HomeMy WebLinkAboutResolution 1471
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AUTHORIZING OPTION OF CITY OF FORT WORTH
PARTICIPATION IN
LOCAL GOVERNMENT INYESTIIENT FUND FOR TEXAS
INVESTMENT POOL ESTABLISHED BY NCTCOG
WHEREAS, the City of Fort Worth !s interested in ut[lizing safe,
liquid and high-yielding tnvestment options; and,
WHEREAS, as a "local government" wlthdn the meaning of the
Interlocal Cooperation Act the City of Fort Worth is authorized to
contract with one or more other local entities for the Joint Investment
of public funds in any Investments !n which each such local government
is authorized to invest its funds; and,
WHEREAS, the North Central Texas Council of Governments has formed
an tnvestment pool for local entitles under the Interlocal Cooperation
Act which confirms to the City`s investment parameters and which is
under the control of a local Board; and
WHEREAS, the investment obJectives and purposes of the pool are
the same as the City investment policy, i.e. safety, liquidity and
yield; and,
WHEREAS, the City of Fort Worth desires to have the ability to
utilize the LOCAL GOVERNMENT INVEST11fENT FUND FOR TEXAS !f !t so chooses
as an Investment vehicle 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 Clty of Fort Worth add the Local Government investment
Fund for Texas as an authorized investment option to be used by
the Clty Treasurer should rates and returns so warrant.
2. That the Clty lSanager be authorized to execute a Common
Investment Contract as a potential participant in the Local
Government Investment Fund for Texas pool.
CPE'Y OF FOHT SORTS
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3. That the Clty Treasurer be authorized to transfer funds to the
Local Government Investment Fund for Texas for investment.
4. That the Ctty designate and approve the depository, custodian
and investment officer designated in or to accordance with the
Common Investment Contract for funds of the participant tCity)
transferred to the Fund under the Contract.
Adopted this ~ day of September, 1989.
APPROVED BY
CIiY COUNCIL
Sf P 26 f989
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aK S.ontarr of th.
City of Fmt Worth, lbsar