HomeMy WebLinkAbout021401 RES - 05/19/1992A RESOLUTION
AUTHORIZING A PARTICIPATION AGREEMENT WITH THE TEXAS
STATE TREASURER; DESIGNATING AUTHORIZED
REPRESENTATIVES, DEPOSITORY, AND CUSTODIAN OF CITY OF
CORPUS CHRISTI INVESTMENT FUNDS; AND APPROVING
INVESTMENT OBJECTIVES AND PURPOSES AS PROVIDED IN THE
PARTICIPATION AGREEMENT.
WHEREAS, the City of Corpus Christi, Texas ("City") is authorized to contract with
one or more local governments or state agencies for the joint investment of public funds in
any investment in which each such government entity is authorized to invest its funds;
WHEREAS, the City is authorized by the Public Funds Investment Act of 1987,
Article 842a-2, Vernon's Texas Civil Statues, as amended ("Public Funds Investment Act")
to invest funds in any of the obligations or securities as described in the Public Funds
Investment Act;
WHEREAS, it is in the best interest of the City and its inhabitants to invest local
funds in investments that yield the highest possible rate of return while providing necessary
safekeeping and protection of the principal;
WHEREAS, the Treasurer of the State of Texas acting by and through the Texas
Treasury Safekeeping Trust Company ("Trust Company") has created "Texpool," a public
funds investments pool to effectuate those investments at the highest possible yield and to
maintain the safety of the funds of the City;
WHEREAS, the City desires to authorize the joint investment of public funds with
other local governments pursuant to the Interlocal Cooperation Act of Texas and to provide
for the terms on which public funds so invested may be combined, invested, secured, and
accounted for;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF CORPUS CHRISTI, TEXAS:
SECTION 1. That the terms of the Participation Agreement which is attached hereto
and incorporated herein for all purposes as Exhibit "A," including the investment objectives
and purposes described therein, are hereby approved. The City Manager is hereby
authorized to execute the Participation Agreement and that the designations, delegations,
approvals, and authorizations described therein shall be authorized, approved, and granted
by the City without further acts of the City Council. The City shall establish an account in
its name with the Trust Company's investment pool, "Texpool," for the purpose of
transmitting local funds for investments in "Texpool."
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SECTION 2. That the City Manager or designee thereof is authorized to transfer
public funds of the City to Texpool for investment in accordance with the Public Funds
Investment Act. The City Manager shall periodically designate and authorize certain officers
or employees of the City to effectuate all transactions or obligations of the City by delivering
to the Texas State Treasurer the Designation of Authorized Representatives set forth in
Exhibit "B," which is attached hereto and incorporated herein for all purposes. The specific
designees authorized by this Resolution include those individuals holding the positions of
Investment Manager, Investments Analyst, Controller, Chief Accountant, or Director of
Finance
All such transactions shall be made in accordance with the policies and procedures
heretofore adopted by the City pursuant to Article 4413 (34c) Investment of Local Funds,
Vernon's Texas Civil Statutes, as such policies and procedures are amended from time to
time, but to the same extent as if such policies and procedures expressly authorized such
transfers as direct investments of public funds of the City. All notices, demands, requests,
drafts, consents, approvals, waivers, ballots, and other documents and actions which may be
given or taken by the City under the terms of the Participation Agreement may be given or
taken by the City Manager, or his designee, as the officer responsible for the investment of
public funds of the City.
SECTION 3. The City Manager is hereby authorized to take any and all action
necessary to effect the Participation Agreement and joint investments authorized hereby and
to perform any obligations of the City thereunder.
SECTION 4. All resolutions or guidelines which are in conflict or inconsistent with
any provisions of this Resolution are hereby repealed and declared inapplicable to the
extent of such conflict, and the provisions of this Resolution shall continue in full force and
effect until amended or revoked by the City and until the Trust Company receives a copy
of any such amendment or revocation. Until such time, the Trust Company is entitled to
rely on same.
ATTEST:
City Secretary
MA OR
THE CJTY9OF CORPUS CHRISTI
APPROVED: U4 DAY OF // , 1992
JAMES R. 1 t AY JR., CI 1"1 ORNEY
fen
Assistant City Attorney
By:
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Corpus Christi, Texas
l
C day of Will , 1902-
The above resolution was passed by the following vote:
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
Edward A. Martin
Joe McComb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
066
01-12
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02140'
Exhibit "B"
Designation of Authorized Representative
As the duly appointed and authorized City Manager of the City of Corpus Christi,
("City"), I designate the officers listed below as the Authorized Representatives of the City
for purposes oftransacting business for the City including, but not limited to, account
transfers, open and close accounts, and request reports pursuant to the Participation
Agreement. The signatures below are the true and genuine signatures of the Authorized
Representatives vested with full authorization in the Resolution.
Name: Title:
Dorothea L. Montoya Investments Manager
Lillie Jo Dotson Investments Analyst
Michael P. Harty Controller
Signature:
This Designation of Authorized Representatives shall not amend, modify, waive, or
revoke any of the terms of the Participation Agreement entered into between the City and
State Treasurer. This authorization is entered into to facilitate the transfer of funds or
administration of the services to be provided by Texpool to the City. It is not intended to
empower Authorized Representatives to approve or accept amendments, waivers, or new
provisions or terms to the Participation Agreement on behalf of the City. Authorized
Representatives remain authorized until the Trust Company receives written notification
revoking authorization.
This Designation of Authorized Representatives is effective this _ day of
, 19, and revokes all previous Designations.
ATTEST: CITY OF CORPUS CHRISTI
Armando Chapa, City Secretary Juan Garza, City Manager
Approved this _ day of , 19
James R. Bray Jr., City Attorney
Assistant City Attorney
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