RESO 1994-10 - Public Funds InvestmentRESOLUTION NO. 94 -10
Local Government Investment Cooperative Resolution
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AN
INTERLOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC FUNDS
INVESTMENT COOPERATIVE (THE "COOPERATIVE "), DESIGNATING
THE BOARD OF DIRECTORS OF THE COOPERATIVE AS AN AGENCY
AND INSTRUMENTALITY TO SUPERVISE THE COOPERATIVE,
APPROVING INVESTMENT POLICIES OF THE COOPERATIVE,
APPOINTING AUTHORIZED REPRESENTATIVES AND DESIGNATING
INVESTMENT OFFICERS
WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas
Government Code, as amended (the " Interlocal 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);
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,
WHEREAS, the Act permits 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;
WHEREAS, 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 intends to
become and remain an eligible public funds investment pool, under the terms and conditions set
forth in PFIA;
WHEREAS, the City of Huntsville, 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
Resolution
WHEREAS, 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
WHEREAS, 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;
WHEREAS, each capitalized term used in this Resolution and not otherwise
defined has the same meaning assigned to it in the Agreement;
NOW, THEREFORE, BE IT RESOLVED:
1. 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.
2. The Board is hereby designated as an agency and instrumentali ty 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.
3. 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.
4. 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 any other documents required to become a Participant; deposit
money to and withdraw money from the Government Entity's Cooperative account from
time to time in accordance with 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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Resolution
Signature:
Printed Nam rPne Pis
Title: City Manager
Signature: 7 /,rf,(.GGit.il,n/
Printed Name: Patricia Allen
Title: Director of Finance
Signature: likeGalkA, &WTh)L
Printed Name: Martha Blume
Title: Accountant
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.
S. 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.
ATTEST:
B
PASSED AND APPROVED this 9th day of August , 1994.
W_ii_ Hndeps. Mayor
Printed name and title
SEAL
Rewlutioa
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By: odeiAAAM)1-tiG0
Danna We1tpr_ City c'arrntary
Printed Name and Title
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 this 9th day of August , 1994
ACCEPTED:
Local Government Investment Cooperative
By:
City of_Huntsville
Name of Government Entity
Authorized Represe Live
W.H. Hodges, Mayor
Printed Name and Title
L GIC Administrator
Printed Name and Title
Interlocal Agreement
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