HomeMy WebLinkAboutR-1992-02
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RESOLUTION 92-01
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS, AUTHORIZING
PARTICIPATION IN THE TEXAS LOCAL GOVERNMENT INVESTMENT POOL "TEXPOOL"
WHEREAS, the City of La Porte, Texas is a political subdivision of the
State of Texas (the "Participant") and is empowered to delegate to a public
funds investment pool the authority to invest funds, to act as a custodian of
investments purchased with local investment funds; and
WHEREAS, the Treasurer of the State of Texas acting by and through the
Texas Treasury Safekeeping Trust Company (the "Trust Company") has created
"TexPool", a public funds investment pool to effectuate the goals of providing
investments at the highest possible yield and maintaining complete safety of
the funds of the Participant,
NOW, THEREFORE, be it resolved as follows:
1. That the City of La Porte shall establish an account in its name with
the Trust Company's Local Government Investment Pool, "TexPool", for the
purpose of transmitting loc~ funds for investment by the Trust Company
in TexPoo1.
2. That the following individuals, whose signatures appear below are
officers or employees of the Participant and are hereby authorized to
transmit funds to the Trust Company for investment in TexPool and are
each further authorized to withdraw funds from time to time, to issue
letters of instruction, and to take all other actions deemed necessary
or appropriate for the investment ~f loca~l funds: __
Name Jeff Litchfield S~gnatur ~
Title Director of Finance
Name Linda Stubbs Signature 'fjf~ 'S.~
Title Finance Officer
Name Rick Overgaard
Title Treasurer
Signature
16-1
3. That this resolution and its authorization shall continue in full force
and effect until amended or revoked by the Participant and until the
Trust Company receives a copy of any such amendment or revocation, until
such time the Trust Company is entitled to rely on same.
This resolution is hereby introduced and adopted by the Participant at its
regular meeting held on the 13th day of January, 1992.
City of La Porte
BY~~
City Attorney