HomeMy WebLinkAboutResolution No. 96-25 RFSOLUTION NO. R9 6-2 5
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A RESOLUTr4N OF THE CTTY QF FRIENDSWOOD, TEXAS,
APPROVING AND AUTH�RiZING E7�CUTION OF AN INTL�,QCAL
COQPERATION AGREEMENT FOR PARTICIPATI()N IN A PUBLIC
FC�NDS INVESTMENT C�OPERATIVE; DESIGNATTN'G THE BOARD OF
DIRECTORS OF THE COOPERATIVB AS AN AGENCY AND
INSTR�IM�NTALITY TO SUPP.RVISE THE COOPERATIVE; Al'P1tdVING
XNVESTMENT POT,YCT�S OF THE C�OI'E�.ATIVE; APPOINTING
AUTH�RIZEU R�PRESENTATNES; AN!) DESIGNATING INVESTM�rI'T
OFFICERS.
* * * * *
WH��AS, the Interlocal Cooperation Act, Chapter 791, TEXAS CrOVElZNMENT CUDE,
as amended (the "Znterlocal Act")� permits any "local gavemment" tQ can�act with one or
mare other "1oca1 governmonts" to perfdrm "govemmental functions and services" including
investrneni of public funds; an.d
WHEREAS, the Ynterlocal Aet authorizes the parties to an intcrlocal agreement w
contract vsrith agencies af the State of Texas, within the meaning of Chapter 771, TEx�s
GOVERNM�NT CObE; arid
WHEREAS, tbe Int�rlocal Act authorizes the parties to an interlacal agreement to
create an administrative agency ta supervis� thc perforn�ance af senrices provided under such
interlocal agreement and to employ personnel, engage in other administrative �Gtiviti�s, and
provide such other �dministrative services as may be necessary to execute the terms of such
interlocal agreement; and
WHEREAS, the Public �unt� Investmont Aet, Chapter 2256, T�cns Gov��x�t�rr
Co�ae, as amended (the "P�'TA"), authorizes the �ntiaes described in Subsection (a) of the
PFYA t� irYvtat their fur�s in an eligible publiC futtds imvea1ment podl, and thE Locsl
FWDIFUNDINV.RPS109aS96
Go�rernment Investment Caoperative (the "Gaap�rative") intends to b�com� and remain an
eligible public funds invtstment pool, �ncler the terms and conditions set forth in the PFIA;
and
'W'��EREAS, th� Ciry of Friecuisw�od, a hr�me-rule municipality of the 5tate of Texas
(the "Ciry"), desires to enter into that certain Interlocat Agreement (the "Agreement"), a copy
of which is attached hereto and incorporated herein by reference, and become a participant in
the Cooperative pursuant to the Agreement and under PFIA; and
WH�REAS, the City is a "govemment entity" as that tcrm is defwed in the
Agreemsnt; and
W�T�REA.S, the City desires to cause administratian of the Cooperative to be
performed by a board of direetars (the "Board"), which shall 6e an admiuistrative agency
created under the Interlocal Act, and
Vi�HEREAS, the Gity desires to designate the Board as its agency and inst�umentality
with authority to supervise performance of the terms of the Agreement, employ personnel,
engage in ottier admuustrative activities, and provide other �dministrative services necessary ta
execute the t�rnis of the Agreement; and
WHF,R�AS, each capitatized ierm used in ttuis Resolutian and not atherwise dcfu�cd
has the sazne weaning assigned to it in the Agreement; now, t�urefore,
�E IT RESOLVEU $'Y" TH� CITY Ct�UNCIL 4� T�IE CITY OF FRIENUS'GVQ�D,
TEXAS:
Sectian 1. The Agreement is hereby approved and adapted and, upan �xccution
thereof b�r the Authorized Representative (defin:ed below) and receipt af the Ciry's application
to �Oin tho CooFerativa by' tho Adtx�.ctisirator, thc City shwll become a Part+cipant in the
rwn�rurmnvv.Resro�s� �,
Cooperative for the purpose of investing its available funds therein from time to time in
aecordance with the Agre�ment.
Section 2. The Board is hereby dosignated as an agency and insuvmentality of the
City, and the Board shall have the authority ta supervise the perfom�ance af services under the
Agreement, to supervise thc activities of the Cooperative, to employ personnel, to engage in
other administrative activities, and provide such other administrative services as may be
deemed �ecessary by the Board to execute th� terms af the Agreement.
cti n 3. The investment policies of the Cooperative, as set forth in thc documeat
entitled "Tnves�nent Policies," as su.mmarized in the Information 5tatement, each as gublished
by the Coaperative, and as may be arnended frorn time to time by thc Board, are her�by
adapted as investment policies of the City with respect to money invested in thz Coogerative,
and an� existing investrnent policies vf the City in conflict therewith shall not apply to
investments in the Cooperative.
Sec_ t'LO�4. The fallawing officers, v�cials, or em�layees of the Ciry are hcreby
designated as Aurhorized Reprasentatives, within the meaning defined in the Agrament, with
full power and authority Eo: execute the Agreement, execute the application to join thc
Caaperative and/ar any other docum�nts required to become a Partieipant, dcposit money to
and �ithdraw money fram the City's Cooperative accaunt fram tune to time in a,ccardance
with the Agreement and the Infarmation Staterzunt, and talce all other acdons deeraed necessary
or apprapriate far the investment af the City funds in the Cooperative
Psvn«u�van�v.R�� 3
Signature: ��'
PT1riCCd Name: Roger Roecker
Tltle: Director of Administrative Services
Signature: �� � �
Pri�ntcd Name: Ronald E. Cox
Tit1e: City Manager
Signature:
Printcd Name: �
Title:
In accordance with the Cooperative's procedures, an Authorized Representaciv�e shall
pramptly notify the Cooperative, in writing, of any change in persons desi�nated by the City as
Autt2orized Regresentatives l�reunder.
ti n S. In addition to the foregoing Authoriud Representatives, each Investment
Officer of the Coaperative apgointed by the Board fram time to time is hercby designated as an
investment officer af the City and, as such, shail ha�re responsibility for investing th� share of
the Cooperative's assets representin.g funds of the City. Each depository and custodian
appointPd by the Board ftom time to time is hercby designated as a depository and custod.ian af
the Ciry for purposes of holding the share of the Caoperative's assets representing funds af the
City.
rwau�urrotHV.�� 4
PASSED, APP�OVED, AND RESOX..�VED XF115 2 3 r d day of 5 e p t e m b e r , 1996.
J
Evelyn . Ne
Mayor
ATTEST:
, o
Delaris McKenzie, T C
City Sccretaty
CC: R.E.C.
R.R.
9/26/96
PWA�PUNnuv�r.a�w9QS96 5