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HomeMy WebLinkAboutResolution No. 04 07 TexasTERMRESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK, TEXAS, ENTERING INTO A PARTICIPATION AGREEMENT WITH THE TEXASTERM LOCAL GOVERNMENT INVESTMENT PORTFOLIO; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City of University Park, Texas, ("Participant") is a local government of the State of Texas and is empowered to delegate to a public funds 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; and WHEREAS, the TexasTERM Local Government Investment Portfolio, a public funds investment ,',ool (a "Pool"), was created on behalf of entities aLh~,r~.e,~,t~, obje~v..es in order of priority ~re preservation and safety of~~'~~..~t ~t~,h the Public Funds Investment Act. *~*" ........ ~ ' ~ " I '%~ NOW THEREFORE, be it resolved as follows: A. That Participant shall enter into a Participation Agreement to establish an account in its name in the Pool, for the purpose of transmitting local funds for investment in either the TexasTERM series or the TexasDAILY series within the Pool. B. That the individuals, whose signatures appear in this Resolution, are Authorized Representatives of the Participant and are each hereby 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. List of the Authorized Representatives of the Participant. These individuals may be issued P.I.N. numbers. 1. Name: Kent P,~Austin A Title: Director of Finance 2. Name: T or~Tv;~zik Title: Controller 3. Name: Bob Liv'.L~ston Title: City Manager List the name~of-tfie Authorized Representative provided above that will have primary responsibility for performing transactions and receiving confirmations and monthly statements under the Participation Agreement. 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 cannot make deposits or withdrawals. If the Participant desires to designate a representative with inquiry rights only, complete the following information. 4. Name: Title: ~' Signature: C. That this Resolution 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 such amendment or revocation. This Resolution is hereby introduced and adopted by the Participant at its meeting held on the 18th day of June, 2004.. NAME OF PARTICIPANT: JAMES H. HOLMES, III Printed Name MAYOR Title . NINA U. WILSON Printed Name CITY SECRETARY Title SEAL: