HomeMy WebLinkAboutR-1993-09
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RESOLUTION 93- 09
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, APPROVING A
CONTRACT WITH THE LA PORTE VOLUNTEER FIRE DEPARTMENT, ESTABLISHING THE CITY AS
A TRUSTEE FOR THE LA PORTE VOLUNTEER FIRE DEPARTMENT.
WHEREAS, the City's fire suppression operation is obtained through the use of
volunteer fire fighters, working with and under the direction of city personnel; .
WHEREAS, the City recognizes the contribution these volunteer fire fighters
provide to the citizens of La Porte; and
WHEREAS, the La Porte Volunteer Fire Department is a non profit corporation;
WHEREAS, the La Porte Volunteer Fire Department desires the City to serve as
Trustee for certain funds they have accumulated;
BE IT RESOLVED BY THE CITY COUNCIL
OF THE CITY OF LA PORTE, THAT:
Section 1. That. the City approves the contract attached herewith as Exhibit A.
Section 2. That the City Council officially finds, determines, recites and
declares that a sufficient written notice of the date, hour, place and subject
of this meeting of the City Council was posted at a place convenient to the
public at the offices of City of La Porte for the time required by law preceding
this meeting, as required by the Open Meetings Law, Article 6252-17, Texas
Revised Civil Statutes Annotated; and that this meeting has been open to the
public as required by law at all times during which this resolution and the
subject matter thereof has been discussed, considered and formally acted upon.
The City Council further ratifies, approves and confirms such written notice and
the contents and posting thereof.
PASSED AND APPROVED this the 26 day of
July , 1993
City of La Porte
ByJf:~~
ATTEST: ~ ~
~ J2(J
City Secretary
City Attorney
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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.
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9. The members of the LPVFD who are authorized to make deposits and withdrawals
are:
President
Treasurer
Mark Clarke
Suzette Evanello
or their successors.
10. LPVFD agrees to indemnify and save and hold harmless City, its officers,
agents, servants, and employees, from any loss, claim, or liability. arising
out of this agreement.
11. This agreement can be canceled by either party upon thirty (30) days written
notice to the other party.
WITNESS OUR HANDS, this ~ day of J'uly'
, 1993.
~ OF lA PORTE
By:. 't:f?1n~~~
Norman L. Malone, Mayor
A~~
Sue Lenes, City Secretary
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Knox W. skins, ~City Attorney
~OR~~PAATMmT
By: _
Mark Clarke. res1dent
ATTEST:
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