HomeMy WebLinkAboutResolution 1789A Resolution `~~
Authorizing the Optional Participation of the City of Fort
Worth in the Texas Local Government Investment Pool
Operated by the Treasurer of the State of Texas
WHEREAS: the City of Fort Worth (the "Participant"), 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 interest of the Participant and its citizens to invest local
funds in investments that yield the highest possible rate of return while
providing necessary safekeeping and protection of the principal; and
WHEREAS, the Treasurer of the State of Texas acting by and through the Texas
Treasury Safekeeping and Trust Company (the 'Trust Compare') has
created 'TexPool", a public funds investment pool to effectuate the goals
of providing investments at the highest possible yield while maintaining
complete safety of the funds of the Participant; and
WHEREAS, the City of Fort Worth desires to have the ability to utilize 'Texl'ool"
as an investment option when rates and returns from the investment
so warrant,
NOW, THEREFORE, BE 1T RESOLVED BY THE CTIY COUNCIL OF THE CITY OF
FORT WORTH, TEXAS:
1. That the City Manager of the City of Fort Worth is hereby au-
thorized to execute a Participation Agreement to establish an
account with the'I7ust Company's Public Funds Investment Pool.
'TexPool", for the purpose of transmitting local funds for investment
` ` . '',;, by the Trust Company in 'TexPool".
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2. That the following individuals whose signatures appear on page'
2 of Resolution, are officers or employees of the Participant and
are each hereby authorized to transmit funds to the Trust Com-
pany for investment in 'TexPool" and are each fiarther authorized
. . , fo wtthdraw funds from time to time, to issue letters of instruction,
and •to take all other actions deemed if necessary or appropriate
for the investment of local funds:
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~ ~ . , .:~_ 1.~.,;s~.~,ys
Name: A. Judson Bailiff Title: Director of Fiscal Services
Signature:
Asst. Director of Fiscal
Name: James R. Ke,~ Title: Services /Treasurer
Signature:
Asst. Director of
Name: Edwin S. Cook Title: Fiscal Services
Signature:
3. That this resolution and its authorization shall continue in
full force and effect until amended or revoked by the Partici-
pant until the Trust Company receives a copy of any such
amendment or revocation, and until such time the Trust
Company is entitled to rely on same.
This resolution is hereby in_ ~~ e~d and adop d by the Parti 'pant at its regu-
lar meeting held on the __~t~'iQ1 day of ~ 1991.
City of Fort Worth
BY:
City Manager
ATTEST: pPPROVEp BY
(seal)
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Crty $eciatara al the
City of FoA Worth. TexaC
CITY OF FORT WORTH