HomeMy WebLinkAboutRES 2014-075RESOLUTION NO. 2014-75
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING PARTICIPATION IN
THE TEXAS LOCAL GOVERNMENT INVESTMENT POOL
(TEXPOOL PRIME); AMENDING DESIGNATED
AUTHORIZED REPRESENTATIVES 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 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
Director of Administrative Services with the signatories on the pool accounts being
Director of Administrative Services, Managing Director of Financial Services, Management
Services Director, and 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 2nd day of September, 2014.
USSROW"D
Willibm D. Tate
Mayor
ATTEST:
Jodi t. Brown
CitSecretary
John F. Boyle, Jr.
City Attorney
RES. NO. 2014-75 2
\J
EXHIBIT "A" TO RES. NO. 2014-75
Page 1 of 2
TExPooiL
An Investment Service for Public Funds
Resolution
Authorizing / i I in the TexPoolInvestment1,. 1
And Designating Authorized Representatives
WHEREAS, City of Grapevine, Texas
("Participant") is a local government or state agency of the State of Texas and is empowered to delegate to the public funds
investment pools 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 Pools ("TexPool/TexPool Prime"), public funds investment
pools, were created on behalf of entities whose investment objectives 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 Participant shall enter into a Participation Agreement to establish an account in it's name in
TexPool/TexPool Prime, for the purpose of transmitting local funds for investment in TexPool/TexPool Prime.
f B. 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
rt 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.
List of the authorized representatives of the Participant. These individuals will be issued P.I.N. numbers
to transact business via the phone with a Participant Service Representative.
1. Name: Karen L. Walker Title: Managing Director of Financial Services
Phone/Fax/Email: 817.410-3115; Kwalker@grapevinetexas.qov
2. Name: Debra Russo Title: Controller
Phone/Fax/Email: 817-410-3147; Debrar@grapevinetexas.gov
Signature:
3. Name: Gary W. Livingston
Phone/Fax/Email: 817-4110-3112; Garyl@prapevinetexas.gov
Signature: i.r_.J, �4'_, f i I—
4. Name: John McGrane\ ) --/—
Phone/Fax/Email:
-/
Phone/Fax/Email: 817-410fd1/0; Jmcgran4@grapevinetexas.gov
t Signature:
Title: Management Services Director
Title: Director of Administrative Services
ORIGINAL SIGNATURE AND DOCUMENT REQUIRED TEX - ENROLL
EXHIBIT "A" TO RES. NO. 2014-75
5. Name: N/A Title: Page 2 of 2
Phone/Fax/Email:
Signature:
List the name of the Authorized Representative provided above that will have primary responsibility for performing
transactions and receiving confirmations and monthly statements under the Participation Agreement.
Name: Karen L. Walker, Managing Director of Financial Services
In addition and at the option of the Participant, one additional authorized representative can be designated to perform
inquiry only of selected information. This limited representative cannot make deposits or withdrawals. If the
Participant desires to designate a representative with inquiry rights only, complete the following information.
6. Name Jennifer Martinez
Phone/Fax/Email: Jmartinez@grapevinetexas.aov: 817-410-3111
Title Financial Analyst
C. That this resolution and its authorization shall continue in full force and effect until amended or revoked by the
Participant, and until TexPool/TexPo01 Prime receives a copy of any such amendment or revocation.
This resolution is hereby introduced and ado ted by the Participant at its regularl&peeial meeting held on the 241b
Day of -.� PTCM6Eg , 20 —
NAME OF PARTICIPANT: City of Grapevine, Texas
SIGNED: j _
SigLature
Bruno Rumbelow
Printed Name
City Manager
Title
ATTEST:
Sure
Jodi rown
Printed Name
City Secretary
Title
William D. Tate
Mayor
ORIGINAL SIGNATURE AND DOCUMENT REQUIRED TEX - ENROLL