer within the same bank or by warrant/check. Any bank charges incurred by one party as a result of the other party's failure shall be reimbursed by the party causing the charges to occur. d. Portfolio Management. e. f. The County Treasurer shall have sole responsibility in the setting of investment strategy for the Pool, and shall place investments in authorized instruments as indicated in the Grant County Treasurer Investment Policy adopted January 25, 2022, or as amended by the Grant County Finance Committee and County Legislative Authority. Any investments made hereunder shall be made with the exercise of that degree of judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligence exercise in the management of their own affairs not for speculation but for investment, considering the probable income to be derived. Investment Service Fees. In exchange for services provided, Local Government agrees to pay investment fees to the County as per RCW 36.29.024. The fee schedule may be modified by the County upon ten (10) days' prior notice to Local Government. The fee charged for participating in the Pool is currently 4.0 basis points. The service fee rate is assessed on the average monthly balance for each investment fund. This amount will be reviewed by the County Treasurer on a semi-annual basis to determine if the fees collected are covering the actual cost of providing investment services. A rebate will be made if actual costs are significantly less than what was estimated. The fee will automatically be deducted on the last calendar day of each month. Early Withdrawal Penalty. Local Government shall provide ninety (90) days' notice if redeeming shares for subsequent reinvestment into securities outside the Pool. If Local Government requests redemption on less than 90 days' notice, Local Government will be charged a penalty based on the following penalty scale: Days Notified Before Withdrawal: 0-3 0 days 31-60 days 61-80 days 81- 8 9 days Percentage of Principal Withdrawn 2% of principal balance 1 % of principal balance .5% of principal balance .2% of principal balance 4. AUTHORIZATION. Each of the parties shall deliver to the other party a list of persons authorized to act hereunder. Neither party is required to accept or act upon instructions received from any person not so designated. 5. DURATION AND TERMINATION OF AGREEMENT. This agreement shall become effective on the date of ding as per RCW 39.34.040 after the agreement is executed by the County and Local Government and shall annually renew automatically until December 31, 2035, at which point this agreement shall become null and void absent further extension or other legislative action. Any party herein shall have the right to terminate this agreement upon giving the other party sixty (90) days' written notice in advance of the date sought for such termination. Redemption based on reinvestment to securities outside the Pool may result in penalties as per paragraph £Local Government may terminate upon written notification to the County within the ten (10) day notice provision of Section 3 (e), without any Early Withdrawal Penalty under Section 3(f), should such fee modification which results in a fee increase be unacceptable to Local Government. 6. MODIFICATION AND AMENDMENTS. No amendment or modification of this agreement may be made unless such amendments or modifications are in writing and executed by both participating governmental bodies. 7. GOVERNING LAW AND VENUE. This agreement has been and shall be considered as having been made and delivered in the state of Washington, and it is mutually understood and agreed by each party hereto that this agreement shall be governed by the laws of the State of Washington, both as to performance and interpretation. Venue for any action shall lie within Grant County, Washington. 8. SEVERABILITY. In the event of invalidity or unresolved ambiguity of any provision of this agreement, the remaining provisions shall nevertheless continue to be valid and enforceable. 9. FILING. Executed copies of this agreement shall be filed as required by RCW 39.34.040, or alternatively listed on the parties' web sites or other electronically retrievable public source, prior to this agreement becoming effective. Dated this day of 2025. ATTEST: z JBbarn J. Vasqtstz erk of the Board Approved as toorm Only: eor R. BevieV o r ivil Deputy Prosecuting Attorney Grant County Board of County Commiss* ners By: Rob Jo rs, By: Cindy Carter, Vic' - Chair By: 4 Kevin Burgess, Membff Grant County Treasure County By (IJ�arryl Pheasant,' T---reasurer Local Government: WASHINGTON COUNTIES RISK GR0U'P(WCRG) By: BOARD OF COUNTY COMMISSIONERS Grant County, Washington RESOLUTION AUTHORIZING RESOLUTION No. 25- ) -CC EXECUTION OF INTERLOCAL INVESTMENT SERVICES AGREEMENT BETWEEN GRANT COUNTY (TREASURER) AND WASHINGTON COUNTIES RISK GROUP (WCRG) WHEREAS, Chapter 39.34 RCW, the Interlocal Cooperation Act, permits local governmental entities to make the most efficient use of their powers by enabling them to cooperate with other localities on a basis of mutual advantage, for the purposes of providing services and facilities in a manner and pursuant to forms of governmental organization that will accord best with geographic, economic, population and other factors influencing the needs and development of local communities; and WHEREAS, Grant County, Washington, a political subdivision, and the Washington Counties Risk Group (WCRG) are vested with authority to enter into an interlocal agreement pursuant to chapter 39.34 RCW; and WHEREAS, it is the desire of Grant County and WCRG to enter into an interlocal agreement for the Grant County Treasurer to invest WCRG monies provided by the local Government into the County Pool on its behalf. NOW, THEREFORE, BE IT RESOLVED, that the attached Interlocal Investment Services Agreement between Grant County and WCRG be executed. PASSED AND ADOPTED this cl� � day of & D V' , 2025. BOARD OF COUNTY COMMISSIONERS Yea Nay Abstain GRANT COUNTY, WASHINGTON ❑ ❑ ❑ I j ATTES; ,zi`� ❑ ❑ Ba bara Vasq e or C*rk of the Bo rd ❑ ❑ .' 6 �4z Kevin Burges ember