Loading...
HomeMy WebLinkAboutState of FL SPIA agrmnt pdfSTATE OF FLORIDA DEPARTMENT OF FINANCIAL SERVICES, DIVISION OF TREASURY SPECIAL PURPOSE INVESTMENT ACCOUNT (SPIA) AGREEMENT This Agreement is entered into on the date last signed below between the Department of Financial Services, Division of Treasury ("'Treasury") and City orCape Canaveral ("Organization"). WHEREAS, Section 17.61, Florida Statutes, authorizes the Chief Financial Officer to engage in investment transactions whereby the Organization places funds with the Treasury for pooled fund investment through the Special Purpose Investment Account ("SPIA Fund"); and WHEREAS, entities that are not "state agencies" as defined in section 216.011 (1)(qq), Florida Statutes, may have a limit placed on the amount of funds invested in the SPIA Fund; and WHEREAS, the Organization Nvishes to invest in the SPIA Fund. NOW THEREFORE, the following terms and conditions shall apply: I. ACCOUNT NUMBER -_ See Appendix One A unique account number has been assigned to the Organization. The account number shall be used when funds are wired for investment or liquidated. The account number shall be used in any communication to the Internal Investment Group of Treasury. 2. DELIVERY OF FUNDS FOR INVESTMENT Funds wired for investment by the Organization shall be handled as follows: a. The Organization shall notify the Treasury via the SPIA web application that a delivery of funds will be wired to the bank account listed below in 2.b. Funds entered on the SPIA web application prior to 11:00 a.m. (Eastern Time) on days that the Federal Reserve Banks and Fixed Income Markets are operational shall be credited the same day. If the SPIA web application is not functional, the Organization shall contact the Internal Investment Group at 850-413-3168 for further instructions. Funds wired to the below account without notification on the SPIA web application, or a method approved by the Internal Investment Group, will not be credited to the account until the next business day. b. The Organization shall notify its financial institution to wire funds to the following: The Bank of New York Mellon ABA#021000018 Account#8900102519 Chief Financial Officer's Special Purpose investment Account Further Credit to Account 49-104 City of Cape Canaveral Attn: Florida DFS CARS Team c. The Organization and/or its financial institution are responsible for any compensation due for an overdraft caused by fai lure to del iver funds to the SPIA account. If an overdraft occurs, the Organization will be notified of the fee amount owed. 10195KL2 d. If the Organization wires funds in excess of the net investment amount, Treasury will return the full amount to the initiating financial institution and remove all transactions involved from the Organization's SPIA account. If any monies are held ovemight by Treasury, the monies will be held in a non-interest bearing account. e. If the Organization is not within the definition of"state agency" under section 216.011(I)(gq), Florida Statutes, Treasury may, at its sole option, limit the amount of funds that may be invested. Treasury shall notify the Organization of this limitation at the time of this Agreement and may amend the limitation upward with no advance notice or downward with fifteen (15) days advance written notice. 3. LIQUIDATION OF INVESTMENTS Liquidation of investments shall occur as follows: a. The Organization shall notify Treasury via the SPIA web application of all liquidations. With the exception of 3.b. below, requests for liquidations that are received on the SPIA On -Line System prior to 11:00 a.m. (Eastern Time) on days that the Federal Reserve Banks and Fixed Income Markets are operational shall be processed the same day. b. If the liquidation is $15 million or above (per entity), and the Organization has not provided notice of the liquidation to Treasury through an annual reporting of scheduled liquidations (i.e., frequency and amounts), Treasury requires a three (3) business days notice before the liquidation will be authorized. The liquidation notice shall be sent via email to InvestmentsG_myfloridacfo.com. c. If the SPIA web application is not functional, the Organization shall contact the Internal Investment Group at Treasury at S50-413-3168 for further instructions. A request for liquidation communicated after the 11:00 a.m. deadline will not be processed until the next business day unless approved as a special case by the Internal Investment Group. d. Treasury wi l l only wire transfer liquidated funds to the wiring instructions authorized on the Wire Transfer Authorization form. If any of the information on the Wire Transfer Authorization form changes, anew form must be completed. 'Treasury shall be notified ten (10) days in advance of any change in information. 4. EARNINGS/STATENTENTS Earnings shall be paid to e,ich account on a monthly basis and will be credited to the Organization's account as of the first day of the following month. Investment Statements that include the monthly interest earnings are available via the SPIA web application on or about the 10" calendar div of each month for the preceding month's investment activity. If a discrepancy is noted, the Organization shall notify Treasury by :i;e end of the month in which the statement was available. The Organization and Treasury shall work together to resolve the discrepancy (Section 9). 5. CHARGES Each account will be ehar,.cd an administrative fee at the rate of0.12 percent per annum on the average daily balance of the account. Based on the terms and ennditions of Treasury's Custodial Bank contract at any given time, each account may also be assessed a per wire fee. In the evernt o I' - ire fees, the fees will be charged to the account as of the first day of each month for the prior month and will show on the monthiv : ccount statement. 