HomeMy WebLinkAboutRES 1989-007 RESOLUTION NO. 89-07
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS AUTHORIZING THE CITY
FINANCE/TREASURER DIRECTOR OR THE DIRECTOR' S
DULY DESIGNATED REPRESENTATIVE TO ESTABLISH
A CHECKING ACCOUNT WITH TEXAS AMERICAN
BANK, FORT WORTH FOR THE PURPOSE OF
PURCHASING SECURITIES ON A DELIVERY VERSUS
PAYMENT BASIS; PROVIDING AN EFFECTIVE DATE
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WHEREAS, Section 10-33 , Chapter 10 of the Code of Ordinances
of the City of Grapevine, Texas (the "City") provides that
investment officers for the City include the City Manager as the
person with overall responsibilities to see that investment
objectives are achieved and the Finance/Treasurer Director as the
person with the specific day-to-day performance of managing the
local funds of the City; and
WHEREAS, pursuant to Section 10-31 (d) , Chapter 10 of the
Code of Ordinances, the said investment officers shall, based on
cash forecasts, invest all monies not required immediately to pay
obligations in income-producing instruments or accounts; and
WHEREAS, the City Council finds that it is in the best
interests of the City and its citizens to allow and authorize the
opening of a checking account with Texas American Bank, Fort
Worth for the purpose of allowing the City to invest its funds
not required immediately to pay obligations in United States
government securities through a delivery versus payment basis,
wherein United States government securities are purchased from
another bank, and the other bank wires the security to Texas
'� �; American Bank, Fort Worth.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section 1 . That the above and foregoing preamble is
incorporated herein and made a part of this resolution as if
copied herein in its entirety.
Section 2 . That the City Manager, Finance/Treasurer
Director or their duly authorized representative (hereinafter
"Investment Officers" ) shall be and are hereby authorized and
empowered to establish a checking account with Texas American
Bank, Fort Worth for the purpose of paying for United States
government securities purchased from other banks on a delivery
versus payment basis. Said authority shall be exercised in
accordance with the following:
A. In the said checking account with Texas American
Bank, Fort Worth, the Investment Officers may deposit
any of the City' s funds, whether represented by cash,
checks, notes or other evidences of debt, which, based
``"� on cash forecasts, are not required immediately to pay
obligations of the City, from which checking account
withdrawals are hereby authorized by the Investment
w�► Officers. Endorsements for deposit may be by the
written or stamped endorsement of the City without
designation of the party making the endorsement.
B. The Investment Officers may instruct Texas American
Bank, Fort Worth by wire communication, by telephone, or
by any available means, regarding the payment,
withdrawal, or transfer, by wire or otherwise, of funds
or money deposited in the City' s checking account or to
the credit of the City, and Texas American Bank, Fort
Worth is authorized and directed to honor such
instructions and to charge such accounts and to pay such
funds of the City pursuant to such instructions. The
Investment Officers are further authorized to sign
checks, drafts or other orders in accordance with this
Resolution, and Texas American Bank, Fort Worth is
authorized and directed to honor, pay and charge such
checks, drafts or other orders to the City' s checking
account, without inquiry into or responsibility for the
application of the proceeds thereof, pursuant to
��� instructions by the Investment Officers.
' C. In addition to the City Manager and Finance/Treasurer
�„ Director, the persons named in the attached Exhibit "A"
shall be and are hereby authorized to perforrn the
functions permitted under the terms of this Resolution,
and the list of persons so named may be amended from
time to time as required by the City Manager and/or
Finance/Treasurer Director. The persons named in
Exhibit "A" shall not be revoked or changed, insofar as
it may concern Texas American Bank, Fort Worth, unless
and until written notice of such revocation or change
signed by the City Manager or the Finance/Treasurer
Director shall have been delivered to Texas American
Bank, Fort Worth by delivering the said notice to one of
the officers of Texas American Bank, Fort Worth at its
main banking office.
Section 3 . That this resolution shall take effect from and
after its date of passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 4th day of April , 1989 •
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C APPROVED:
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Mayor
ATTEST:
s istant City Secretary
APPROVED AS TO FORM:
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City Attorney
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EXHIBIT "A" TO
RESOLUTION N0. 89-07
SCNEDULE A
CUSTOMER'S AUTHORIZED-REPRESENTATIVES
PJame Sianature Title Phone Number
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Terry Leake �;";,?/f��`�/���>��! Actinq Finance Dir. (817)481-0385
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. Berla Dobbins '��� i�_, ' Accountant (817)481-0384
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Please insert addr•ess(es) to which daily Advices of Wire Transfers should be sent
for account(s) held at Texas American Bank/Fort Worth.
Account # Account Title Address to which Advices are to be sent
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Password (to• be assigned by Texas American Bank/
Fort Worth upon receipt of Schedule A)
Submitted by: Accepted:
city of Grapevine, Texas Texas American Bank/Fort Worth
By: ��..-��'- J �{/�-�/`��--�� By:
Mark�'S. Watson
Title Citv Manager Title
Date April 5, 1989 Date
Approved by Council April 4, 1989