HomeMy WebLinkAboutItem 10 - TExPoolMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: AUGUST 1, 2023
SUBJECT: AMEND AUTHORIZED REPRESENTATIVES IN TEXPOOL AND
TEXPOOL PRIME INVESTMENT POOLS
RECOMMENDATION: City Council to consider a resolution amending the authorized
representatives in the TexPool and TexPool Prime Investment Pools.
FUNDING SOURCE: This action will have no material effect on City funds.
BACKGROUND: The authorized representatives for the TexPool and TexPool Prime
investment pools require updates as a result of staffing changes. The
previous Chief Financial Officer (Greg Jordan) is being removed and the
Internal Audit Director (Sheltie Johnson) is being added. Other authorized
representatives remain the same.
The attached resolution is required to update the authorized
representatives.
Staff recommends approval.
RESOLUTION NO. 2023-013
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 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 the
Chief Financial Officer with the signatories on the pool accounts being the Chief Financial
Officer, Managing Director of Financial Services, Internal Audit Director, 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 1st day of August, 2023.
APPROVED:
William D. Tate
Mayor
ATTEST:
Tara Brooks
City Secretary
APPROVED AS TO FORM:
Matthew C.G. Boyle
City Attorney
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EXHIBIT A
Authorized Representatives
Jeff Strawn, Acting Chief Financial Officer
Gary Livingston, Managing Services Director
Shellie Johnson, Internal Audit Director
Rebecca Coryea, Treasurer
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