HomeMy WebLinkAbout032525 RES - 08/17/2021Texas
CLS
Texas Cooperative Liquid Assets Securities System Trust
Resolution to Participate
WHEREAS, the Public Funds Investment Act, Texas Government Code, Section 2256.001 et seq. (the
Act) requires the governing body of each local government in this state to adopt investment policies in
accordance with the terms of the Act; and
WHEREAS, pursuant to the requirements of the Act, the Board of Trustees (the Governing Body) of
the City of Corpus Christi (the Local Government) has previously reviewed and adopted an
investment policy (the Policy) that provides in part that the funds of the local government will be invested
in investments permitted by the Act in order to: (i) invest only in investments legally permitted under Texas
law; (ii) minimize risk by managing portfolio investments so as to preserve principal and maintain a stable
net asset value; (iii) manage portfolio investments to ensure that cash will be available as required to finance
operations; and (iv) maximize current income to the degree consistent with legality, safety, and liquidity;
and
WHEREAS, pursuant to the Policy and the Act, the Local Government has appointed
Judy Villalon (the Investment Officer) to act as the investment officer of the Local
Government; and
WHEREAS, the Act provides that funds under the control of a Local Government may be invested
through investment pools meeting the standards of Section 2256.016 of the Act; and
WHEREAS, the Local Government has received and reviewed the Information Statement, dated
December 2016 (the Information Statement), of Texas Cooperative Liquid Assets Securities System Trust
(the Program), an investment pool administered by Public Trust Advisors, LLC that sets forth the information
required by Section 2256.016(b) of the Act; and
WHEREAS, the Local Government has determined that the investments proposed to be acquired by
the Program are of a type that are permitted by the Act and are consistent with the Policy; and
WHEREAS, the Local Government has determined that an investment in the Program will assist the
Local Government in achieving the goals set forth in the Policy and will tend to preclude imprudent
investment activities arising out of investment transactions conducted between the Local Government and
the Program; and
WHEREAS, the Local Government understands that the Program operates through the Ninth
Amended and Restated Trust Agreement dated as of February 25, 2021 (the Trust Agreement), that provides
the terms on which the Program will operate and the rights of the Participants in the Program and sets forth
the responsibilities of Public Trust Advisors, LLC as the administrator of the Program (the Administrator)
and of UMB Bank as custodian (the Custodian);
717 17th Street, Suite 1850
Denver, Colorado 80202
T (800) 707-6242
F (855) 848-9910
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www.texasclass.com
SCANNED
Texas
CLAS
Texas Cooperative Liquid Assets Securities System Trust
NOW THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE LOCAL GOVERNMENT:
That the form, terms, and provisions of the Trust Agreement, a draft of which was presented and
reviewed at this meeting, providing for the creation of the Program and for the rights of the Program
Participants and the duties and responsibilities of the Administrator be and the same are hereby approved
and adopted; and that the Investment Officer be and he or she is hereby authorized and directed to execute
and deliver to the Administrator and the Custodian in the name and on behalf of the Local Government a
participation certificate evidencing the agreement of the Local Government to be bound by the Trust
Agreement substantially in the form of the Trust Agreement reviewed and approved at this meeting, together
with such changes therein as may be approved by the said officer, such approval to be conclusively
evidenced by the execution thereof; and be it further
Resolved that the investment program established by the Trust Agreement is hereby found and
determined to be consistent with the Policy and to preclude imprudent investment activities arising out of
investment transactions conducted between the Local Government and the Program; and be it further
Resolved that the Governing Body hereby officially finds and determines that the facts and recitations
contained in the preamble of this Resolution are true and correct; and be it further
Resolved that the Governing Body hereby finds and declares that written notice of the date, hour,
place, and subject of the meeting at which this Resolution was adopted was posted for the time required by
law preceding this meeting and that such meeting was open to the public as required by law at all times
during which this Resolution and the subject matter thereof were discussed, considered, and formally acted
upon all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended, and
the Act; and be it further
Resolved that the officers of the Local Government, and each of them, shall be and each is expressly
authorized, empowered, and directed from time -to -time to do and perform all acts and things and to
execute, acknowledge, and deliver in the name and under the corporate seal and on behalf of the Local
Government all certificates, instruments, and other papers, whether or not herein mentioned, as they may
determine to be necessary or desirable in order to carry out the terms and provisions of this Resolution and
of the Trust Agreement hereby authorized and approved, such determination to be conclusively evidenced
by the performance of such acts and things and the execution of any such certificate, financing statement,
instrument, or other paper; and be it further
Resolved that this Resolution shall take effect and be in full force upon and after its passage.
Authorized Signature
Authorized Signature
U ycfU��� Paulette M. Guajardo
Date Printed Name
l 6 l Rebecca Huerta
Date Printed Name
717 17th Street, Suite 1850 T (800) 707-6242
Denver, Colorado 80202 F (855) 848-9910
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PASSED AND APPROVED on the )1 day of
Paulette M. Guajardo
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
John Martinez
Ben Molina
Mike Pusley
Greg Smith
ATTEST:
A`-•
AY
At_
A`r.-
ALL
Ak-
A1k-
Ptf-
e ecca Huerta
City Secretary
, 2021:
OF CORPUS CHRISTI
itC-0
aulette M. Guajardo
Mayor
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