R-1993-09 - Laserfiche WebLink

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e e STATE OF TEXAS COUNTY OF HARRIS AGREEMENT This agreement made and entered into by and between the City of La Porte, a municipal corporation, hereinafter "City", and the La Porte Volunteer Fire Department, a Texas non-profit corporation, acting herein by and through its duly authorized officers, hereinafter "LPVFD": For and in consideration of the premises, and the mutual covenants herein contained, the parties hereby establish the following agreement, under which the City shall serve as Trustee for the investment of certain funds accumulated by the LPVFD. 1. The City agrees to serve as trustee for funds submitted to it by the LPVFD. 2. The City will administer the funds in accordance with investment policies and practices as approved by the City Council and authorized by the Public Funds Investment Act of the State of Texas. 3. Funds received by the City from the LPVFD will be deposited into the General Fund of the City and an escrow account will be established on the City's General Fund Balance Sheet for an amount equal to the amounts the LPVFD has deposited plus any interest income they have earned, less any withdrawals they have made. 4. The City will distribute interest to the funds deposited by the LPVFD on a monthly basis based on the average rate of return of the City's total portfolio and the average daily balance of the funds deposited by the LPVFD. 5. The City makes no guarantee as to any interest rate of return on any funds that have been entrusted with. 6. The City will provide a written report to the LPVFD on a monthly basis showing the monthly activity and the interest credited to their account. 7. The LPVFD agrees to limit its deposit and withdrawal transactions to one per month. 8. The employees of the City who are authorized to make investments for the City are: Director of Finance Finance Officer Cash Manager Jeff Litchfield, CPA Linda Stubbs Rick Overgaard or their successors.