VILLAGE OF TAOS SKI VALLEY

RESOLUTION NO. 97-11

PERTAINING TO LOCAL SHORT-TERM INVESTMENT FUNDS

A RESOLUTION CONCERNING THE ESTABLISHMENT OF A LOCAL SHORT-TERM INVESTMENT FUND THROUGH THE NEW MEXICO STATE TREASURER’S OFFICE.

WHEREAS, Section 6-10-36 NMSA 1978, “Public money deposits of certain governmental units; distribution; interest”, provides for the deposits of funds of a governmental unit; and,

WHEREAS, the New Mexico State Treasurer’s Office provides and administers an interest bearing, local short-term investment fund;

NOW, THEREFORE BE IT RESOLVED by the governing body of the Village of Taos Ski Valley, New Mexico (hereinafter referred to as the Village) that:

1.       A New Mexico State Treasurer’s Office local short-term investment fund (hereinafter referred to as a STO account) will be established for each local bank checking account maintained by the Village.

2.       Funds will be transferred to the STO account in order to maximize the Village’s investment return and to maintain local bank checking account balances below $100,000.

3.       Transfers between the STO account and the local bank checking account may be authorized by the Mayor, Mayor Pro-Tem or the Village Administrator.

4.       This resolution shall continue in force until express written notice of its rescission or modification has been furnished to and received by the State Treasurer’s Office.

PASSED, ADOPTED AND APPROVED this 25^th day of July, 1996.

Vote For _____, Against _____.

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Mayor

ATTEST:

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Clerk/Treasurer