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HomeMy WebLinkAboutRES 02-265 RESOLUTION NO. 02-265 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: WHEREAS, City of Beaumont ("Participant") is a local government of the State of Texas and is empowered to delegate to a public funds investment pool the authority to invest funds and to act as custodian of investments purchased with local investment funds; and, WHEREAS, it is in the best interest of the Participant to invest local funds in investments that provide for the preservation and safety of principal, liquidity, and yield consistent with the Public Funds Investment Act; and, WHEREAS, the Texas Local Government Investment Pool ("TexPool"), a public funds investment pool, was created on behalf of entities whose investment objective in order of priority are preservation and safety of principal, liquidity, and yield consistent with the Public Funds Investment Act. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the individuals, whose signatures appear in this Resolution, are Authorized Representatives of the Participant and are each hereby authorized to transmit funds 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 of local funds; THAT an authorized Representative of the Participant may be deleted by a written instrument signed by all remaining Authorized Representatives provided that the deleted Authorized Representative (1) is assigned job duties that no longer require access to the Participant*s TexPool account or (2) is no longer employed by the Participant; and, THAT the Participant may by Amending Resolution signed by the Participant add an Authorized Representative provided the additional Authorized Representative is an officer, employee, or agent of the Participant; 1 Kyle Hayes, City Manager (409)880-3708 K(�U" 0 It�-, OCA--I-Je!�J A I -D Kandy D iel, Treasurer (409)880-3773 Max S. Efuplant, Finance Officer (409)880-3767 THAT the following Authorized Representative will have primary responsibility for performing transactions and receiving confirmations and monthly statements under the Participation Agreement: Kandy Daniel Wan iel a ci.beaumont.tx.us THAT one additional Authorized Representative is designated to perform only inquiry of selected information and cannot make deposits or withdrawals: Nada Rogers, Deputy Treasurer THAT this Resolution and its authorization shall continue in full force and effect until amended or revoked by the Participant, and until TexPool receives a copy of any such amendment or revocation. PASSED BY THE CITY COUNCIL of the City of Beaumont this the 12th day of November, 2002. -Mayor Evelyn M. Lord -