HomeMy WebLinkAboutCity Council Resolutions (R-96-1252)-11/06/1996
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II RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AN
IINTERLOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC FUNDS
\ INVESTMENT COOPERATIVE (THE "COOPERA TIVE"), DESIGNATING THE
I BOARD OF DIRECTORS OF THE COOPERATIVE AS AN AGENCY AND
I INSTRUMENTALITY TO SUPERVISE THE COOPERATIVE, APPROVING
II INVESTMENT POLICIES OF THE COOPERATIVE, APPOINTING AUTHORIZED
REPRESENTATIVES AND DESIGNATING INVESTMENT OFFICERS.
I WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas
I Government Code, as amended (the"lnterlocal Act"), permits any
"local government" to contract with one or more other "local
I governments" to perform "governmental functions and services,"
I including investment of public funds (as such phrases are defined in
, the Interlocal Act);
RESOLUTION R-96-1252
WHEREAS, the Interlocal Act authorizes the contracting parties to any interlocal
agreement to contract with agencies of the State of Texas, within the
meaning of Chapter 771 of the Government Code,
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I WHEREAS,
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WHEREAS,
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WHEREAS,
the Act permits the contracting parties to any inter local agreement to
create an administrative agency to supervise the performance of
such interlocal agreement and to employ personnel and engage in
other administrative activities and provide other administrative
services necessary to execute the terms of such interlocal
agreement;
the Public Funds Investment Act, Chapter 2256 of the Texas
Government Code, as amended (the "PFIA"), authorizes the entities
described in Subsection (a) of the PFIA to invest their funds in an
eligible public funds investment pool, and the Local Government
Investment Cooperative intends to become and remain an eligible
public funds investment pool, under the terms and conditions set
forth in PFIA;
the City of Colleyville, Texas (the "Government Entity") desires to
enter into that certain Interlocal Agreement (the "Agreement"), a copy
of which is presented with this Resolution and is incorporated herein
by reference, and to become a participant in a public funds
investment pool created thereunder and under PFIA, to be known as
Local Government Investment Cooperative (the "Cooperative");
WHEREAS, the Government Entity is a Government Entity as defined in the
Agreement, and
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WHEREAS,
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the Government Entity desires to cause administration of the
Cooperative to be performed by a board of directors (the "Board"),
which shall be an administrative agency created under the Interlocal
Act; and
the Government Entity desires to designate the Board as its agency
and instrumentality with authority to supervise performance of the
agreement, employ personnel and engage in other administrative
activities and provide other administrative services necessary to
execute the terms of the Agreement;
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I WHEREAS, each capitalized term used in this Resolution and not otherwise
I defined has the same meaning assigned to it in the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVI LLE, TEXAS:
Sec. 1:
Sec. 2:
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Sec 3:
Sec 4:
The Agreement is hereby approved and adopted and, upon
execution thereof by an Authorized Representative (defined below)
and receipt of the Government Entity's application to join the
Cooperative by the Administrator, the Government Entity shall
become a Participant in the Coopera tive for the purpose of investing
its available funds therein from time to time in accordance with its
terms.
The Board is hereby designated as an agency and instrumentality of
the Government Entity, and the Board shall have the authority to
supervise performance of the Agreement and the Cooperative,
employ personnel and engage in other administrative activities and
provide other administrative services necessary to execute the terms
of the Agreement.
The investment policies of the Cooperative, as set forth in the
document entitled Investment Policies, as summarized in the
Information Statement, and as may be amended from time to time
by the Board, are hereby adopted as investment policies of the
Government Entity with respect to money invested in the
Cooperative, and any existing investment policies of the Government
Entity in conflict therewith shall not apply to investments in the
Cooperative.
The following officers, officials or employees of the Government
Entity are hereby designated as "Authorized Representatives" within
the meaning of the Agreement, with full power and authority to:
execute the Agreement, an application to join the Cooperative and
Sec 5:
any other documents required to become a Participant; deposit the
Agreement and the Information Statement; and take all other actions
deemed necessary or appropriate for the investment of funds of the
Government Entity:
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Terry LE6ake/ ' '
Signature:
Printed Name:
Title:
Finance Director
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Debby Scott
Signature:
Printed Name:
Title:
Assistant to the Finance Director
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Ja elcher
Signature:
Printed Name:
Title:
Assistant City Manager
In accordance with Cooperative procedures, an Authorized
Representative shall promptly notify the Cooperative in writing of any
changes in who is serving as Authorized Representatives.
In addition to the foregoing Authorized Representatives, each
Investment Officer of the Cooperative appointed by the Board from
time to time is hereby designated as an investment officer of the
Government Entity and, as such, shall have responsibility for
investing the share of Cooperative assets representing funds of the
Government Entity. Each depository and custodian appointed by the
Board from time to time are hereby designated as a depository and
custodian of the Government Entity for purposes of holding the share
of Cooperative assets representing funds of the Government
Entity.
AND SO IT IS RESOLVED:
Passed by a vote of S to 0 on the ~ Y:t day of ~, 1996
Attest:
fd~
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Je n Harris, CMC
City Secretary
Ed Baker
Mayor
Additional Party Agreement
The Government Entity of the State of Texas named below, acting by and
through the undersigned Authorized representative, hereby agrees to become a party
to that certain Interlocal Agreement to which this page is attached, and thereby become
a Participant in the Local Government Investment Cooperative, subject to all of the
terms and provisions of such Agreement. The undersigned hereby represents that it is
a Government Entity as defined in such Agreement.
Executed th is
day of
, 19
Name of Government Entity
By:
Authorized Representative
Printed Name
Title
ACCEPTED:
Local Government Investment Cooperative
By:
LOGIC Administrator
Printed Name
Title