HomeMy WebLinkAboutR-1986-34
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RESOLUTION NO. 86-34
A RESOLUTION BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS,
AUTHORIZING THE FIRM OF PAINE, WEBBER, JACKSON & CURTIS, INC., TO
PURCHASE INVESTMENT SECURITIES FOR THE CITY
WHEREAS, the City of La Porte wishes to use the firm of
Paine, Webber, Jackson & Curtis, Inc., to purchase investment
securities from time to time; and
WHEREAS, the firm of Paine, Webber, Jackson & Curtis, Inc.,
requires for their records a Resolution indicating the governing
body'S intent and restrictions upon the purchase of said
investments; and
WHEREAS, the attached certification indicates the general
restrictions per Resolution 86-3 upon investments and the attached
certification specifies the names of the City's accountants, as
well as the name of the administrative supervision of same.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF LA PORTE, TEXAS
THAT the City of La Porte hereby authorizes the establishment
of an account with the firm of Paine, Webber, Jackson & Curtis,
Inc., subject to the limitations set forth in Resolution 86-3.
CITY OF LA PORTE
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No n L. alone, yor
ATTEST:
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City Secretary
APP;;uJd
City Attorney
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CORPORATE ACCOUNT
CITY OF LA PORTE INVESTMENTS
Account. rJ:::Ime
CITY OF LA PORTE, TEXAS
Attn: Richard Hare
Branch
Account Number
Brok~r
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052 4
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I, Jo Ann .Raves hereby certify that I am the Seeretary
of the Citv of La Porte, a municipality organized and existing
under the laws of the State of Texas, and that the following
resolution was unanimously adopted at a meeting of the City
Counc il of sa id mun ic i. pal i ty dul y held on Dee pmbp.r 8, 1 q86 at
which meeting a quorum was present and voting:
VOTED:
To open wi th Paine, tvebber, Jackson & Curt.is
Incorporated, stockbrokers, a cash account for
the purchase and sale of United States Bonds,
Certificates of Indebtedness of the United
States, Treasury Notes of t.he Uni tecl States,
and other evidences of indebtedness of the
United States which are guaranteed as to both
pr'incipal and interest by the United States
Government; provided, however, any such
securiti.es must have a maturity date not more
than ten (10) years from the date of their
pledge.
Also, Bonds of the State of Texas, or of any
county, city, t.own, independent school
district, common school district or other
school district in the State of Texas;
prov ided, however, said bonds must be rated
"A" or better by Noody I s Investors Service;
and provided, further, said bonds must have a
maturity date not mor'e than ten (10) years
from the date of their pledge.
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CORPORATION ACCOUNT
Pae;e 2 of 2
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(At least two to
be designated)
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VOTED: That Robert Stewart. and Rafael trfllJ.et.,
Accountants of this municipali ty and each of
them hereby is named as agent of this
municipality with said Paine, Webber., Jackson
& Curtis Incorporated and any successor
corporations 'or firms in 'connection with said
account; that. said Paine, Hebber, Jackson ,&
Curtis Incorporated and, any 'successor-
corporations orf-h'ms- be and they, hereby are
authorized to deal with said persons as agents
of this municipality"to accept all orders for
purchases ,and sales as ,and for, the action of
thi s munic ipal i ty wi thout further ,inquir,y as
to their authority,- to receive, ,any funds,
secu ri ties or pr,operty for, the, account of this
municipality, to deliver in the name of such
municipality as said, persons ,or any of them
shall direct any funds, securities or other
persons ,or any of them or as they or any of
them, shall in ,writing order, and to send or
communicate all confirmations, notices,
demands and other communications to them or
any of them and to the Municipality's,
Attention: Richard Hare, Assistant City
Manager at P. O. Rox 1115 (604 '1)'. Fairmont
Par'kwav), La Porte, Texas 77S71*.
VOTED: That said Paine, Webber, Jackson &:
Curtis Incorporated and any successor
corporations ,or firms may act in reliance upon
the foregoing votes until they receive written
notice of the. vote by the City Council of this
municipality terminating the authority thereby
given.
I further certify that the foregoing votes are
now in full force and effect.
Wi tness my hand and ~al of said municip,ali ty
t his ? .t-A:::. day 0 f )()u- .? /YYlh~A , 1 9.1la...
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Secreta'ry
C*Applicable where a person other than an
officer of the corporation has been designated
to t ran sac t bus iness or where commod i ty
transactions are involved.)