Res 053-90 3/6/1990r
RESOLUTION NO.
RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A CONTRACT
WITH THE TEXAS TREASURY SAFEKEEPING TRUST COMPANY, COMMONLY
CALLED "TEXPOOL" , A PUBLIC FUNDS INVESTMENT POOL.
WHEREAS, the City of Wichita Falls 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 of the highest possible
yield and maintaining complete safety of the funds of the Participant ,
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1 . That the City of Wichita Falls 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 .
2. That the following individual whose signature appears below
is an officer or employee of the Participant and is hereby authorized
to transmit funds to the Trust Company for investment in TexPool and
is 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:
Name: Fred L. Werner T}tle Director of Finance
Signature.
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.
PASSED AND APPROVED THIS THE 6TH DAY OF MARCH, 1990.
M A Y O R /
ATTEST:
P
cClJrlr/ _ %'' 't4 __
City Clerk