HomeMy WebLinkAbout08-1297 11-11-2008RESOLUTION NO. 08 -1297
RESOLUTION AUTHORIZING PARTICIPATION IN
TEXSTAR AND DELEGATING AUTHORIZED
REPRESENTATIVES
WHEREAS, the City of Euless, TX is a local government of the State of Texas
and is empowered to delegate to a public funds investment pool the authority to invest
funds and to act as a custodian of investments purchased with local investment funds;
and
WHEREAS, it is in the best interest of the City of Euless to invest its funds jointly
with other Texas local governments in the Texas Short Term Asset Reserve Program
(TexSTAR) in order to better preserve and safeguard the principal and liquidity of such
funds and to earn an acceptable yield; and
WHEREAS, the City of Euless 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 EULESS,
TEXAS:
SECTION 1
THAT the application for participation in TExSTAR attached to this resolution as
Exhibit A is approved. The officers of the City of Euless 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 of Euless under the agreement created by the
application, all in the name and on behalf of City of Euless.
SECTION 2
THAT the TExSTAR Investment Policy is adopted as the City of Euless'
investment policy, the TExSTAR investment officers are designated as the City of
Euless' investment officers, and the TExSTAR Board is designated as custodian and
depository, in each case for the City of Euless' public funds and funds under its control
that are deposited with TExSTAR. Unless the City of Euless provides a contrary
investment policy to TExSTAR, it shall be the City of Euless' investment policy that any
or all of its public funds and funds under its control may be invested in and through
TExSTAR.
SECTION 3
THAT this resolution will continue in full force and effect until amended or
revoked by the City of Euless and written notice of the amendment or revocation is
delivered to the TexSTAR Board.
SECTION 4
THAT terms used in this resolution have the meanings given to them by the
application.
APPROVED AND ADOPTED at a regular meeting of the Euless City Council on
the 11th day of November, 2008, by a vote of 7 ayes, 0 nays, and o
abstentions.
APPROVED:
ATTEST:
Susan Crim, TRMC, City Secretary
Resolution No. 08 -1297, Page 2 of 4
T
APPLICATION FOR PARTICIPATION IN TExSTAR
The undersigned local government (Applicant) applies and agrees to become a Participant in the Texas Short Term
Asset Reserve Program ( TEXSTAR).
1. Authorization. The governing body of Applicant has duly authorized this application by adopting the
following resolution at a meeting of such governing body duly called, noticed, and held in accordance with the
Texas Open Meeting Law, chapter 551, Texas Government Code, on November 11 , 2008:
WHEREAS, it is in the best interests of this governmental unit ( "Applicant ") to invest its funds jointly with other
Texas local governments in the Texas Short Term Asset Reserve Program ( TEXSTAR) in order better to
preserve and safeguard the principal and liquidity of such funds and to earn an acceptable yield; and
WHEREAS, 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 THAT:
SECTION 1. The form of application for participation in TEXSTAR attached to this resolution is approved. The
officers of 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 Applicant under the Agreement created by the application, all in the name and
on behalf of Applicant.
SECTION 2. The TEXSTAR Investment Policy is adopted as Applicant's investment policy, the TEXSTAR
investment officers are designated as Applicant's investment officers, and the TEXSTAR Board is designated
as custodian and depository, in each case for Applicant's public funds and funds under its control that are
deposited with TEXSTAR. Unless Applicant provides a contrary investment policy to TEXSTAR, it shall be
Applicant's investment policy that any or all of its public funds and funds under its control may be invested in
and through TEXSTAR
SECTION 3. This resolution will continue in full force and effect until amended or revoked by Applicant and
written notice of the amendment or revocation is delivered to the TEXSTAR Board.
SECTION 4. Terms used in this resolution have the meanings given to them by the application."
2. Agreement. Applicant agrees with other TDCSTAR Participants and the TEXSTAR Board to the Terms and
Conditions of Participation in TEXSTAR, effective on this date, which are incorporated herein by reference.
Applicant makes the representations, designations, delegations, and representations described in the Terms
and Conditions of Participation.
3. Authorized Representatives. Each of the following Participant officials is designated as Participants
Authorized Representative authorized to give notices and instructions to the Board in accordance with the
Agreement, the Bylaws, the Investment Policy, and the Operating Procedures:
Name
Diana Ayala
Jackie Theriot
Vicki Rodriquez
Loretta Getchell
Signature
Title Direct Phone
Accountant 817 685 -1414
sst. Director of Finance 817 685 -1448
Director of Finance 817 685 -1444
Deputy City Manager 817 685 -1452
The following Participant official listed above is designated as the Primary Contact and will receive all
TexSTAR correspondence including transaction confirmations and monthly statements [required]:
Name
Diana Ayala
E -mail address
dayala @ci.euless.tx.us
The following Participant official not listed above is designated as a Participant Inquiry Only Representative
authorized to obtain account information [optional]:
Name
Signature Title
Applicant may designate other authorized representatives by written instrument signed by an existing
Applicant Authorized Representative or Applicant's chief executive officer.
4. Taxpayer Identification Number. Applicant's taxpayer identification number is 75- 6004644
5. Bank Information Sheet(s). The attached 1 Bank Information Sheet(s) is or are
approved and incorporated herein by reference to establish account(s) in the name of Applicant.
Dated this /3 Ala vt A.4 S — °1o.4
City of Euless
e of Applicant)
Approved and accepted:
TEXAS S HO RT TERM ASSET RESERVE FUND
By: F IRSTSOUTHWESTASSET MANAGEMENT INC.,
Participant Services Administrator
(Signature of official)
Gary McKamie, City Manager
(Printed name and title)
By: Date:
Authorized Signer