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HomeMy WebLinkAboutResolution 2003-023 Resolution No. 2003-023 WHEREAS, pursuant to the requirements of the Public Funds Investment Act, Texas Government Code, Section 2256.001 et seq. (the "Act"), the City Council of the City of North Richland Hills has previously reviewed and adopted an investment policy that provides in part that the funds of the City of North Richland Hills 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 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, the Act provides that funds under the control of the City of North Richland Hills may be invested through investment pools meeting the standards of Section 2256.016 of the Act and the City of North Richland Hills has reviewed the Information Statement, dated 4/8/02 (the "Statement"), of Texas Short Term Asset Reserve Program ("TexSTAR"), an investment pool (the "Pool") administered by First Southwest Asset Management, Inc. and JPMorgan Fleming Asset Management (USA), Inc. as the managers of the Pool (the "Managers") 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 will assist in achieving the goals set forth in the Policy; and WHEREAS, the City of North Richland Hills understands that the Pool is created under the authority of applicable Texas law, including the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code, as amended (the "Interlocal Act"), and the Investment Act and that the attached agreement (the "Agreement), upon enactment, serves as the agreement between the City and the Pool and provides the terms on which the Pool will operate and the rights of the participants in the Pool who will be governed and sets for the responsibilities of the Managers, and of JPMorgan Chase Bank. as custodian (the "Custodian"); NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, THAT: The form, terms and provisions of the Agreement, a draft of which was presented and reviewed at this meeting, be and the same are hereby approved and adopted; and that Larry Koonce, Director of Finance, heretofore appointed by the City of North Richland Hills 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 Managers and the Custodian in the name and on behalf of the City of North Richland Hills, an Agreement substantially in the form of the agreement 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 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 City of North Richland Hills and the Pool; and be it further Resolved, that the City Council 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 City Council 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 City of North Richland Hills, 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 City of North Richland Hills 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 Agreement, 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. Øâl;u(yå~ Patricia Hutson, City Secretary APPROVED AS TO CONTENT: