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HomeMy WebLinkAboutResolution 1996-019 Resolution 96-19 Local Government Investment Cooperative Resolution RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AN INTERLOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC FUNDS INVESTMENT COOPERATIVE (THE "COOPERATIVE"), DESIGNATING THE BOARD OF DIREcrORS OF THE COOPERATIVE AS AN AGENCY AND INSTRUMENTALITY TO SUPERVISE THE COOPERATIVE, APPROVING INVESTMENT POLICIES OF THE COOPERATIVE, APPOINTING AUTHORIZED REPRESENTATIVES AND DESIGNATING INVESTMENT OFFICERS WHEREAS. the Interlocal Coopcration Act, Chapter 791 of the Texas Government Code, as amended (the 4IInterlocal Act"). pcrmits any ·local government· to contract with one or more other ·local governments· to perform ·governmental functions and services,· including investment of public funds (as such phrases are defIned in the InterlocaI Act); WHEREAS. the Interlocal Act authorizes the contracting parties to any interloca1 agreement to contract with agencies of the State of Texas, within the meaning of Chapter 771 of the Government Code, WHEREAS. the Act permits the contracting parties to any interloca1 agreement to create an administrative agency to supervise the performance of such interlocal agreement and to employ personnel and engage in other administrative activities and provide other administrative services necessary to execute the terms of such interlocal agreement; WHEREAS, the Public Funds Investment Act, Chapter 2256 of the Texas Government Code. as amended (the ·PFIA .). authorizes the entities described in Subsection (a) of the PFIA to invest their funds in an eligible public funds investment pool, and the intends to . become and remain an eligible public funds investment pool, under the terms and conditions set forth in PFIA; WHEREAS, City of North Richland Hills (the ·Government Entity·) desires to enter into that certain Interloca1 Agreement (the · Agreement·). a copy of which is presented with this Resolution and is incorporated herein by reference, and to become a participant in a public funds investment pool created thereunder and under PFIA, to be known as Local Government Investment Coopcrative (the ·Cooperative·); wHEREAs. the Government Entity is a Government Entity as defIned in the Agreement; and -1- ResolutiOI1 WHEREAS, the Government Entity desires to cause administration of the Cooperative to be performed by a board of directors (the · Board·) , which shall be an administrative agency created under the Interlocal Act; and WHEREAS, the Government Entity desires to designate the Board as its aaency and instrumentality with authority to supervise performance of the Agreement, employ per;'nnel and engage in other administrative activities and provide other administrative services necessary to execute the terms of the Agreement; WHEREAS, each capitalized term used in this Resolution and not otherwise defined has the same meaning assigned to it in the Agreement; NOW, TIŒ.R.EFORE, BE IT RESOLVED: 1. The Agreement is hereby approved and adopted and, upon execution thereof by an Authorized Representative (defined below) and receipt of the Government Entity's application to join the Cooperative by the Administrator, the Government Entity shall become a Participant in the Cooperative for the purpose of investing its available funds therein from time to time in accordance with its terms. 2. The Board is hereby designated as an agency and instrumentality of the Government Entity, and the Board shall have the authority to supervise performance of the Agreement and the Cooperative, employ personnel and engage in other administrative activities and provide other administrative services necessary to execute the terms of the Agreement. 3. The investment policies of the Cooperative, as set forth in the document entitled Investment Policies, as summarized in the Information Statement, and as may be amended from time to time by the Board, are hereby adopted as investment policies of the Government Entity with respect to money invested in the Cooperative, and any existing investment policies of the Government Entity in conflict therewith shall not apply to investments in the Cooperative. 4. The following officers, officials or employees of the Government Entity are hereby designated as · Authorized Representatives· within the meaning of the Agreement, with full power and authority to: execute the Agreement, an application to join the Cooperative and any other documents required to become a Participant; deposit money to and withdraw money from the Government Entity's Cooperative account from time to time in accordance with the Agreement and the Information Statement; and take all other actions deemed necessary or appropriate for the investment of funds of the Government Entity: Raolutiol1 -2- Signature: U-~ Printed Name: Bret Starr Title: Accountant Signature: Printed Name: Jackie Theriot Title: Accounting Manager Signature: , ,"""..-.,~ .... ,./, ,/'/ I '::=(ç§':~; ¿;:;:ç~(' /9 Printed Name: Charles Harris Title: Finance Director In accordance with Cooperative procedures, an Authorized Representative shall promptly notify the Cooperative in writing of any changes in who b serving as Authorized Representatives. 5. In addition to the foregoing Authorized Representatives, each Investment Officer of the C~perative appointed by the Board from time to time b hereby designated as an investment officer of the Government Entity and, as such, shall have responsibility for investing the share of Cooperative assets representing funds of the Government Entity. Each depository and custodian appointed by the Board from time to time are hereby designated as a depository and custodian of the Government Entity for purposes of holding the share of Cooperative assets representing funds of the Government Entity. PASSED AND APPROVED this 25 day of March , 19.,2.6. A TrEST: By: ~-<7%; Æ".L,,' Jeanette Rewis, City Secretary Printed name and title B~~L1~ ~ To y Brown, Mayor Printed Name and Title SEAL RaoIuûoo -3· Additional Party Agreement The Government Entity of the State of Texas named below, acting by and through the undersigned Authorized Representative, hereby agrees to become a party to that certain Interlocal Agreement to which this page is attached, and thereby become a Participant in the Local Government Investment Cooperative, subject to all of the terms and provisions of such Agreement. The undersigned hereby represents that it is a Government Entity as defIned in such Agreement. Executed this 25tldayof March , 1996. r.iry of Norrn Rirnl~nñ Hill~ Name of Government Entity BY:~ ~~~ Autho~epresentative Tommv Brown. Mavor Printed Name and Title ACCEPTED: Local G ent Investment Cooperative By: PATRICK SHINKLE, V.P. Printed Name and Title -10- lnterlocaJ A¡reemeat