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Home My WebLink AboutRES 22-330 RESOLUTION NO. 22-330 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be and he is hereby authorized to execute an agreement with Texas Class, of Denver, Colorado, substantially in the form attached hereto as Exhibit "A," to allow funds to be deposited in the Texas Class Government Account to earn market rates and provide for liquidity of funds in case additional monies need to be disbursed quickly for projects and/or emergencies; and, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the statements and findings set out in the preamble to this resolution are hereby, in all things, approved and adopted; and, BE IT FURTHER RESOLVED THAT the City Manager be and he is hereby authorized to execute an agreement for investment management services with Texas Class, of Denver, Colorado, substantially in the form attached hereto as Exhibit "A," to allow funds to be deposited in a stable investment pool that earns market rates and. provides for liquidity of funds in case additional monies need to be disbursed quickly for projects and/or emergencies. The meeting at which this resolution was approved was in all things conducted in strict compliance with the Texas Open Meetings Act, Texas Government Code, Chapter 551. PASSED BY THE CITY COUNCIL of the City of Beaumont:this the 12th day of December, 2022. ®®..,moo\\ zici,;) EAUMO aN 04 k= P'� - Mayor Robin Mouton - ief c ., sr . . r Y,'4 0 ;. 55 aa*ma� 4 c 1 .f ,J Q,a , ,',-.:1--..,, ,,i''.-. ::',.,.'.,2, ::,.,.:.1-''':.,-T:.',:,:;',?;;;<- '::-.':' ;• '.'•'.../ '. .... - . , . • • Texas LS® ._ � �� ___...... ., , .. . c,i[ ,.,. . ,: " .,. ,...: Registration. Packet • F *`G 4 F -r*, 4. EXHIBIT "A" Texas Cooperative Liquid Assets Securities System Trust Texas C Lcgssio Cooperative Liquid Assets Securities System Trust Texas q y Welcome to Texas CLASS Thank you for choosing Texas CLASS! We believe you have made a sound financial decision in choosing the Texas Cooperative Liquid Assets Securities System Trust (Texas CLASS). We look forward to being your trusted partner to your organization and its investment management goals and are excited to connect with you to make your investment process a positive, easy experience. This packet contains all the materials necessary to set up your Texas CLASS account(s). If you have any questions about the registration process or about your Texas CLASS account(s), please do not hesitate to contact us. The Texas CLASS Client Service team can be reached any business day from 8:30 a.m. to 4:30 p.m. CT by phone at (800) 707-6242 or by email at clientservices(a�texasclass.com. 717 17th Street, Suite 1850 T (800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 1 Texas l ® Texas Cooperative Liquid Assets Securities System Trust Registration Procedures To join Texas CLASS, please complete the following: 1) Read the Trust Agreement (a copy can be found on www tPxacrlacc rnm). 2) Pass the resolution authorizing participation in Texas CLASS (page 3 and 4). 3) Adopt the Trust Agreement by signing Exhibit D (page 5). 4) Complete the Entity Registration (page 6). 5) Complete the Authorized Contacts Form (page 7/8). 6) Complete the Accounts to be Established Form; you may open as many accounts as you wish (page 9). 7) Keep the original forms for your records, and send the completed packet to the Texas CLASS Client Service team by fax (855) 848-9910 or by email rliPntcPrvirPcotPxacriacc rnm, Questions? Please contact us; we would love to hear from you! Texas CLASS Client Service Team T (800) 707-6242 rlientcPrvirPcrgwyncrlacs rnm 717 17th Street, Suite 1850 T(800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 2 Texas C Lcivs. Texas Cooperative Liquid Assets Securities System Trust Resolution to Participate WHEREAS, the Public Funds Investment Act, Texas Government Code, Section 2256.001 et seq. (the Act) requires the governing body of each local government in this state to adopt investment policies in accordance with the terms of the Act; and WHEREAS, pursuant to the requirements of the Act, the Board of Trustees (the Governing Body) of the City of Beaumont,Tx (the Local Government) has previously reviewed and adopted an investment policy (the Policy) that provides in part that the funds of the local government will be invested in investments permitted by the Act in order to: (i) invest only in investments legally permitted under Texas law; (ii) minimize risk by managing portfolio investments so as to preserve principal and maintain a stable net asset value; (iii) manage portfolio investments to ensure that cash will be available as required to finance operations; and (iv) maximize current income to the degree consistent with legality, safety, and liquidity; and WHEREAS, pursuant to the Policy and the Act, the Local Government has appointed Kenneth R Williams (the Investment Officer) to act as the investment officer of the Local Government; and WHEREAS, the Act provides that funds under the control of a Local Government may be invested through investment pools meeting the standards of Section 2256.016 of the Act; and WHEREAS, the Local Government has received and reviewed the Information Statement, dated April 2021 (the Information Statement), of Texas Cooperative Liquid Assets Securities