HomeMy WebLinkAboutResolution No. 99-23 RESOLUTION N0. R99-23
A RESOLUTION OF THE CITY OF FRIENDSFTOOD, TEXAS,
AUTHORIZING PARTICIPATION IN COOPERATIVE LIQUID
ASSET SECURITY SYSTEM (CLASS) .
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WHEREAS, pursuant to the requirements of the Public Funds Investment Act,
Texas Government Code, Section 2256.001 et seq. (the "Act") , the CltY
Council of the Citv of Friendswood, Texas, 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 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
WFiEREAS, 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 the Local Government has reviewed the Information
Statement, dated March 3, 1996, as supplemented on December 31. 1998 (the
"Statement") , of Texas Cooperative Liquid Assets Securities System, an
investment pool (the "Pool") administered by MBIA Municipal Investors
Service Corporation, as the manager of the Pool (the "Manager") and has
determined that the investments proposed to be acquired by the Pool are of a
type permitted by the Act and consistent with the Policy and that an
investment in the Pool will assist in achieving the goals set forth in the
Policy; and
WHEREAS, the Local Government understands that the Pool is created through
an instrument of trust, dated as of January l, 1996, and amended as of
November 20, 1997 (the "Trust Instrument") , which provides the terms on
which the Pool will operate and the rights of the participants in the Pool
will be governed and sets forth the responsibilities of the Manager, and of
Bank One, Texas, N.A. as trustee (the "Trustee") ;
NOW TIiEREFORE, BE IT RESOLVED by the Governing Body of the Local Government:
That the form, terms and provisions of the Trust Instrument, a draft of
which was presented and reviewed at this meeting, be and the same are hereby
approved and adopted; and that Rocrer Roecker, heretofore appointed by the
Local Government pursuant to the Policy and the Act as its Investment
Officer, be and he is hereby authorized and directed to execute and deliver
to the Manager and the Trustee in the name and on behalf of the Local
Government, a Trust Instrument substantially in the form of the trust
instrument reviewed and approved at this meeting, together with such changes
as said officer may approve, such approval to be conclusively evidenced by
the execution thereof; and be it further
R99.23/LST03
RESOLVED, that the investment program described in the Statement 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 Pool; and be it further
RESOLVED, that the Governing Body hereby officially finds and determines
that the facts and recitations in the preamble of this Resolution are true
and correct and adopts the preamble as part of the operative provisions of
this Resolution; 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
Chapter 551, Texas Government Code, as amended, and the Act; and be it
further
RESOLVED, that the officers of the Local Government, each is expressly
authorized, empowered and directed from time to time to perform all acts and
to execute, acknowledge, seal and deliver in the name and on behalf of the
Local Government all certificates, instruments and other documents as they
may determine to be necessary or desirable to carry out the provisions of
this Resolution and the Trust Instruments, such determination to be
conclusively evidenced by the performance of such acts and the execution of
any such documents; and be it further
RESOLVED, that this Resolution shall take effect and be in full force upon
and after its passage.
PASSED, APPROVED AND RESOLVED this the 2nd day of August, 1999.
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Mayor Harold L. Whitake
City of Friendswood
ATTEST:
Deloris McKenzie, TRM
City Secretary
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