HomeMy WebLinkAboutResolution 2837A Resolution
No ~~~ /
Authorizing the Optional Participation of the City of Fort Worth in the Texas
Short Term Asset Reserve Program (TexSTAR)
WHEREAS the City of Fort Worth is a political subdivision 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 custodian of investments purchased with local investment
funds; and
WHEREAS it is in the best interests of the City of Fort Worth to invest its funds
jointly with other Texas local governments in the Texas Short Term Asset Reserve
Program (TexSTAR) a AAA-m rated public funds investment pool in order better to
preserve and safeguard the principal and. liquidity of such funds and to earn an
acceptable yield; and
WHEREAS the City of Fort Worth desires to have the ability to utilize TexSTAR as
an investment option when rates and returns from
the investment so warrant,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS.
1 That the City Manager of the City of Fort Worth (the Applicant) is hereby
authorized fo execute an Application for Participation to establish an
account with TexSTAR for the purpose of transmitting local funds for
investment by TexSTAR. 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
Applicant under the Agreement created by the application all in the name
and on behalf of Applicant.
CITY OF FORT WORTH
2. That 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 eaC'h 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
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.
This resolution is here~iy introduced and adopted by the Applicant at its regular
meeting held on theme day of , 2002
CITY OF FORT WORTH
BY 1 ~ ~ ~- C;
Mayor
ATTEST
Cit a etary
~'PRO~Ep
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CITY OF FORT WORTH