HomeMy WebLinkAbout025555 RES - 11/11/2003RESOLUTION AUTHORIZING PARTICIPATION IN THE TEXAS TERM LOCAL
GOVERNMENT INVESTMENT PORTFOLIO (TEXAS DAILY), A LOCAL
GOVERNMENT INVESTMENT POOL, AND DESIGNATING AUTHORIZED
REPRESENTATIVES
WHEREAS, the City of Corpus Christi, Texas ("Participant") is a Texas home rule
municipality and is empowered to delegate to a local government investment pool the
authority to invest funds and to act as custodian of investments purchased with local
investment funds; and
WHEREAS, it is in the best interest of the Participant to invest local funds in
investments that provide for the preservation and safety of principal, liquidity, and yield
consistent with the Public Funds Investment Act, Chapter 2256 of the Texas
Government Code; and
WHEREAS, the TexasTERM Local Government Investment Portfolio (Texas Daily) a
local government investment pool ("Pool") was created on behalf of entities whose
investment objectives in order of priority are preservation and safety of principal,
liquidity, and yield consistent with the Public Funds Investment Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS;
SECTION 1. That the City Manager or designee is authorized to execute a Participation
Agreement for Participant to establish an account in the Pool in the name of Participant,
for the purpose of transmitting local funds for investment in either the TexasTERM
series or the TexasDAILY series within the Pool.
SECTION 2. That the individuals whose signatures appear in this Resolution are
Authorized Representatives of the Participant and are each authorized to transmit funds
for investment in the Pool and are each further authorized to withdraw funds from time
to time, to issue letters of instruction, and to take all other actions deemed necessary or
appropriate for the investment of local funds. These individuals may be issued P.I.N.
numbers. The Authorized Representatives of the Participant are:
1. Signature:Name: Dorotbea~,~L. Montoya
2. Name: DavicLC,. Hedberg
Signature: ~..,~-~,,'~____~.~,.
3. Name: Constance P. Sa~nchez Title: Acting Director of Finance
Signature:
SECTION 3. Listed below is the name of the Authorized Representative provided
above that will have primary responsibility for performing transactions and receiving
confirmations and monthly statements under the Participation Agreement:
Title: City Treasurer
Title: Investments Analyst
Name: Dorothea L Montoya
Texas TERM RES.DOC
Title: City Treasurer.
SECTION 4. In addition, and at the option of the Participant, one additional Authorized
Representative can be designated to perform only inquiry of selected information. This
limited representative may not make deposits or withdrawals. Listed below is the name
of the representative designated by Participant with inquiry rights only:
Name: ~rome JoT~n ~ Title: Automation Coordinator
Signature: ~ ~/./;,-.-' ~
f/,
SECTION 5. This F~esolution'and its authorization shall continue in full force and effect until
amended or revoked by the Participant, and until the Pool receives a copy of any amendment
or revocation.
City Secretary
OF CORPUS CHRISTI
Samuel L. Neal, Jr.
Mayor
Approved: October 29, 2003
2
Lisa Aguilar
Assistant City Attorney
for City Attorney
Texas TERM RES DOC
Corpus C~isti, Texas,
I~''~ of ~d ~.)~ J~._..~ ,2003
The above resolution was passed by the following vote:
Samuel L. Neal, Jr.
Brent Chesney
Javier D. Colmenero
Melody Cooper
Henry Garrett
Bill Kelly
Rex A. Kinnison
Jesse Noyola
Mark Scott
3
Texas TERM RES.DOC