HomeMy WebLinkAboutResolution 2024-035 RESOLUTION NO. 2024-035
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, AUTHORIZING THE
CITY TO UTILIZE THE TEXAS CONNECT PUBLIC FUNDS
INVESTMENT POOL FOR INVESTMENT OF CITY FUNDS.
WHEREAS, The City of North Richland Hills, Texas (the "Participant") is a local
government of the State of Texas and is empowered to delegate to a
public funds investment pool the authority to invest funds and to act as
custodian of investments purchased with investment funds; and
WHEREAS, it is in the best interest of the Participant to invest funds in investments
that provide for the preservation and safety of principal, liquidity, and yield
consistent with the Public Funds Investment Act ("PFIA"); and
WHEREAS, Texas Connect, a public funds investment pool, was created on behalf of
entities whose investment objectives are preservation and safety of
principal, liquidity, and yield consistent with the PFIA, and
WHEREAS, the Texas Connect Investment Policy and Information Statement have
been made available to the Participant setting forth the information
required by Sections 2256.005(b) and 2256.016(b) of the PFIA; and
WHEREAS, the Participant has determined that the investments proposed to be
acquired by Texas Connect are of a type that are permitted by the PFIA
and are consistent with its investment policy; and
WHEREAS, the Participant has determined that an investment in the Texas Connect
will assist the Participant in achieving the goals set forth in its investment
policy.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS, THAT:
SECTION 1. Participant shall establish one or more account(s) in its name in Texas
Connect, for the purpose of transmitting funds for investment in Texas
Connect.
SECTION 2. The City's Investment Officers, as authorized in Resolution 2024-023,
are authorized representatives of the Participant and are each hereby
authorized empowered, and directed from time-to-time to do and
perform all acts and things and to execute, acknowledge, and deliver in
the name and on behalf of the Participant all certificates, instruments,
and other papers, whether or not herein mentioned, as they may
Resolution No.2024-035
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determine to be necessary or desirable in order to carry out the terms
and provisions of this Resolution, such determination to be conclusively
evidenced by the performance of such acts and things and the execution
of any such certificate, financing statement, instrument, or other paper.
SECTION 3.This Resolution and its authorization shall continue in full force and effect
until amended or revoked by the Participant, and until Texas Connect
receives a copy of any such amendment or revocation.
SECTION 4. This Resolution shall take effect and be in full force and effect from and
after the date of its adoption, and it is so resolved; and all Resolutions
of the City Council of the City of North Richland Hills in conflict herewith
are hereby amended or repealed to the extent of such conflict.
PASSED AND APPROVED on this 22nd day of July, 2024.
CITY OF NORTH RICHLAND HILLS
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��������������� J k McCarty, Mayor
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Alicia Richardson S;(e_ �•1••. „ ...•
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City Secretary/Chief Governdr'�r4 O c sa,‘•
A PROVED TO FORM AND LEGALITY:
Cara Leahy White, I erim City Attorney
APPROVE S TO CONTENT:
y a , Dire or of Finance
Resolution No.2024-035
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