R53CITY OF KENNEDALE I Cy 1 =""'�'
RESOLUTION NO. 53
RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF AN
INTERLOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC FUNDS
INVESTMENT COOPERATIVE (THE "COOPERATIVE"), DESIGNATING THE
BOARD OF DIRECTORS OF THE COOPERATIVE AS AN AGENCY AND
INSTRUMENTALITY TO SUPERVISE THE COOPERATIVE, APPROVING
INVESTMENT POLICIES OF THE COOPERATIVE, APPOINTING
AUTHORIZED REPRESENTATIVES AND DESIGNATING INVESTMENT
OFFICERS.
WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas
Government Code, as amended (the "Interlocal Act "), permits any "local
government" to contract with one or more other "local governments" to
perform "governmental functions and services ", including investment of
public funds (as such phrases are defined in the Interlocal Act); and
WHEREAS, the Interlocal Act authorizes the contracting parties to
any interlocal agreement to contract with agencies of the State of
Texas, within the meaning of Chapter 771 of the Government Code; and
WHEREAS, the Act permits the contracting parties to any
interlocal agreement to create an administrative agency to supervise the
performance of such interlocal agreement and to employ personnel and
engage in other administrative activities and provide other
administrative services necessary to execute the term of such interlocal
agreement; and
WHEREAS, the Public Funds Investment Act, Chapter 2256 of the
Texas Government Code, as amended (the "PFIA "), authorizes the entities
described in Subsection (a) of the PFIA to invest their funds in an
eligible public funds investment pool, and the Local Government
Investment Cooperative intends to become and remain an eligible public
funds investment pool, under the terms and conditions set forth in PFIA;
and
WHEREAS, City of Kennedale desires to enter into that certain
Interlocal Agreement (the "Agreement "), a copy of which is presented
with this Resolution and is incorporated herein by reference, and to
become a participant in a public funds investment pool created
thereunder and under PFIA, to be known as Local Government Investment
Cooperative ( the "Cooperative"); and
WHEREAS, the City of Kennedale is a Government Entity as defined
in the Agreement; and
WHEREAS, the City of Kennedale desires to cause administration
of the Cooperative to be performed by a board of directors ( the
"Board "), which shall be an administrative agency created under the
Interlocal Act; and
WHEREAS, the City of Kennedale desires to designate the Board as
its agency and instrumentality with authority to supervise performance
of the agreement, employ personnel and engage in other administrative
activities and provide other administrative services necessary to
execute the terms of the Agreement; and
WHEREAS, each capitalized term used in this Resolution and not
otherwise defined has the same meaning assigned to it in the Agreement;
NOW THEREFORE, BE IT RESOLVED:
1. The Agreement is hereby approved and adopted and, upon
execution thereof by an Authorized Representative (defined below) and
receipt of the City of Kennedale's application to join the Cooperative
by the Administrator, the City of Kennedale shall become a Participant
in the Cooperative for the purpose of investing its available funds
therein from time to time in accordance with its terms.
2. The Board is hereby designated as an agency and
instrumentality of the City of Kennedale, and the Board shall have the
authority to supervise performance of the Agreement and the Cooperative,
employ personnel and engage in other administrative activities and
provide other administrative services necessary to execute the terms of
the Agreement
3. The investment policies of the Cooperative, as set forth in
the document entitled Investment Policies, as summarized in the
Information Statement, and as may be amended from time to time by the
Board, are hereby adopted as investment policies of the City of
Kennedale with respect to money invested in the Cooperative, and any
existing investment policies of the City of Kennedale in conflict
therewith shall not apply to investments in the Cooperative.
4. The following officers, officials or employees of the City
of Kennedale are hereby designated as "Authorized Representatives"
within the meaning of the Agreement, with full power and authority to
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City Administrator
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Lyn tte Whidden
Accountant
7
In accordance with Cooperative procedures, an Authorized Representative
shall promptly notify the Cooperative in writing of any changes in who
is serving as Authorized Representatives.
5. In addition to the foregoing Authorized Representatives,
each Investment Officer of the Cooperative appointed by the Board from
time to time is hereby designated as an investment officer of the City
of Kennedale and, as such, shall have responsibility for investing the
share of Cooperative assets representing funds of the City of Kennedale.
Each depository and custodian appointed by the Board from time to time
are hereby designated as a depository and custodian of the City of
Kennedale for purposes of holding the share of Cooperative assets
representing funds of the City of Kennedale.
PASSED AND APPROVED this 11th day of July, 1996.
APPROVED:
M ayor Rolf P. Mundy
ATTEST:
City Secr ary
OFFICIAL CITY
SECRETARY'S COPY
Additional Party Agreement
The City of Kennedale of the State of Texas named below, acting by
and through the undersigned Authorized representative, hereby agrees to
become a party to that certain Interlocal Agreement to which this page
is attached, and thereby become a Participant in the Local Government
Investment Cooperative, subject to all of the terms and provisions of
such Agreement. The undersigned hereby represents that it is a
Government Entity as defined in such Agreement.
Executed this filth day of July, 1996.
City of Kennedale
Name of Governmental Entity
By:
Mayor P. Mundy
ACCEPTED:
Local 2d nt Investment Cooperative
By: V; Lt _
LOGIC Administrator
PATRICK SHINKLE
Printed Name
VICE PRESIDENT
Title