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Trent Woods approves resolution to join North Carolina Investment Pool
Summary
The Town of Trent Woods Board of Commissioners voted unanimously Nov. 6 to join the North Carolina Investment Pool, authorizing the finance officer to manage the town's idle funds under the interlocal agreement and Indenture of Trust cited in the resolution.
The Town of Trent Woods Board of Commissioners unanimously approved a resolution on Nov. 6 authorizing the town to join the North Carolina Investment Pool.
Commissioner M. Shane Turney moved to adopt the resolution, which explicitly references N.C.G.S. Section 159-30(c)(10), N.C.G.S. Sections 160A-460 through 160A-464 and N.C.G.S. Section 159-32; Commissioner Billy Joiner seconded the motion and it carried without objection. The resolution authorizes the town's Finance Officer to serve as the town's authorized representative under the interlocal agreement and Indenture of Trust and to execute related documents required by the pool's administrator or custodian.
The board discussed the procedural authority to join a pooled investment vehicle and delegated implementation details to the finance officer. The resolution text included a clause authorizing the finance officer to "take or cause to be taken any and all such other actions" necessary to effectuate the town's participation and to execute depository forms and amendments that do not have financial implications for the town.
The motion passed with the members present voting in favor; Mayor Pro-Tempore Daniel E. Murphy, Commissioner Billy Joiner and Commissioner M. Shane Turney were recorded as present for the meeting. No public opposition to the measure was recorded during the hearing.