System Trust (the Program), an investment pool administered by Public Trust Advisors, LLC that sets forth the information required by Section 2256.016(b) of the Act; and WHEREAS, the Local Government has determined that the investments proposed to be acquired by the Program are of a type that are permitted by the Act and are consistent with the Policy; and WHEREAS, the Local Government has determined that an investment in the Program will assist the Local Government in achieving the goals set forth in the Policy and will tend to preclude imprudent investment activities arising out of investment transactions conducted between the Local Government and the Program; and WHEREAS, the Local Government understands that the Program operates through the Ninth Amended and Restated Trust Agreement dated as of February 25, 2021 (the Trust Agreement),that provides the terms on which the Program will operate and the rights of the Participants in the Program and sets forth the responsibilities of Public Trust Advisors,. LLC as the administrator of the Program (the Administrator) and of UMB Bank as custodian (the Custodian); 717 17th Street, Suite 1850 T(800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 3 Texas cilL§se Texas Cooperative Liquid Securities System Trust P 4 Y NOW THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE LOCAL GOVERNMENT: That the form, terms, and provisions of the Trust Agreement, a draft of which was presented and reviewed at this meeting, providing for the creation of the Program and for the rights of the Program. Participants and the duties and responsibilities of the Administrator be and the same are hereby approved and adopted; and that the Investment Officer be and he or she is hereby authorized and directed to execute and deliver to the Administrator and the Custodian in the name and on behalf of the Local Government a participation certificate evidencing the agreement of the Local Government to be bound by the Trust Agreement substantially in the form of the Trust Agreement reviewed and approved at this meeting,together with such changes therein as may be approved by the said officer, such approval to be conclusively evidenced by the execution thereof; and be it further Resolved that the investment program established by the Trust Agreement is hereby found and determined to be consistent with the Policy and to preclude imprudent investment activities arising out of investment transactions conducted between the Local Government and the Program; and be it further Resolved that the Governing Body hereby officially finds and determines that the facts and recitations contained in the preamble of this Resolution are true and correct; and be it further Resolved that the Governing Body hereby finds and declares that written notice of the date, hour, place, and subject of the meeting at which this Resolution was adopted was posted for the time required by law preceding this meeting and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter thereof were discussed, considered, and formally acted upon all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended, and the Act; and be it further Resolved that the officers of the Local Government, and each of them, shall be and each is expressly authorized, empowered, and directed from time-to-time to do and perform all acts and things and to execute, acknowledge, and deliver in the nameand under the corporate seal and on behalf of the Local Government all certificates, instruments, and other papers, whether or not herein mentioned, as they may determine to be necessary or desirable in order to carry out the terms and provisions of this Resolution and of the Trust Agreement hereby authorized and approved, such determination to be conclusively evidenced by the performance of such acts and things and the execution of any such certificate, financing statement, instrument, or other paper; and be it further Resolved that this Resolution shall take effect and be in full force upon and after its passage. Kenneth R Williams Authorized Signature Date Printed Name Authorized Signature Date Printed Name 717 17th Street, Suite 1850 T (800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 4 Texas cavgTexas Cooperative Liquid Assets Securities System Trust Exhibit D - Participation Certificate The undersigned City of Beaumont,TX (the Local Government) does hereby request that it be admitted as a Participant pursuant to Section 2.3 of the Ninth Amended and Restated Trust Agreement (the Agreement) dated as of February 25, 2021, by and between the Participants, UMB Bank as Custodian, and Public Trust Advisors, LLC. By executing this Participation Certificate,the undersigned agrees that, upon the execution hereof by the Program Administrator, it will become subject to the same obligations and shall have the same rights as if it had executed the Agreement. The undersigned hereby certifies that Kenneth R Williams (the Investment.Officer) is the duly designated Representative of the undersigned as required by the Agreement. The undersigned hereby certifies that its governing body has taken all actions required by Section 2256.016 of the Public Funds Investment Act, Texas Government Code, for it to participate in the Trust created by the Agreement. City of Beaumont,TX Entity Name City Manager Signature