HomeMy WebLinkAboutRES 2003-034 RESOLUTION NO. 2003-34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AUTHORIZING AN APPLICATION
FOR PARTICIPATION IN THE TEXAS SHORT TERM ASSET
RESERVE PROGRAM (TexSTAR); AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, it is in the best interest of the City of Grapevine to invest its funds
jointly with other Texas local governments in the Texas Short Term Asset Reserve
Program (TexSTAR) in order to preserve and safeguard the principal and liquidity of such
funds and to earn an acceptable yield; and
WHEREAS, the City of Grapevine is authorized to invest public funds under its
control, pursuant to Chapter 2256 of the Local Government Code, the Public Funds
Investment Act; and, to invest said funds in TexSTAR and to enter into a participation
agreement with TexSTAR; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That the form of the application for participation in TexSTAR, attached
to this Resolution as attachment number 1, is approved; and, appropriate terms used in
this Resolution shall have the meaning given to them by the application.
Section 2. That the City Manager of the City of Grapevine is authorized to execute
the application for participation in TexSTAR and any additional documents required to
complete the application in the participation process.
Section 3. That the designated investment officers of the City of Grapevine:
Roger Nelson, City Manager; Bruno Rumbelow, Assistant City Manager; William A.
Gaither, Director of Administrative Services; Fred L. Werner, Managing Director of
Financial Services are authorized to execute documents relative to TexSTAR, open
accounts, deposit and withdraw funds, designate other representatives, and to take all
other action required or permitted under the TexSTAR agreement created by the
application, all in behalf of the City of Grapevine.
Section 4. That the TexSTAR Investment Policy is adopted as the City of
Grapevine Investment Policy; the TexSTAR investment officers are designated as City
of Grapevine investment officers; and, the TexSTAR Board of Directors is designated as
custodian and depository in each case of the deposits of City of Grapevine public funds
with TexSTAR.
Section 5. That the City of Grapevine excess public funds shall be deposited with
and invested through TexSTAR pursuant to the City's "Investment Policy", a current copy
of which shall be provided to TexSTAR.
Section 6. That this resolution shall be effective from and after the date of its
passage and shall continue in full force and effect until amended or revoked by the City
Council of the City of Grapevine, Texas, and written notice of the amendment or
revocation is delivered to the TexSTAR Board of Directors.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 21st day of October, 2003.
APPROVED:
William D. Tate
Mayor
ATTEST:
6lav
Lin a Huff
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
RES. NO. 2003-34 2
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EXHIBIT
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APPLICATION FOR PARTICIPATION IN TExSTAR
The undersigned local government (Applicant) applies and agrees to become a Participant in the Texas
Short Term Asset Reserve Program(TExSTAR).
1. Authorization. The governing body of Applicant has duly authorized this application by adopting the
following resolution at a meeting of such governing body duly called, noticed, and held in accordance
with the Texas Open Meeting Law, chapter 551, Texas Government Code, on October 21 ,
2003:
WHEREAS, it is in the best interests of this governmental unit ("Applicant") to invest its funds jointly
with other Texas local governments in the Texas Short Term Asset Reserve Program (TExSTAR) in
order better to preserve and safeguard the principal and liquidity of such funds and to earn an
acceptable yield; and
WHEREAS, Applicant is authorized to invest its public funds and funds under its control in TEXSTAR
and to enter into the participation agreement authorized herein;
NOW, THEREFORE, BE IT RESOLVED THAT.
SECTION 1. The form of application for participation in TEXSTAR attached to this resolution is
• approved. The officers of Applicant specified in the application are authorized to execute and submit
the application, to open accounts, to deposit and withdraw funds, to designate other authorized
representatives, and to take all other action required or permitted by Applicant under the Agreement
created by the application, all in the name and on behalf of Applicant. •
SECTION 2. The TEXSTAR Investment Policy is adopted as Applicant's investment policy, the
TEXSTAR investment officers are designated as Applicant's investment officers, and the TEXSTAR
Board is designated as custodian and depository, in each case for Applicant's public funds and funds
under its control that are deposited with TEXSTAR. Unless Applicant provides a contrary investment
policy to TEXSTAR, it shall be Applicant's investment policy that any or all of its public funds and
. funds under its control may be invested in and through TEXSTAR
SECTION 3. This resdution will continue in full force and effect until amended or revoked by Applicant
and written notice of the amendment or revocation is delivered to the TEXSTAR Board.
