HomeMy WebLinkAboutR-965-12-89RESOLUTION NO. 965-12-89 (R)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, ESTABLISHING AN ACCOUNT IN ITS
NAME WITH THE THE TEXAS TREASURY SAFEKEEPING TRUST
COMPANY'S PUBLIC FUNDS INVESTMENT POOL "TEXPOOL";
AUTHORIZING CERTAIN INDIVIDUALS TO TRANSMIT FUNDS TO THE
TRUST COMPANY; AND CONTINUING IN FORCE AND EFFECT UNTIL
AMENDED OR REVOKED BY THE CITY.
WHEREAS, the City of Allen, Texas is an agency or political subdivision
of the State of Texas ( the "Participant") 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 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 ALLEN, COLLIN COUNTY, TEXAS:
SECTION 1. That the City of Allen, Texas establish an account in its name
with the Trust Company's Public Funds Investment Pool "TexPool" for the purpose
of transmitting local funds for investment by the Trust Company in TexPool.
SECTION 2. That the following individuals whose signatures appear below
are officers or employees 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:
RESOLUTION NO. 965-12-89 (R)
Name: Charlotte Smith
Signature •
Name: Jo"Mc
: Finance Director
City Manager
PAGE 2
Name: Linda VaAghan Tit Accountant
Signature •
SECTION 3. 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, until such time the
Trust Company is entitled to rely on same.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
ALLEN, COLLIN COUNTY, TEXAS, ON THIS THE 21ST DAY OF DECEMBER,
1989.
APPROVED:
4-C
foe Farmer, MAYOR
ATTEST:
1
r
i
J} dy Mo 'son, CITY SECRETARY