10195KL2 2 6. WRITTEN CONrIRRIATION OF TRANSACTIONS For every approved transaction not conducted via the SPLA web application, the Organization agrees to supply Treasury with written instructions prior to the investment or liquidation. Such written instructions shall be sent by facsimile or e-mail to the information in Section 7, and shall include the date, amount of transaction, and account number to be credited or debited. It must contain the signature of one authorized personnel or the e-mail must be originated from the authorized personnel's work e-mail account. 7. AUTHORiZCD PERSONNEL -TREASURY The following Internal 1 nvestment Group personnel, a section of Treasury, are authorized to receive the Organization's investment instructions or other communications: Loretta King Pedro Morgado Karen Harrell -Long Cherie Jeffries Phone 8501413-3168 FAX 8501413-2793 e-mail: InvWments@myfloridacfo.com S. AUTHORIZED PFlZSONNEL-ORGANIZATION The following personnel are authorized contacts for the Organization. (At least two (2) are required) Name: Telephone # David Greene 32I/868-1230 Andrea Bowers 321/868-1234 Angela Apperson 321/868-1220 Rocky Randels 321/868-1230 FAX: 321/868-1248 The Organization's official mailing address is as follows: E -Mail d. greene ci ofca ecanaveral.or bowers-cape@cfl.rr.com a_apperson Fcitvofcapecanaveral.org rock -ca a cfl.rr.com City of Cape Canaveral P.O. Box 326 Cape Canaveral, FL 32920 The Organization shall promptly notify the internal Investment Group above of any changes in authorized personnel, e-mail addresses, telephone numbers, fax number, the Organization's official mailing address, and the name of the official who executes this Agreement, "1'h is notification will be conveyed by completing the SPIA Account CIrnnge Form. If the Executing Officer is replaced, the SPLA Account Change Formfor Executing Officer shall be completed. 10195KL2 9. DISPUTE RESOLUTION In the event any dispute or controversy arising from or relating to this Agreement, the Organization will notify the Treasury in writing of any issues. The parties agree to exercise their best efforts to resolve the dispute as soon as possible. The parties shall, without delay, continue to perform their respective obligations under this Agreement which is not affected by the dispute. If the parties are unable to resolve the dispute, then jurisdiction for any dispute arising under the terms of the Contract will be in the Courts of the State of Florida, and venue will be in the Second Judicial Circuit, in and for Leon County. Except as otherwise provided by law, the parties agree to be responsible for their own attorney fees incurred in connection with disputes arising under the terms of this Agreement. 10. RESPONSIBILTY FOR INJURY OR DAMAGE Initially, one password will be assigned to the Organization to access the SPIA web application. The password will be given to the Executing Officer. The Organization agrees to take full responsibility for any loss or damage through any use of password damage throughout the organization or any person assigned a password by the Organization. To the extent permitted by law, the Organization acknowledges its duty to take responsibility for any injury or damage to Treasury or third parties' resulting from any transaction Treasury makes acting in reliance on instructions given by the Organization's authorized agent or in compliance with the terms of this Agreement The Organization agrees as follows: (1) the SPIA Fund is exempt from SEC regulation and therefore is an unregistered fund; (2) there is investment risk associated with the SPIA Fund; (3) principal loss is possible; (4) the SPIA Fund is not guaranteed by the State of Florida, the U.S. government, FDIC or any other government agency; and (3) past performance is no guarantee of future performance. 11. TERMINATION OF AGREEMENT This Agreement may be terminated by either party upon thirty (30) days written notice. 12. SEVERABILITY If any provision or provisions of this Agreement shall be held to be invalid, illegal, unenforceable or in conflict with the law of any jurisdiction, the validity, legality and enforceability of the retraining provisions shall not in any way be affected or impaired thereby. (INTENTIONALLY LEFT BLAND 10195KL2 4 IN WITNESS WHEREOF, the Department of Financial Services, Division of Treasury and the Organization, by their duly authorized representatives, have signed this Agreement. EXECUTING OFFICER .. orga�dniz'C zCit of CA a CanavcraI Name: Andrea Bowers Title: City Treasurer Date: 1219/10 CERTIFYING OFFICER The undersigned officer/official of City of Cape Canaveral. (Organization) with principal office at 105 Polk Avenue Cape Canaveral FL 3292aaddress) hereby certifies that the persons named above are duly empowered to issue instructions and enter into agreements/contracts with the Chief Financial Officer, State of Florida concerning all cash and security transactions on behalf of this Organization. Dated this 9th day of December , 2010 . The undersigned certifying officer is directly responsible to the Board of Directors: CO ek" J- `I -", A.eQ� President, Chief Executive Officer Chief Operating Officer, Vice President, Board ofTrustees member or Chief Financial Officer David L. Greene City Manager Type or Print Name and Title State of Florida, Depariment of Financial Services Division of Treasury By: Bert Wilkerson Title: Interim Director of TrcUM Date: M 1 11 -two 10195KL2 5 SPIA Account; Number 9-104-0100 9-104-0200 Appendix One Account Name City of Cape Canaveral City of Cape Canaveral Enterprise Signed: Bert Wilkerson, Interim Director Division of Treasury Date: I -L 11� ho 1k.) 10195KL2 6 Account Name Change or Close (if anvil Signed: Name: Andrea Bowers Title: City Treasurer Date: 12--09-10