HomeMy WebLinkAbout90-736 06-26-1990RESOLUTION NO. 90 -736
A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A COMMON
INVESTMENT CONTRACT FOR JOINT INVESTMENT OF PUBLIC FUNDS, BETWEEN THE
CITY OF EULESS, TEXAS, AND OTHER PARTICIPANTS IN THE LOCAL GOVERNMENT
INVESTMENT FUND FOR TEXAS AND AUTHORIZING ITS EXECUTION BY THE CITY
MANAGER; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Euless (this "Local Government ") is a "local
government" within the meaning of The Interlocal Cooperation Act,
Article 4413(32c), Vernon's Texas Civil Statutes, as amended (the
"Interlocal Act "), and as such on and after September 5, 1989, will be
authorized to contract with one or more other such local governments
for the joint investment of public funds of such local governments in
any investments in which each such local government is authorized to
invest its funds;
WHEREAS, the joint investment of local public funds is expected
to increase the safety and yield of investments of such funds by
allowing investments in obligations with larger denominations,
reducing administrative costs, and utilizing professional money
management programs and is therefore in the best interest of this
Local Government and its inhabitants; and
WHEREAS, this Local Government therefore desires to authorize the
joint investment of its public funds with other local governments
pursuant to the Interlocal Act and to enter into a contract with such
local governments to provide for the terms by which public funds so
invested may be combined, invested, secured, and accounted for;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL (THE
"GOVERNING BODY ") OF THE CITY OF EULESS, TEXAS THAT:
Section I. Authorization of Contract. The City Manager is
hereby authorized and instructed to execute and deliver, and the
City Secretary is hereby authorized to attest, a Common
Investment contract to participate in the Local Government
Investment Fund for Texas.
Section II. Authorization of Investments. Each officer and
employee of this Local Government who is designated to be
responsible for the investment of public funds of this Local
Government pursuant to Article 4413 (34c), Vernon's Texas Civil
statues, as amended (the "Investment Procedures Act "), 15
authorized to transfer public funds of this Local Government to
the Local Government Investment Fund for Texas (the "Fund ") to
be created by the Interlocal Contract in order to acquire an
interest in any Series, thereof, provided that (1) the funds of
such Series may be invested solely in obligations described in
the Public Investment Act or in any other obligations in which
this Local Government may lawfully invest its funds and (2) the
Governing Body has approved the investment rules and policies
governing such investments. All such transfers shall be made in
accordance with investment policies and procedures heretofore
adopted by this Local Government pursuant to the Investment
Procedures Act, as such policies and procedures may be amended
from time to time, but to the same extent as is such policies and
procedures expressly authorized such transfers as direct
investments of public funds of this Local Government.
Section III. Designation of Responsible Officer. The
"Investment Officer" referred to in the Interlocal Contract for
each Series of the Fund which may be created thereunder is hereby
designated pursuant to the Investment Procedures Act as the
officer responsible for (and for the preparation of annual
reports on) the investment of public funds of this Local
Government which are transferred to such Fund to acquire an
interest in such Series.
Section IV. Notices, Etc. All notices, demands, requests,
drafts, consents, approvals, waivers, ballots, and other
documents and action which may be given or taken by this Local
Government under the Interlocal Contract may be given or taken by
any officer of this Local Government who at the time is
designated pursuant to the Interlocal Procedures Act as
responsible for the investment of public funds of this Local
Government.
Section V. Further Acts. Each officer of this Local
Government is hereby authorized to take any and all action
necessary to effect the Interlocal Contract and joint investments
authorized hereby and to perform any obligation of this Local
Government thereunder.
Section VI. Repealer. All ordinances, orders, or resolutions,
or parts thereof, which are in conflict or inconsistent with any
provision hereof are hereby repealed and declared to be
inapplicable to the extent of such conflict, and provisions
hereof shall be and remain controlling as to the matters resolved
herein.
DULY PASSED AND APPROVED THIS THE 26th DAY OF
ATTEST:
CITY SECRETARY
APPR
CITY ATTORNEY
June
, 1990.
Harold D. Samuels, MAYOR