HomeMy WebLinkAbout21-1606 05-11-2021RESOLUTION NO.21-1606
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EULESS,
TEXAS, TO PARTICIPATE IN THE TEXAS COOPERATIVE LIQUID
ASSETS SECURITIES SYSTEM TRUST.
WHEREAS, the Public Funds Investment Act, Texas Government Code, Section
2256.001 et seq. (the Act) requires the governing body of each local government in this
state to adopt investment policies in accordance with the terms of the Act; and
WHEREAS, pursuant to the requirements of the Act, the City Council (the
Governing Body) of the City of Euless, Texas (the Local Government) has previously
reviewed and adopted an investment policy (the Policy) that provides in part that the funds
of the City of Euless will be invested in investments permitted by the Act in order to: (i)
invest only in investments legally permitted under Texas law; (ii) minimize risk by
managing portfolio investments so as to preserve principal and maintain a stable net
asset value; (iii) manage portfolio investments to ensure that cash will be available as
required to finance operations; and (iv) maximize current income to the degree consistent
with legality, safety, and liquidity; and
WHEREAS, pursuant to the Policy and the Act, the City of Euless has appointed
Janina Jewell, Director of Finance (the Investment Officer) to act as the investment officer
of the City of Euless; and
WHEREAS, the Act provides that funds under the control of a Local Government
may be invested through investment pools meeting the standards of Section 2256.016 of
the Act; and
WHEREAS, the City of Euless has received and reviewed the Information
Statement, dated December 2016 (the Information Statement), of Texas Cooperative
Liquid Assets Securities System Trust (the Program), an investment pool administered
by Public Trust Advisors, LLC that sets forth the information required by Section
2256.016(b) of the Act; and
WHEREAS, the City of Euless has determined that the investments proposed to
be acquired by the Program are of a type that are permitted by the Act and are consistent
with the Policy; and
WHEREAS, the City Council has determined that an investment in the Program
will assist the City of Euless in achieving the goals set forth in the Policy and will tend to
preclude imprudent investment activities arising out of investment transactions conducted
between the City of Euless and the Program; and
WHEREAS, the City of Euless understands that the Program operates through the
Ninth Amended and Restated Trust Agreement dated as of February 25, 2021 (the Trust
Agreement), that provides the terms on which the Program will operate and the rights of
the Participants in the Program and sets forth the responsibilities of Public Trust Advisors,
LLC as the administrator of the Program (the Administrator) and of UMB Bank as
custodian (the Custodian).
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EULESS, TEXAS, THAT:
SECTION 1.
The form, terms, and provisions of the Trust Agreement, a draft of which was
presented and reviewed at this meeting, providing for the creation of the Program and for
the rights of the Program Participants and the duties and responsibilities of the
Administrator be and the same are hereby approved and adopted; and that the
Investment Officer be and he or she is hereby authorized and directed to execute and
deliver to the Administrator and the Custodian in the name and on behalf of the City of
Euless a participation certificate evidencing the agreement of the City of Euless to be
bound by the Trust Agreement substantially in the form of the Trust Agreement reviewed
and approved at this meeting, together with such changes therein as may be approved
by the said officer, such approval to be conclusively evidenced by the execution thereof.
SECTION 2.
The investment program established by the Trust Agreement is hereby found and
determined to be consistent with the Policy and to preclude imprudent investment
activities arising out of investment transactions conducted between the City of Euless and
the Program.
SECTION 3.
The City Council hereby officially finds and determines that the facts and
recitations contained in the preamble of this Resolution are true and correct.
SECTION 4.
The City Council hereby finds and declares that written notice of the date, hour,
place, and subject of the meeting at which this Resolution was adopted was posted for
the time required by law preceding this meeting and that such meeting was open to the
public as required by law at all times during which this Resolution and the subject matter
thereof were discussed, considered, and formally acted upon all as required by the Open
Meetings Act, Chapter 551, Texas Government Code, as amended, and the Act.
SECTION 5.
The officers of the City of Euless, and each of them, shall be and each is expressly
authorized, empowered, and directed from time -to -time to do and perform all acts and
things and to execute, acknowledge, and deliver in the name and under the corporate
seal and on behalf of the City of Euless all certificates, instruments, and other papers,
whether or not herein mentioned, as they may determine to be necessary or desirable in
order to carry out the terms and provisions of this Resolution and of the Trust Agreement
hereby authorized and approved, such determination to be conclusively evidenced by the
performance of such acts and things and the execution of any such certificate, financing
Resolution No. 21-1606, Page 2 of 3
statement, instrument, or other paper.
SECTION 6.
This Resolution shall take effect and be in full force upon and after its passage.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on May
11, 2021, by a vote of 7 ayes, 0 nays, and 0 abstentions.
APPROVED:
Li da-l0artin, Mayo
ATTEST:
kirA Sutter,TRMC, CMC, City Secretary
Resolution No. 21-1606, Page 3 of 3