HomeMy WebLinkAboutResolution No. 02-15Local Government Investment Cooperative Resolution No. 02-15
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF
AN INTERLOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC
FUNDS INVESTMENT COOPERATIVE (THE "COOPERATIVE"),
DESIGNATING THE BOARD OF DIRECTORS OF THE
COOPERATIVE AS AN AGENCY AND INSTRUMENTALITY TO
SUPERVISE THE COOPERATIVE, APPROVING INVESTMENT
POLICIES OF THE COOPERATIVE, APPOINTING AUTHORIZED
REPRESENTATIVES AND DESIGNATING INVESTMENT
OFFICERS.
WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas Government
Code, as amended (the "lnterlocal Act"), permits any "local government" to contract with one
or more other "local governments" to perform "governmental functions and services,"
including investment of public funds (as such phrases are defined in the Interlocal Act);
WHEREAS, the Interlocal Act authorizes the contracting parties to any interlocal
agreement to contract with agencies of the State of Texas, within the meaning of Chapter
771 of the Government Code,
WHEREAS, the Act permits the contracting parties to any interlocal agreement to
create an administrative agency to supervise the performance of such interlocal agreement
and to employ personnel and engage in other administrative activities and provide other
administrative services necessary to execute the terms of such interlocal agreement;
WHEREAS, the Public Funds Investment Act, Chapter 2256 of the Texas
Government Code, as amended (the "PFIA"), authorizes the entities described in Subsection
(a) of the PFIA to invest their funds in an eligible public funds investment pool, and the Local
Government Investment Cooperative intends to become and remain an eligible public funds
investment pool, under the terms and conditions set forth in PFIA;
WHEREAS, CITY OF THE COLONY
(the "Government Entity") desires to enter into that certain Interlocal Agreement (the
"Agreement"), a copy of which is presented with this Resolution and is incorporated herein by
reference, and to become a participant in a public funds investment pool created thereunder
and under PFIA, to be known as Local Government Investment Cooperative (the
"Cooperative");
WHEREAS, the Government Entity is a Government Entity as defined in the
Agreement; and
WHEREAS, the Government Entity desires to cause administration of the
Cooperative to be performed by a board of directors (the "Board"), which shall be an
administrative agency created under the Interlocal Act; and
WHEREAS, the Government Entity desires to designate the Board as its agency and
instrumentality with authority to supervise performance of the agreement, employ personnel
and engage in other administrative activities and provide other administrative services
necessary to execute the terms of the Agreement;
WHEREAS, each capitalized term used in this Resolution and not otherwise defined
has the same meaning assigned to it in the Agreement;
NOW, THEREFORE, BE IT RESOLVED:
1. The Agreement is hereby approved and adopted and, upon execution thereof
by an Authorized Representative (defined below) and receipt of the Government Entity's
application to join the Cooperative by the Administrator, the Government Entity shall become
a Participant in the Cooperative for the purpose of investing its available funds therein from
time to time in accordance with its terms.
2. The Board is hereby designated as an agency and instrumentality of the
Government Entity, and the Board shall have the authority to supervise performance of the
Agreement and the Cooperative, employ personnel and engage in other administrative
activities and provide other administrative services necessary to execute the terms of the
Agreement.
3. The investment policies of the Cooperative, as set forth in the document
entitled Investment Policies, as summarized in the Information Statement, and as may be
amended from time to time by the Board, are hereby adopted as investment policies of the
Government Entity with respect to money invested in the Cooperative, and any existing
investment policies of the Government Entity in conflict therewith shall not apply to
investments in the Cooperative.
4. The following officers, officials or employees of the Government Entity are
hereby designated as "Authorized Representatives" within the meaning of the Agreement,
with full power and authority to: execute the Agreement, an application to join the
Cooperative and any other documents required to become a Participant; deposit money to
and withdraw money from the Government Entity's Cooperative account from time to time in
accordance with the Agreement and the Information Statement; and take all other actions
deemed necessary or appro~~me~ of funds of the Government Entity:
Signature:
Printed Name: Rebecca Koo
Title: Finance Director
Printed Name: Gwen Mansfield
Title: Accounting Manager
Signature: ~ ~'t~~ ~
Printed Name: Becky Betancourt
Title: Accounts Payable Technician
In accordance with Cooperative procedures, an Authorized Representative shall
promptly notify the Cooperative in writing of any changes in who is serving as Authorized
Representatives.
5. In addition to the foregoing Authorized Representatives, each Investment
Officer of the Cooperative appointed by the Board from time to time is hereby designated as
an investment officer of the Government Entity and, as such, shall have responsibility for
investing the share of Cooperative assets representing funds of the Government Entity.
Each depository and custodian appointed by the Board from time to time are hereby
designated as a depository and custodian of the Government Entity for purposes of holding
the share of Cooperative assets representing funds of the Government Entity.
PASSED AND APPROVED this 6th day of May ,
20 02
ATTEST: B~ ~
'_ ___!' ~a_...!3.'~2, CJt¥?S . R~'noftn I-len,H!!e-Sh-_nnen, .¥.xycr
Printed Name and Title Printed Name and Title
SEAL
Additional Party Agreement
The Government Entity of the State of Texas named below, acting by and
through the undersigned Authorized representative, hereby agrees to become a party to
that certain Interlocal Agreement to which this page is attached, and thereby become a
Participant in the Local Government Investment Cooperative, subject to all of the terms
and provisions of such Agreement. The undersigned hereby represents that it is a
Government Entity as defined in such Agreement.
Executed this 6th day of May , 20 02
CITY OF THE COLONY
Name of Government Entity
Authorized Representative
Rebecca Koo
Printed Name
Finance Director
Title
ACCEPTED:
Local Government Investment Cooperative
LOGIC Administrator
Patrick S. Shinkle
Printed Name
Vice-President / Proqram Administrator
Title