R-1993-05 - Laserfiche WebLink

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1;,:, . . . Program - the Texas School Cash Management Program sponsored by the Texas Association of School Boards. Sponsor - the Texas Association of School Boards, a Texas nonprofit association, acting by and through its duly appointed and acting agents and trustees that administer the Program. State - the State of Texas. StatementofllnvestmentPolicy- the written Statement of Investment Policy adopted and approved by the Board governing investment and management of Pool assets, as the same may be amended from time to time, subject to the requirements of this Agreement 1.02 General Rules of Construction. (a) Whenever in this Agreement the context requires: (1) a reference to the singular number shall include the plural and vice versa; and (2) a word denoting gender shall be construed to include the masculine, feminine and neuter. (b) The titles given to any article or section of this Agreement are for convenience only and are not intended to modify the article or section. ARTICLE II Creation of Pool; Purpose and Objective Section 2.01. Creation of the Pool as an Agency. (a) The initial Participants hereby create and establish, and all subsequent Participants hereby agree to and accept the creation of, a public funds investment pool as their agency and instrumentality pursuant to the Act, known as the "Lone Star Investment Pool" (the "Pool"). (b) The Pool shall hold legal title to and manage all money, investments and other assets transferred to or acquired by the Pool pursuant to the Act and this Agreement. (c) As an agency and instrumentality of the Participants, the Pool shall have the authority, through its Board, to employ personnel, engage in other administrative activities and provide other administrative services necessary to accomplish the purpose of this Agreement Section 2.02. Pwpose and Objective. (a) The purpose of the Pool is to provide Local Governments with an investment vehicle for local funds not required to be spent immediately and available for investment in securities with maturities and returns generally greater than those for money market instruments. The general objective of the Pool shall be to provide Participants with the highest possible rate of return for such funds, while maintaining safety of principal and providing Participants with the ability to withdraw money from their respective Accounts not less frequently than once per month. (b) In order to accomplish the Pool's objective, each Participant agrees that the money transfel,.ed to the Pool will be commingled with money transferred to the Pool by other Participants for the purpose of making authorized investments, subject to the terms of this Agreement and the requirements of the Statement of Invest- ment Policy and applicable law, thereby taking advantage of investment opportunities and cost benefits available to larger investors. * 9 *