HomeMy WebLinkAboutResolution No. 90-12 CITY OF THE COLONY, TEXAS
RESOLUTION NO.
A RESOLUTION OF THE CITY OF THE COLONY, TEXAS
AUTHORIZING JOINT INVESTMENT OF PUBLIC FUNDS
WHEREAS, the City of The Colony (this "Governmental Entity")
is a "Local government" within the meaning of The Interlocal
Cooperation Act, Art icle 4413(32c) , Vernon's Texas Civil
Statutes, as amended '(the "Interlocal Act"), and as such is
authorized to contract with one or more other such local
governments for the joint investment of public funds of such
local governments in which each such local government i,s
authorized to invest its funds:
WHEREAS, this Governmental Entity is authorized by the
Public Funds Investment Act of 1987, Article 842a-2, Vernon's
Texas Civil Statutes, as amended (the "Public Investment Act"),
to invest its public funds in any of the obligations or
securities described in section 2 or 3 of the Public Investment
Act, as amended.
WHEREAS, the joint investment of local public funds is in
the best interest of this Governmental Entity and its
inhabitants; and
WHEREAS, this Governmental Entity therefore desires to
authorize the joint investment of its public funds with other
local governments pursuant to the Interlocal Act and to enter
into a contract with such local governments to provide for the
terms on which public funds so invested may be combined,
invested, secured, and accounted for:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF THE COLONY, TEXAS THAT:
Section 1. Authorization of Contract. The terms of the
Common Investment Contract attached hereto as EXhibit A,
including the investment objectives and purposes described
therein, are hereby approved. The Mayor of the Governmental
Entity is hereby authorized and instructed to execute and
deliver, and the City Secretary of this Governmental Entity is
hereby authorized to attest, a Common Investment Contract
substantial ly in the form and to the effect so attached (the
"Inter]oca] Contract"), and there upon the designations,
delegations, approvals, and authorizations described thereby
shall be authorized, approved and granted by this Governmental
entity without further act by this Governing Body.
Section 2. Authorization of Investments. Upon the execution
of the Interlocal Contract by this Governmental Entity, each
officer and employee of this Governmental Entity who is
designated to be responsible for the investment of public funds
of this Governmental Enti[y pursuant to Article 4413(34c)
Vernon~s Texas Civil Statutes, as amended (the ~Investment
Procedures Act~), is authorized to transfer public funds of this
Governmental Entity to the Fund to be created by the Interlocal
Contract in order to acquire an interest in any Series thereof,
provided that, in the case of any Series other than the initial
Series created by the Inte~local Contract, (1) the funds of such
Series may be invested solely in obligations described n the
Public Investment Act or in any other obligations in which this
Governmental Entity may lawfully i'nvest its funds and (2) this
Governing Body has approved the investment rules and policies
government such investments. All such transfers shall be made in
accordance with investment policies and procedures heretofore
adopted by this Governmental Entity pursuant to the Investment
Procedures Act, as such policies and procedures may be amended'
rom time to time, but to the same extent as if such policies and
procedures expressly authorized such transfers as direct
investments of public funds of this Governmental Entity.
Section 3. Notices, Etc. All notices, demands, requests,
drafts, consents, approvals, waivers, ballots, and other
documents and action which may be given or taken by this
Governmental Entity under the Interlocal Contract may be given or
taken by any officer of this Governmental Entity who at the time
is designated pursuant to tl~e Investment Procedures Act as
responsible for the investment of public funds of the
Governmental Entity.
Section 4. Further Acts. Each officer of this Governmental
Entity is hereby authorized to take any and all action necessary
to effect the Interlocal Contract and joint investments
authorized hereby and to perform any obligation of this
Governmental Entity thereunder.
Section 5. Repealer. All ordinances, orders, or resolutions,
or parts thereof, which are in conflict or inconsistent with any
provision hereof are hereby repealed and declared to be
inapplicable to the extent of such conflict, and the provisions
hereof shall be and remain controlling as to the matters
ordained, ordered or resolved herein.
Section 6.Effective Date This resolution shall be effective
from and after its passage.
PASSED AND APPROVED this 16th day of flpril , 1990.
Patti A. Hicks, City Secretary