HomeMy WebLinkAboutRES 2007-070 RESOLUTION NO. 2007-70
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS APPROVING AND AUTHORIZING THE
PARTICIPATION IN TEXASTERM, A PUBLIC FUNDS
INVESTMENT POOL; DESIGNATING AUTHORIZED
REPRESENTATIVES AND PROVIDING AN EFFECTIVE
DATE
Participation Agreement
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 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 TexasTERM Local Government Investment Portfolio, a
public funds investment pool, was 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 BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section 1. That the City shall enter into a Participation Agreement to
establish an account in its name in the Pool, for the purpose of transmitting local
funds for investment in TexasTERM.
Section 2. That the following individuals are Authorized Representatives of
the City, and are hereby authorized to transmit funds for investment in the Pool 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.
1. Authorized Representatives of the City of Grapevine are:
Bruno Rumbelow, City Manager
William A. Gaither, Director of Administrative Services
AAA.,.'A Fred L. Werner, Managing Director of Financial Services
2. The Authorized Representative who will have primary responsibility for
performing transactions and receiving confirmations and monthly
statements under the Participation Agreement:
Fred L. Werner, Managing Director of Financial Services
3. In addition and at the option of the City, one additional Authorized
Representative can be designated to perform only inquiry of selected
information. This limited representative cannot make deposits or
withdrawals. This individual is the following:
Debra Russo, Internal Auditor
Section 3. That this resolution and its authorization shall continue in full force
and effect until amended or revoked by the City, and until the Pool receives a copy
of any such amendment or revocation.
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 18th day of December, 2007.
APPROVED:
Willis D. Tate
Mayor
ATTEST:
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Linda Huff
City Secretary
RES. NO. 2007-70 2
APPROVED AS TO FORM:
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Douglas H. Conner, I
Assistant City Attorney
RES. NO. 2007-70 3