HomeMy WebLinkAboutResolution 2001-046
Resolution INo. 2001-046
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 3/3/96, as supplemented on 12/31/98 (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 consisltent 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
through an instrument of trust, dated as of January 1, 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 who will be governed and sets for the
responsibilities of the Manager, and of Bank One, Texas, N.A. as trustee (the ''Trustee);
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 Trust Instrument, 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 Manager and the Trustee in
the name and on behalf of the City of North ¡:;~ichland Hills, 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
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 transactJions 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
Resolution No. 2001-046
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 3/3/96, as supplemented on 12/31/98 (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 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
through an instrument of trust, dated as of January 1, 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 who will be governed and sets for the
responsibilities of the Manager, and of Bank One, Texas, N.A. as trustee (the "Trustee);
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, THAT:
The form, terms and provisions of Ithe Trust Instrument, 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 Manager and the Trustee in
the name and on behalf of the City of North Hichland Hills, 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
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 meetinn 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 Trust Instrument, such
determination to be conclusively evidenced by the performance of such acts and the
execution of any such documents; and be it fUlrther
Resolved, that this Resolution shall take effect and be in full force upon and after its
passage.
PASSED AND APPROVED this 27th day of August 2001.
APPROVED:
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Patricia' Hðtso~, City Secretary
Rex McEntire, Attorney for the City
APPROVED AS TO CONTENT:
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