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HomeMy WebLinkAboutRES 2019-021 RESOLUTION NO. 2019-021 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS, AMENDING THE AUTHORIZED REPRESENTATIVES IN THE TEXPOOL AND TEXPOOL PRIME 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 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 City of Grapevine 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 current Texas Local Government Investment Pools ("TexPool/TexPOOl Prime"), public funds investment pools, 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 Finds Investment Act.; 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 all matters stated hereinabove are found to be true and correct and are incorporated herein by reference as if copied in their entirety. Section 2. That TexPool and TexPool Prime accounts will be managed by the Chief Financial Officer with the signatories on the pool accounts being the Chief Financial Officer, Managing Director of Financial Services, Management Services Director, and the Treasurer. The individuals whose names 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 2nd day of April, 2019. APPROVED: William D. Tate Mayor ATTEST: /OF Tara Brooks City Secretary APPROVED AS TO FORM: 'N\ City Attorney I L Resolution No. 2019-021 2 a EXHIBIT "A" Authorized Representatives Greg Jordan, Chief Financial Officer Jeffrey Strawn, Managing Director of Financial Services Gary Livingston, Management Services Director Shellie Johnson, Treasurer Resolution No. 2019-021 3 I