1(1) 2Prior to any determination by the governing body that it is in the interest of the unit of local government to deposit surplus funds in the trust fund, the board or a professional money management firm must provide to the governing body enrollment materials, including a trust fund profile containing impartial educational information describing the administration and investment policy of the trust fund, including, but not limited to:70(a) 71All rights and conditions of participation, including potential restrictions on withdrawals.
82(b) 83The historical performance, investment holdings, credit quality, and average maturity of the trust fund investments.
98(c) 99The applicable administrative rules.
103(d) 104The rate determination processes for any deposit or withdrawal.
113(e) 114Any fees, charges, penalties, and deductions that apply to the account.
125(f) 126The most recently published financial statements or independent audits, if available, prepared under generally accepted accounting principles.
143(g) 144A disclosure statement for signature by the appropriate local government official.
155(2) 156Upon review of the enrollment materials and upon determination by the governing body that it is in the interest of the unit of local government to deposit surplus funds in the trust fund, a resolution by the governing body and the signed acceptance of the disclosure statement by the local government official, who may be the chief financial or administrative officer of the local government, shall be filed with the board and, if appropriate, a copy shall be provided to a professional money management firm authorizing investment of its surplus funds in the trust fund established by this part. The resolution shall name:259(a) 260The local government official, who may be the chief financial or administrative officer of the local government, or
278(b) 279An independent trustee holding funds on behalf of the unit of local government,
292responsible for deposit and withdrawal of such funds.
