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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." RP1030.003.kp 0214r CROUCHED 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: RP1030.003.kp 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 (u* 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 RP1030.003.kp