HomeMy WebLinkAboutRES 02-042 RESOLUTION NO. 02-042
WHEREAS, the 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:
Section 1.
That the individuals, whose signatures appear in the 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.
Section 2.
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.
Section 3.
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.
AUTHORIZED REPRESENTATIVES:
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Stephen J. Bonczek, City Manager Kandy Daniel, Treasurer
1) Authorized individual who will have primary responsibility for performing
transactions and receiving confirmations and monthly statements under the
Participation Agreement.
Kandy Daniel, easurer
2) Additional Authorized Representative designated to perform only inquiry of
selected information. This limited representative cannot make deposits or
withdrawals.
Nada Rogers, Depu Treasurer
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3) 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 26th day of
February, 2002.
- Mayor - Pro Tem
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