R-2187-7-03RESOLUTION NO. 2187-7-03
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, AUTHORIZING THE CITY OF ALLEN TO INVEST FUNDS
JOINTLY WITH OTHER TEXAS LOCAL GOVERNMENTS IN TEXSTAR;
AUTHORIZING THE CITY MANAGER EXECUTE THE APPLICATION FOR
PARTICIPATION IN TEXSTAR; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, it is in the best interests of this governmental unit, the City of Allen, to invest its funds jointly with
other Texas local governments in the Texas Short Term Asset Reserve Program (TexSTAR) in order to better
preserve and safeguard the principal and liquidity of such funds and to earn an acceptable yield; and,
WHEREAS, the City of Allen is authorized to invest its public funds and funds under its control in TexSTAR
and to enter into the participation agreement authorized herein.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ALLEN,
COLLIN COUNTY, TEXAS, THAT:
SECTION 1: The form of application for participation in TexSTAR attached to this resolution is hereby
approved and the City Manager authorized to execute and submit the application, to open accounts, to deposit
and withdraw funds, to designate other authorized representatives, and to take all other action required or
permitted by the City of Allen under the Agreement created by the application, all in the name and an behalf of
the City of Allen.
' SECTION 2: The TexSTAR investment officers are designated as the City of Allen's investment officers,
and the TexSTAR Board is designated as custodian and depository, in each case for the City of Allen's public
funds and funds under its control that are deposited with TcxSTAR. TexSTAR, shall comply in all respects
with the City of Allen's Investment policy, as amended from time to time far any public funds invested in and
through TexSTAR
SECTION 3: This resolution will continue in full force and effect until amended or repealed by the City of
Allen and written notice of the amendment or revocation is delivered to the TexSTAR Board.
SECTION 4: Tbis resolution shall take effect immediately upon its passage.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF ALLEN, COLLIN
COUNTY, TEXAS, ON THIS THE 8'r' DAY OF JULY, 2003.
APPROVED:
Stephen terrell, MAYOR
ATTEST:
9h Itey B. GemIgk TRMC, CITY SECRETARY