HomeMy WebLinkAboutRES 2009-005 RESOLUTION NO. 2009-05
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS APPROVING A PROGRAM TO OPEN
BANK ACCOUNTS FOR THE PURPOSE OF PURCHASING
INTERIM SHORT-TERM INVESTMENTS THAT WILL OFFER
RATES TO A PREMIUM OVER STATE INVESTMENT
POOLS AND PROVIDING AN EFFECTIVE DATE
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 and short-term governments and
agencies with the best return on investments; and
WHEREAS, it is in the best interest of the City of Grapevine to enhance its
investment returns with a program to purchase interim short-term investments in area
banks that will offer rates to a premium over State Investment Pools; and
WHEREAS, the Director of Administrative Services will have the authority to open
City bank accounts with area banks for the purpose of purchasing interim short-term
investments, when rates are advantageous to comparable term investments; and
WHEREAS, the investment program will be managed by the Director of
Administrative Services with the signatories on the bank accounts being the Mayor, City
Manager and Director of Administrative Services.
NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1. That the City of Grapevine shall enter into an investment program
whereby local bank accounts will be opened for the purpose of purchasing interim short-
term investments at rates to a premium over State Investment Pools.
Section 2. That the Director of Administrative Services will have the authority to
select and open accounts at area banks for the purpose of purchasing short-term
investments where rates are comparable to State Investment Pools.
Section 3. That the signatory on these bank accounts will be the Mayor, City
Manager and the Director of Administrative Services.
Section 4. That this resolution and its authorization shall continue in full force and
effect until amended or revoked by the City of Grapevine.
Section 5. 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 17th day of February, 2009.
APPROVED:
William D. Tate
Mayor
ATTEST:
Linda Huff 44
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RES. NO. 2009-05 2