HomeMy WebLinkAboutCity Council Resolutions (R-03-2094)-01/21/2003
RESOLUTION R-03-2094
A RESOLUTION AUTHORIZING INVESTMENT OF FUNDS IN TEXAS SHORT TERM
ASSET RESERVE PROGRAM (TEXST AR), A LOCAL GOVERNMENT INVESTMENT
POOL
WHEREAS, it is in the best interest of the City of Colleyville ("Applicant") to invest its funds
jointly with other Texas Local governments in the Texas Short Term Asset
Reserve Program (TEXST AR) in order to better preserve and safeguard the
principal and liquidity of such fund and to earn an acceptable yield; and
WHEREAS, the 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 BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec.1.
Sec.2.
Sec.3.
Sec.4.
THAT the form for participation in TEXSTAR attached to this resolution is
approved. The officers of the 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 the City under the
agreement created by this application, all in the name and on behalf of the
Applicant.
THAT the TEXSTAR Investment policy is adopted as the Applicant's
investment policy, the TEXSTAR investment officers are designated as the
Applicant's investment officers, and the TEXST AR Board is designated as
custodian and depository, in each case for the Applicant's public funds and
funds under its control that are deposited with TEXSTAR. Unless the
Applicant provides a contrary investment policy to TEXST AR, it shall be the
City's investment policy that any of all of its public funds and funds under its
control may be invested through TEXST AR.
THAT this resolution will continue in full force and effect until amended or
revoked by the Applicant and written notice of the amendment or revocation
is delivered to the TEXSTAR Board.
THAT the terms used in this resolution have the meanings given to them by
the application.
Resolution R-03-2094
Page 2 of 2
AND IT IS SO RESOLVED.
PASSED BY A VOTE OF.5 AYES, 0 NAYS AND D ABSTENTIONS ON THIS
THE02/.u- DAY OF -Fn ~ 2003.
A~~%~
Cynthia Singleton, TRMC
City Secretary
CITY OF COLLEYVILLE: