HomeMy WebLinkAbout024210 RES - 09/12/2000RESOLUTION
AUTHORIZING PARTICIPATION IN THE LOCAL GOVERNMENT
INVESTMENT COOPERATIVE AND DESIGNATING AUTHORIZED
REPRESENTATIVES.
WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code,
as amended (the "Interlocal Act"), permits any "local government" to contract with one or more
other "local governments" to perform "governmental functions and services", including investment
of public funds (as such phrases are defined in the Interlocal Act);
WHEREAS, the Interlocal Act authorizes the contracting parties to any interlocal agreement
to contract with agencies of the State of Texas, within the meaning of Chapter 771 of the
Government Code;
WHEREAS, the Act permits the contracting parties to any interlocal agreement to create
an administrative agency to supervise the performance of such interlocal agreement and to employ
personnel and engage in other administrative activities and provide other administrative services
necessary to execute the terms of such interlocal agreement;
WHEREAS, the Public Funds Investment Act, Chapter 2256 of the Texas Government
Code, as amended (the "PFIA'), authorizes tbe entities described in Subsection (a) of the PFIA to
invest their funds in an eligible public Fund investment pool, and the Local Government Investment
Cooperative has become and intends to remain an eligible public funds investment pool, under the
terms and conditions set forth in PFIA;
WttEREAS, the City of Corpus Christi, (the "Gove~ranent Entity") desires to enter into that
certain Interlocal Agreement (the "Agreement"), a copy of which is presented with this Resolution
and is incorporated herein by reference, and to become a participant in a public funds investment
pool created thereunder and under PFIA, to be known as Local Government Investment Cooperative
(the "Cooperative");
and
WHEREAS, the Government Entity is a Government Entity as defined in the Agreement;
WHEREAS, the Government Entity desires to cause administration of the Cooperative to
be performed by a board of directors (the "Board'), which shall be an administrative agency created
under the Interlocal Act; and
WHEREAS, the Government Entity desires to designate the Board as its agency and
instrnmentality with authority to supervise performance of the agreemenL employ personnel and
engage in other administrative activities and provide other administrative services necessary to
execute the terms of the Agreement; and
WHEREAS, each capitalized term used in this Resolntion and not otherwise defined has
the same meaning assigned to it in the Agreement;
NOW, THEREFORE, BE IT RESOLVED:
SECTION 1. The Agreement is hereby approved and adopted and, upon execution thereof
by an Authorized Representative (defined below) and receipt of the Government Entity's application
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024210
to join the Cooperative by Administrator, the Government Entity shall become a Participant in the
Cooperative for the purpose of investing available funds therein from time to time in accordance
with its tenns.
SECTION 2. The Board is hereby designated as an agency and instrumentality of the
Government Entity, and Board shall have the authority to supervise performance of the Agreement
and the Cooperative, employ personnel and engage in other administrative activities and provide
other administrative services necessary to execute the terms of Agreement.
SECTION 3. The investment policies of the Cooperative, as set forth in the document
emitled Investment Policies, summarized in the Information Statement, and as may be amended from
time to time by the Board, are hereby adopted as investmere policies of the Governmere Emity with
respect to money invested in the Cooperative, and any existing investmere policies of the
Government Emity in conflict therewith shall not apply to investmems in the Cooperative.
SECTION 4. The following officers, officials or employees of the Government Emity are
hereby designated as ~:Authorized Representatives" within the meaning of the Agreement, with fhll
po~ver and authority to: execme the Agreement, an application to join the Cooperative and any other
documents required to become a Participant; deposit money to and withdraw' money fi'6m the
Government Entity's Cooperative account from time to time in accordance with the Agreement and
the Information Statement; and take all other actions deemed necessary or appropriate for the
investment of funds of the Government Entity:
Signature:
Printed Name: Dorothea Montoya
Title: City Treasurer
Signature:
Primed Name:
Title:
David Hedberg
Investment Analyst
S i gnature:
Printed Name:
Title:
Audre Debler
Chief Accountant
In accordance with Cooperative procedures, an Amhorized Representative shall promptly
notify the Cooperative in writing of any changes in who is serving as Authorized Representatives.
SECTION 5. In addition to the foregoing Authorized Representatives, each Investmere
Officer of the Cooperative appointed by the Board from time to time is hereby designated as an
investment officer of the Government Entity and, a such, shall have responsibility for investing the
share of Cooperative assets represeming funds of the Governmere Entity. Each depository and
custodian appointed by the Board from time to time are hereby designated as a depository and
custodian of the Government Emity for purposes of holding the share of Cooperative assets
representing ftmds of the Government Entity.
H :%LEG-DIR',VERONICA%LISAiORD2%ORD2.168
Legal form approved c'~
By:
Samuel e City of'CMo~
2000; James R. Bray, Jr., City Attorney
H :',LEG-DIR/VERONICA/LISA/ORD2/ORD2.168
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Javier D. Colmenero
Melody Cooper
Henry Garrett
Dr. Amold Gonzales
Rex A. Kinnison
Betty Jean Longoria
John Longoria
Mark Scott
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