HomeMy WebLinkAboutItem 18 - TexPool Investment PoolsMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER R�\
MEETING DATE: APRIL 21, 2015
SUBJECT: RESOLUTION AUTHORIZING PARTICIPATION IN THE
TEXPOOL INVESTMENT POOLS AND DESIGNATING
AUTHORIZED REPRESENTATIVES
City Council to consider a resolution authorizing participation in the TexPool Investment
Pools. The names for the City of Grapevine, Texas to be authorized are:
Bruno Rumbelow, City Manager
Greg Jordan, Chief Financial Officer
Karen L. Walker, Managing Director of Financial Services
The Texas Local Government Investment Pools ("TexPool/TexPool Prime"), public funds
investment pools, were created on behalf of entities whose investment objectives are
preservation and safety of principal, liquidity, and yield consistent with the Public Funds
Investment Act.
It is in the best interest of the City to invest local funds for investment in the Texas Local
Government Investment Pools ("TexPool/TexPool Prime").
Staff recommends approval.
RESOLUTION NO. --T6K POOL -
90 ilk •�
••
WHEREAS, the City of Grapevine is a local government of the State of Texas and is
empowered to invest its funds in State Investment Pools with the best return on
investments; and
WHEREAS, it is in the best interest of the City of Grapevine to invest in investments
that provide for the preservation and safety of principal, liquidity, and yield consistent with
the Public Investment Act; and
WHEREAS, the City of Grapevine currently participates in TexPool and wishes to
extend authorization to include participation in a subsequent Texas Local Government
Investment Pool Program, TexPool Prime, and it is in the best interest of the City of
Grapevine to enhance its investment returns with the ability to engage in both TexPool's
Programs (TexPool and TexPool Prime) which will offer an additional option for overnight
rates; and
WHEREAS, the current Texas Local Government Investment Pool authorizations for
account access will be updated to reflect current staff; and
WHEREAS, all legal prerequisites for the adoption of this resolution have been met,
including but not limited to the Local Government Code and the Open Meetings Act; and
WHEREAS, the City Council hereby declares that the approval of this resolution is in
the best interests of the health, safety, and welfare of the public.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1. That the City Council of the City of Grapevine, Texas, authorizes
participation in the TexPool Prime Investment Program.
Section 2. That TexPool and TexPool Prime accounts will be managed by the
Chief Financial Officer with the signatories on the pool accounts being Chief Financial
Officer, Managing Director of Financial Services, Management Services Director, and the
Controller. The Financial Analyst will have inquiry only access; and the individuals whose
signatures appear in the attached Exhibit "A" are hereby designated as Authorized
Representatives of the City of Grapevine and are each hereby authorized to transmit
funds for investment in TexPool and TexPool Prime.
Section 3. That this resolution and its authorization shall continue in full force and
effect until amended or revoked by the City of Grapevine.
Section 4. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 21st day of April, 2015.
ATTEST:
FAZINMOITAM Fro] UOT: MA
RES. NO. 2
TEXPOOE
An luvesimcni Service° fvr Public Nuds
WHEREAS,
(Participant Name & Location Number)
("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 local
investment funds; and
WHEREAS, it is in the best interest of the Participant to invest local funds in investments that provide for
the preservation and safety of principal, liquidity, and yield consistent with the Public Funds Investment Act; and
WHEREAS, the Texas Local Government Investment Pool ("TexPool/ Texpool Prime"), a public funds
investment pool, were created on behalf of entities whose investment objective in order of priority are
preservation and safety of principal, liquidity, and yield consistent with the Public Funds Investment Act.
NOW THEREFORE, be it resolved as follows:
A. That the individuals, whose signatures appear in this Resolution, are Authorized Representatives of
the Participant and are each hereby authorized to transmit funds for investment in TexPool / TexPool
Prime and are each further authorized to withdraw funds from time to time, to issue letters of
instruction, and to take all other actions deemed necessary or appropriate for the investment of local
funds.
B. That an Authorized Representative of the Participant may be deleted by a written instrument signed
by two remaining Authorized Representatives provided that the deleted Authorized Representative (1)
is assigned job duties that no longer require access to the Participant's TexPool / TexPool Prime
account or (2) is no longer employed by the Participant; and
C. That the Participant may by Amending Resolution signed by the Participant add an Authorized
Representative provided the additional Authorized Representative is an officer, employee, or agent of
the Participant;
List the Authorized Representatives of the Participant. Any new individuals will be issued personal identification
numbers to transact business with TexPool Participant Services.
1. Name:
Phone/Fax/Email:
Signature:
2. Name:
Phone/Fax/Email:
Title:
Title:
Signature:
ORIGINAL SIGNATURE AND DOCUMENT REQUIRED
TexPool Participant Services • Federated Investors Inc
1001 Texas Ave., Suite 1400 • Houston, TX 77002 • wK.texnool.coiu • 1-866-839-7665
TEX — REP
06/13
3. Name:
Phone/Fax/Email:
Signature:
4. Name:
Phone/Fax/Email:
Signature:
Title:
Title:
List the name of the Authorized Representative listed above that will have primary responsibility for performing
transactions and receiving confirmations and monthly statements under the Participation Agreement.
Name
In addition and at the option of the Participant, one additional Authorized Representative can be designated to
perform only inquiry of selected information. This limited representative cannot perform transactions. If the
Participant desires to designate a representative with inquiry rights only, complete the following information.
5. Name:
Phone/Fax/Email:
Title:
D. That this Resolution and its authorization shall continue in full force and effect until amended or
revoked by the Participant, and until TexPool Participant Services receives a copy of any such amendment or
revocation. This Resolution is hereby introduced and adopted by the Participant at its regular/special meeting held
on the day , 20
SIGNED:
Signature
Printed Name
Title
ATTEST:
Signature
Printed Name
Title
oil
ORIGINAL SIGNATURE AND DOCUMENT REQUIRED TEX — REP
TexPool Participant Services • Federated Investors Inc
1001 Texas Ave., Suite 1400 • Houston, TX 77002 • w texnool.com • 1-866-839-7665
06/13