SECTION 4. Terms used in this resolution have the meanings given to them by the application." •
2. Agreement. Applicant agrees with other TEXSTAR Participants and the TEXSTAR Board to the
Terms and Conditions of Participation in TEXSTAR, effective on this date, which are incorporated
herein by reference. Applicant makes the representations, designations, delegations, and
representations described in the Terms and Conditions of Participation.
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3. Authorized Representatives. Each of the following Participant officials is designated as
Participants Authorized Representative authorized to give notices and instructions to the Board in
accordance with the Agreement, the Bylaws, the Investment Policy, and the Operating Procedures:
Name Signature Title
Roger Nelson City Manager
Bruno Rumbelow Asst. City Manager
William A. Gaither Dir. of Admin. Svc.
Fred L. Werner Managing Dir. of Fin. Svc.
The following Participant official is designated as the Primary Contact and will receive all TexSTAR
correspondence including transaction confirmations and monthly statements [required]:
Name Signature Title
Fred L. Werner Mana9in9 Dir. of Fin. Svc.
The following Participant official is designated as a Participant Inquiry Only Representative
authorized to obtain account information [optional]:
Name Signature Title
Applicant may designate other authorized representatives by written instrument signed by an existing
Applicant Authorized Representative or Applicant's chief executive officer.
4. Taxpayer Identification Number. Applicant's taxpayer identification number is 7$-600Q546
5. Bank Information Sheet(s). The attached [insert quantity] Bank Information Sheet(s) is or
are approved and incorporated herein by reference to establish account(s) in the name of Applicant.
Dated this
(Name of Applicant)
By:
(Signature of official) '
(Printed name and title)
Approved and accepted:
TEXAS SHORT TERM ASSET RESERVE FUND
By: FIRST SOUTHWEST ASSET MANAGEMENT, INC.,
Participant Services Administrator
By:
Authorized Signer
EXHIBIT, I) TO 4€4,01.003.,44
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TexSTAR is an investment service created by Local Governments For Local Governments
Transferring funds for investment and achieving solid fiscal responsibility are critical challenges
for local governments. TexSTAR offers Texas cities, counties, school districts and other
municipalities an investment option that provides security, liquidity and efficiency. This
simplicity and convenience, together with an understanding of the unique requirements of our
clients, distinguishes TexSTAR as the premier investment service for Texas local governments.
TexSTAR has been tailored to provide investment solutions to any local government investment
plan, whether as a liquidity component, for a more comprehensive investment strategy or as a
method to diversify an investment program primarily based on traditional banking services.
Regardless of the need or objective, TexSTAR offers an unparalleled option of security in an
investment scenario laden with risk.
TexSTAR Administrators have a proven track record
TexSTAR is administered by First Southwest Asset Management, Inc. and JPMorgan Chase.
Together, these organizations bring to the TexSTAR program the powerful partnership of two
leaders in financial services with a proven and noted track record in local government investment
pool management.
First Southwest Company is the leading financial advisor to Texas local governments and one
of the top ranked advisory firms in the nation. For over 50 years, First Southwest has assisted
clients in managing the continual change of the financial landscape by providing unique
investment banking services in the areas of public, private and corporate banking. As a result of
this experience, First Southwest has gained a thorough understanding of the needs of Texas local
governments which fosters comfort and confidence in the oversight of their most precious
financial assets.
First Southwest Asset Management, Inc., the investment affiliate of First Southwest Company,
has earned a position in the forefront of the financial service industry by providing specialized
solutions for state and local governments in the areas of investment management and reporting,
arbitrage rebate compliance and local government investment pool administration.
JP Morgan Fleming Asset Management is a global financial institution and one of the largest
and most respected asset managers in the world. With over a century of experience and a local
presence in over 60 countries, they provide world-class investment solutions to public funds,
corporations, endowments, foundations, third party intermediaries and individuals.
As one the largest asset managers in the world, JP Morgan Fleming Asset Management is able to
respond quickly to a clients' immediate cash requirements while earning interest at rates often
higher than direct investments. As a major player in the world's fixed income markets, JP
Morgan Fleming Asset Management has tremendous buying power- with access to competitive
rates and fast and efficient execution of trades.
EXHIBIT_ TO '9'10-1-I-916
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