HomeMy WebLinkAboutColleyville Economic Development Corporation (CEDC) Resolutions (R-97-11)-01/06/1997
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1'1 RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AN
I INTER LOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC FUNDS
Iii INVESTMENT COOPERATIVE (THE "COOPERATIVE"), DESIGNATING THE
i BOARD OF DIRECTORS OF THE COOPERATIVE AS AN AGENCY AND
III INSTRUMENTALITY TO SUPERVISE THE COOPERATIVE, APPROVING
I INVESTMENT POLICIES OF THE COOPERATIVE, APPOINTING AUTHORIZED
II REPRESENTATIVES AND DESIGNATING INVESTMENT OFFICERS.
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II WHEREAS,
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RESOLUTION R-97-11
the Interlocal Cooperation Act, Chapter 791 of the Texas
Government Code, as amended (the"lnterlocal Act"), permits any
"local government" to contract with one or more other "local
governments" to perform "governmental functions and services,"
including investment of public funds (as such phrases are defined in
the Interlocal Act);
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,
the Act perm its the contracting parties to any interlocal 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 Colleyville Economic Development Corporation (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
"Cooperat ive");
the Government Entity is a Government Entity as defined in the
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! i WHEREAS, each capitalized term used in this Resolution and not otherwise
i I defined has the same mean ing assigned to it in the Agreement;
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Agreement, and
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;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTOR'S OF
THE COLLEYVILLE ECONOMIC DEVELOPMENT CORPORATION:
Sec. 1:
Sec. 2:
Sec 3:
Sec 4:
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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 Cooperative 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
Coope rative.
The following officers, officials or employees of the Government
Entity are hereby designated as "Authorized Representatives" within
the meaning of the Agreem ent, with full power and authority to:
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I Sec 5:
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execute the Agreement, an application to join the Cooperative and
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:
L~CU1)L
Terry LeaKe
Signature:
Printed Name:
Title:
Finance Manage r
thJJy .Jufff
Debby Scott
Signature:
Printed Name:
Title:
Assistant to the Finance Director of the City of
Colleyville, Texas
Signature:
J71:~
Printed Name:
Title:
Assistant City Manager of the City of Colleyville, Texas
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.
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AND SO IT IS RESOLVED:
Passed by a vote of (P to 0 on the I,.g day of Ja" u '1 . 1997
Attest:
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II Secreta ry
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John Grace
President, Board of Directors
Colleyville Economic Development
Corporation