R204
RESOLUTION N0.204
A RESOLUTION AUTHORIZING PARTICIPATION IN TEXAS
SHORT TERM ASSET RESERVE PROGRAM
AND
APPROVING APPLICATION FOR PARTICIPATION IN
TEXSTAR
WHEREAS, the City of Kennedale, Texas (the "Participant") is a local government of
the State of Texas 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 City of Kennedale, Texas to invest its funds
jointly with other Texas local governments in the Texas Short Term Asset Reserve
Program (TexSTAR) was created on behalf of entities whose investment objectives in
order of priority are preservation and safety of principal, liquidity, and yield consistent
with the Public Funds Investment Act.
WHEREAS, City of Kennedale, Texas is authorized to invest its public funds under its
control in TexSTAR and to enter into the participation agreement authored herein;
NOW THEREFORE, BE IT RESOLVED THAT:
A. The City of Kennedale, Texas shall enter into a Participation Agreement to
establish an account in its name in the TexSTAR, for the purpose of
transmitting local funds for investment in TexSTAR. The form of application
for participation in TexSTAR attached to this resolution is approved. The
officers of City of Kennedale, Texas in the application are authorized to
execute and submit the application, to open accounts to deposit and withdraw
funds, to designate other authorized representative, and to take all other action
required or permitted by the City of Kennedale, Texas under the Agreement
created by the application, all in the name and on behalf of the City of
Kennedale, Texas.
B. The TexSTAR Investment Policy is adopted as the Participant's investment
policy, the TexSTAR investment officers are designated as Participant's
investment officers, and the TexSTAR Board is designated as custodian and
depository, in each case for the Participant's public funds and funds under its
control that are deposited with TexSTAR. Unless Participant provides a
contrary investment policy to TexSTAR, it shall be Participant's investment
policy that any or all of its public funds and funds under its control may be
invested in and through TexSTAR.
C. This Resolution and its authorization shall continue in full force and effect
until amended or revoked by the Participant, and written notice of the
amendment or revocation is delivered to the TexSTAR Board.
DULY PASSED AND APPROVED BY THE CITY COUNCIL OF THE
CITY OF KENNEDALE, TEXAS ON THE 9TH DAY OF MARCH 2006.
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Kathy Tu r, City Secretary
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OF KENNEDALE, TEXAS