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HomeMy WebLinkAboutRES 96-273 RESOLUTION NO. WHEREAS, the City of Beaumont (the "Participant") is a political subdivision of the State of Texas 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, it is in the best interest of the Participant and its inhabitants to invest local funds in investments that yield the highest possible rate of return, while providing necessary safekeeping and protection of the principal; and WHEREAS, the Comptroller of Public Accounts of the State of Texas (the "Comptroller"), 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 safety of the funds of the Participant, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager shall enter into a Participation Agreement to establish an account in its name with the Trust Company's Local Government Investment Pool, "TexPool", for the purpose of transmitting local funds for investment by the Trust Company in TexPool. BE IT FURTHER RESOLVED that the following individuals, whose signatures appear in this Resolution, are officers, employees, or authorized representatives of the Participant and are each 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 of local funds: Ray Riley, City Manager Beverly Hodges, Finance Officer Kandy Daniel, Treasurer 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. The Trust Company is entitled to rely on this resolution until such time. PASSED BY THE CITY COUNCIL of the City of Beaumont on this the - day of 1996. - Mayor - Ray Rile , City Manag r Beverly Hod Finance 0 icer f c c X � Kandy Danie6 Treasurer