Loading...
HomeMy WebLinkAboutResolution 1185W'0 No RESOLUTION AUTHORIZING THE DIRECTOR OF FINANCE AND THE CITY TREASURER TO ENGAGE IN CERTAIN FINANCIAL TRANSACTIONS ON BEHALF OF THE CITY OF FORT WORTH BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS 1 That the Director of Finance and the City Treasurer of the City of Fort Worth are each hereby authorized and empowered, for and on behalf of the City of Fort Worth to establish and maintain one or more accounts with securities dealers for the purpose of purchasing, investing in, acquiring, selling, possessing, disposing of, transferring, exchanging, pledging, financing, engaging in repurchase or reverse repurchase transactions, and generally dealing in and with the following types of securities a. U S Treasury obligations; obligations of U S govern- ment agencies and instrumentalities; b Repurchase agreements collateralized by U S government or federal agency securities; c Certificates of deposit collateralized or fully insured by FDLIC, FSLIC or U S government securities; d. GNMA's (Government National Mortgage Association); e Securities which are 100% escrowed with full faith and credit obligations of the U S government; and f. Money market funds whose portfolios consist of the preceding. 2 That each of said officers shall have the fullest authority at all times with respect to the aforesaid transactions, including without limitation authority to give written or oral instructions to security dealers with respect to said transactions; to bind and obligate the City of Fort Worth for the carrying out of any contracts, arrangements or transactions with security dealers, which shall be entered into by such officers on behalf of the City of Fort Worth; to pay in cash, by check or by draft upon funds of the City such sums as may be due in connec- tion with any of said accounts; to deliver securities to security dealers, to order the delivery or transfer of securities to any name selected by said officers; to endorse any securities or contracts in order to pass title thereto; to direct the sale or exercise of any rights with respect to any such securities; to sign for the City of Fort Worth all releases, powers of attorney or other documents in connection with any such account; to agree to any terms or conditions to control any such account; to direct such security dealers to surrender any securities to the proper agent or party for the purpose of effecting any exchange or conver- sion, or otherwise; to accept delivery of any securities; to appoint any other person or persons to do any and all things which said officers are hereby empowered to do; and generally to do and take all action considered necessary or desirable by such officers in connection with such account 3. That such security dealers may deal with either of the officers empowered by this resolution, directly or indirectly, as though they were dealing directly with the City of Fort Worth 4. That the City Secretary of the City of Fort Worth is hereby authorized, empowered and directed to certify the following documents to security dealers and to affix the City seal thereon (a) certified copies of this resolution; and (b) specimen signatures of the persons empowered by this resolution 5 That the City of Fort Worth is a home rule municipal corporation, duly organized and existing under the laws of the State of Texas, that its charter empowers it to transact the business defined in this resolution, and that no limitation has been imposed upon such powers by its charter, state law or otherwise which prevents the transaction of such business 6 That security dealers may rely upon the authority given under this resolution, as continuing in effect until they receive due written notice of a change in or recission of such authority 7. That in the event of any change in the office or powers of the persons hereby empowered, the City Manager of the City of Fort Worth shall send written notice of such change to the security dealers with whom the City does business, which notification, when received, shall amend or terminate the powers of the persons theretofore authorized 8 That this resolution shall apply not only to transactions and agreements with security dealers which may take place after the adoption hereof, but shall also apply to those transactions which may have been made by the officers named herein prior to the adoption hereof, all of which, together with the actions of such officers, are hereby ratified, confirmed and approved ,P4 L4- Adopted this _7 day of 1986 i