HomeMy WebLinkAboutResolution No. 91-28 RESOLUTION N0. R91-28
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE AND THE
CITY SECRETARY TO ATTEST AN AGREEMENT BY AND BETWEEN
THE CITY OF FRIENDSWOOD, TEXAS, AND THE TEXAS STATE
TREASURER, FOR PARTICIPATION BY THE CITY IN THE TEXAS
LOCAL GOVERNMENT INVESTMENT POOL ("TEXPOOL") ; AND
PROVIDING OTHER MATTERS RELATING TO THE SUBJECT.
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WHEREAS, the City of Friendswood, Texas , a municipal
corporation and political subdivision of the State of Texas
(the "Participant") , is empowered to delegate to a public funds
investment pool the authority to invest local funds on behal£
of the Participant and to act as custodian of investments
purchased with such funds ; and
WHEREAS, it is in the best interests of the . Participant to
invest local funds in investments that yield the highest
possible rate of return while providing necessary safekeeping
and protection of the principal ; and
WHEREAS, the Treasurer of the State of Texas , acting by and
through the Texas Treasury Safekeeping and Trust Company (the
"Trust Company") , has created "TexPool," a public funds
investment pool to effectuate the goals of providing
investments at the highest possible yield and maintaining
complete safety of the funds of the Participant ; now therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FRIENDSWOOD,
TEXAS :
A�EiVDA ITEM
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Section l. That the City of Friendswood, Texas, is
hereby authorized to establish an account in its name with the
Trust Company' s Public Funds Investment Pool, TexPool , for the
purpose of transmitting local funds for investment by the Trust
Company in TexPool .
Section 2. That the individuals whose signatures appear
immediately below are officers or employees of the Participant
and each are hereby suthorized to transmit funds to the Trust
Company for investment in TexPool and each are further
authorized to withdraw funds from time to time, to issue
letters of instruction, and to take such other actions deemed
necessary or appropriate for the investment of local funds :
Name• xona�d E. Cox Title • City Manager
Signature:
Name' Roger Roecker Title ' Finance Director
Signature:
Name: Title :
Signature:
Section 3. That the Mayor and City Secretary are hereby
authorized and directed to execute and attest, respectively,
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that certain Participation Agreement attached hereto and made a
part hereof as Exhibit "A, " by and between the City of
Friendswood and the Texas State Treasurer.
Section 4. That this Resolution and its authorization
shall continue in full force and effect until amended or
revoked by the Participant and until the Trust Company receives
a copy of any such amendment or revocation. The Trust Company
is entitled to rely on such authorization until receipt of such
revocation.
PASSED, APPROVED, AND RESOLVED this 20th day of May �
1991 .
.
Pau W. Sc ra er,
Mayor
ATTEST:
.
e or s rc e , C
City Secretary
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..,_. _
C. Resolution 91-28
Authorization to Participate in TEXPOOL „
The TEXPOOL program is referenced later in our Consent Agenda
item on the Investment Policy. Regardless of whether you approve
the policy at this meeting, we still want you to consider
authorizing the city's participation in TEXPOOL.
Roger has prepared a memo with handouts on the program. In
brief, it is an investment handled through the State Treasurer's
office. A larger number of cities now utilize the service where
money is pooled and invested on our behalf. The investments are
safe, and the yield is higher than we now get with our depositor
handling the funds for us.
We recommend your approval of this resolution.
sp A�ENDA ITEM
City Council
Dffie:
roved Denied
REC
Attachments:
1. Resolution R91-21
2. Resolution R91-27 �
3. Resolution R91-28
4. Memo from Roger Roecker
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CMR9105.3G/TXTKSN02 •
May 20, 1991 