HomeMy WebLinkAboutRES 93-317 RESOLUTION NO.
WHEREAS, the City of Beaumont, Texas (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 Treasurer of the State of Texas, 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 complete safety of the funds of the participant;
NOW, THEREFORE, BE IT RESOLVED BY
THE CITY COUNCIL OF THE CITY OF BEAUMONT:
Section 1.
THAT the City Manager be and he is hereby authorized to enter into a Participation
Agreement to establish an account in the name of the City of Beaumont 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;
Section 2.
BE IT FURTHER RESOLVED, that the following individuals, whose signatures appear on
page 2 of this Resolution, are officers, employees, or authorized representatives of the
,el�/3-317 1U2
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 ofJocal funds:
�C
Kandy Da el, City Treasurer
Sara S. Cilbreth, Finance Officer
Ray I Riley, City Ma lager
Section 3.
BE IT FURTHER RESOLVED, that 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 this the day
of , 1993.
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