Date Title Accepted by Administrator (to be completed by Texas CLASS): Signature Date Title 717 17th Street, Suite 1850 T(800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 5 Texas cL§se Texas Cooperative Liquid Assets Securities System Trust P � Y Trust Registration Entity Information Entity Name (Participant) City of Beaumont,TX Entity Type: Q City/Town ❑ County ❑ School District ❑ Special District ❑ Other(Specify) Mailing Address PO Box 3827 City Beaumont Zip 77704 County Jefferson Physical Address (if different than above) 801 Main Street,Suite 320 City Beaumont Zip 77701 County Jefferson Tax ID 74-6000278 Fiscal Year End Date (Month/Day) 09/30 The City of Beaumont,TX (the Local Government) hereby wishes to invest in the following portfolio: ❑ Texas CLASS Q Texas CLASS Government❑ Both Texas CLASS is hereby authorized to honor any telephoned, faxed, or electronic request believed to be authentic for withdrawal of funds.The withdrawal proceeds can be sent only to the bank(s) indicated below unless changed by written instructions. Each local government is responsible for notifying Texas CLASS of any changes to its account. Wires will be distributed every hour with the final distribution ending at 4:00 p.m. CT; distribution times are subject to change as needed by the Texas CLASS Administrator. Banking Information Bank Name Allegiance Bank Bank Routing Number (ABA) 113025723 Account Title Concentration Account Number 1004207880 Bank Contact Josh Rodriguez Contact's Phone Number 409-937-0400 ❑ Wire ❑✓ ACH ❑ Both Additional Banking Information (Optional) Bank Name Bank Routing Number (ABA) Account Title Account Number Bank Contact Contact's Phone Number ❑ Wire ❑ ACH. ❑ Both 717 17th Street, Suite 1850 T (800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 6 Texas -■-v ® Texas Cooperative Liquid Assets Securities.System Trust Authorized Contacts Authorized Signers Can Read-Only Users Can Approve changes to the Investor Profile Receive account updates Update banking/contact information Request"view-only"access to monthly statements and transaction T confirmations Transfer funds Receive account updates Representative and Authorized Signer Kenneth R Williams City Manager Print First and Last Name Title 409-880-3716 Signature Required Phone kenneth.williams@beaumonttexas.gov Email Fax • Email Notifications (notice of report availability in the online portal) ❑Monthly Statements ❑Transaction Confirmations Additional Contact (Optional) Todd Simoneaux CFO Print First and Last Name Title 409-880-3116 (Signaturke Required if Authorized Signer') Phone todd.simoneaux@beaumonttexas.gov 409-880-3132 Email Fax Permissions(check only one) Email Notifications (notice of report availability in the online portal) Authorized Signer to Move Funds* ❑ Monthly Statements ❑Read-Only Access Q Transaction Confirmations Additional Contact (Optional) Cheryl Ray Controller Print First and Last Name Title 409-785-4779 tSignatuce Required if Authorized Signer') Phone cheryl.ray@beaumonttexas.gov 409-880-3132 Email Fax Permissions(check only one) Email Notifications(notice of report availability in the online portal) 0 Authorized Signer to Move Funds* 0 Monthly Statements ❑Read-Only Access 0 Transaction Confirmations 717 17th Street, Suite 1850 T(800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 7 Texas C Lci4s5se Texas Cooperative Liquid Assets Securities System Trust Authorized Contacts (cont.) Additional Contact (Optional) Print First and Last Name Title (Signature Requiced if Authorized Signers Phone Email Fax Permissions (check only one) Email Notifications(notice of report availability In the online portal) ❑Authorized Signer to Move Funds* ❑ Monthly Statements ❑ Read-Only Access ❑Transaction Confirmations Additional Contact (Optional) Print First and Last Name Title iSi•nature Re•uired t7Authorized - }, Phone Email Fax Permissions (check only one) Email Notifications(notice of report availability in the online portal) ❑Authorized Signer to Move Funds* ❑ Monthly Statements ❑ Read-Only Access ❑Transaction Confirmations Additional Contact (Optional) Print First and Last Name Title 4Sijnaturg Requiriedif Authorized Signers) Phone Email Fax Permissions (check only one) Email Notifications(notice of report availability in the online portal) 0 Authorized Signer to Move Funds* 0 Monthly Statements ❑ Read-Only Access ❑Transaction Confirmations 717 17th Street, Suite 1850 T (800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 8 Texas iv ® Texas Cooperative Liquid Assets Securities System Trust Accounts to be Established Entity Name: City of Beaumont,TX Texas CLASS Accounts Texas CLASS Government Accounts Desired Subaccount Name(s)*: Desired Subaccount Names)*: (To be completed by Participant) (To be completed by Participant) Texas Class Primary Account *Name must be limited to 40 characters. Once your Texas CLASS account has been established, you will receive a confirmation email with your login credentials from no-reolv(atexasclass.corrt. If you do not receive your login credentials within 48 business hours of submission, please first check your junk or spam folder before calling the Texas CLASS Client Service team. 717 17th Street, Suite 1850 T(800) 707-6242 clientservices@texasclass.com Denver, Colorado 80202 F (855) 848-9910 www.texasclass.com Page 9