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Home My WebLink AboutPR 20109: AMEND AUTHORIZE REPRESENTATIVES FOR TEXSTAR , , Cif),of - ort rtltu Texas www.PortArthurTx.gov INTEROFFICE MEMORANDUM Date: February 13, 2018 To: The Honorable Mayor and City Council Through: Harvey Robinson, Interim City Manager From: Andrew Vasquez, Finance Director Aj RE: PR No. z o I n c , Amend authorized representatives for TexStar Introduction: The intent of this Agenda Item is to seek the City Council's approval for the City Manager to amend the authorized representatives for TexStar. Background: The City of Port Arthur is currently a participant in the Texas Short Term Asset Reserve Fund (TexStar). TexStar is a public funds investment pool whose primary investment objective is the preservation and safety of principal, liquidity and yield consistent with the Public Funds Investment Act and authorized previously by City Council resolution and the City's investment policy. The list of representatives authorized to conduct transactions with the pool is requested to be updated to include Andrew Vasquez, Finance Director, Harold Hankins, Assistant Finance Director and Kandy Daniel, Assistant Finance Director. Budget Impact: None Recommendation: It is recommended that City Council approve the City Manager to amend the authorized representatives for TexStar, as discussed above. "Remember,we are here to serve the Citizens of Port Arthur" P.O.Box 1089 X Port Arthur,Texas 77641-1089 X 409.983.8101 X FAX 409.982.6743 P.R. No. 20109 2/13/18 Updated gt RESOLUTION NO. A RESOLUTION AMENDING THE CITY OF PORT ARTHUR'S AUTHORIZED REPRESENTATIVES FOR TEXSTAR WHEREAS, the City of Port Arthur (the "Government Entity") by authority of the Application for Participation in TexSTAR (the "Application") has entered into an Interlocal Agreement (the "Agreement") and has become a participant in the public funds investment pool created there under known as TexSTAR Short Term Assert Reserve Fund ("TexSTAR"); and WHEREAS, the Application designated on one or more "Authorized Representatives" within the meaning of the Agreement; and WHEREAS, the Government Entity now wishes to update and designate the following persons as the "Authorized Representatives" within the meaning of the Agreement. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: Section 1. That following officers, officials or employees of the Government Entity specified in this document are hereby designated as "Authorized Representatives" within the meaning of the Agreement, with full power and authority to open accounts, to deposit and withdraw funds, to agree to the terms for use of the website for online transactions, to designate other authorized representatives , and to take all other action required or permitted by Government Entity under the Agreement created by the application , all in the name and on behalf of the Government Entity, a delineated in Exhibit "A" attached hereto. Section 2. That this document supersedes and replaces the Government Entity's previous designation of officers, officials or employees of the Government Entity as Authorized Representatives under the Agreement. Section 3. That this resolution will continue in full force and effect until amended or revoked by Government Entity and written notice of the amendment or revocation is delivered to the TEXSTAR Board. Section 4. That the terms used in this resolution have the meanings given to them by the Application. READ, ADOPTED AND APPROVED THIS day of February, 2018, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote: AYES: Mayor: , Councilmembers: NOES: . Derrick Freeman, Mayor ATTEST: Sherri Bellard, City Secretary APPROVED AS TO FORM: YA,1 Val Tizeno, City Atto ey APPROVED FOR ADMINISTRATION: Harvey Robinson, Interim City Manager d,..../L P7.----;---...._____--- Andrew Vasquez, Director of Finance EXHIBIT "A" TexSTAR AMENDING RESOLUTION WHEREAS, City of Port Arthur (the "Government Entity") by authority of the Application for Participation in TexSTAR (the "Application") has entered into an Interlocal Agreement (the "Agreement") and has become a participant in the public funds investment pool created there under known as TexSTAR Short Term Assert Reserve Fund ("TexSTAR"); WHEREAS, the Application designated on one or more "Authorized Representatives" within the meaning of the Agreement; WHEREAS, the Government Entity now wishes to update and designate the following persons as the"Authorized Representatives"within the meaning of the Agreement; NOW, THEREFORE, BE IT RESOLVED: SECTION 1. The following officers, officials or employees of the Government Entity specified in this document are hereby designated as "Authorized Representatives" within the meaning of the Agreement, with full power and authority to open accounts, to deposit and withdraw funds, to agree to the terms for use of the website for online transactions, to designate other authorized representatives, and to take all other action required or permitted by Government Entity under the Agreement created by the application, all in the name and on behalf of the Government Entity. SECTION 2. This document supersedes and replaces the Government Entity's previous designation of officers, officials or employees of the Government Entity as Authorized Representatives under the Agreement SECTION 3. This resolution will continue in full force and effect until amended or revoked by Government Entity and written notice of the amendment or revocation is delivered to the TexSTAR Board. SECTION 4. Terms used in this resolution have the meanings given to them by the Application. Authorized Representatives. Each of the following Participant officials is designated as Participant's Authorized Representative authorized to give notices and instructions to the Board in accordance with the Agreement, the Bylaws, the Investment Policy, and the Operating Procedures: 1. Name: Andrew Vasquez Title:Finance Director Signature: Phone: 409-983-8174 Emaikandrew.vasquez@portarthurtx.gov 2. Name: Harold Hankins Title:Assistant Finance Director Signature: Phone: 409-983-8106 Email:harold.hankins@portarthurtx.gov 3. Name: Kandy Daniel Title:Assistant Finance Director Signature: Phone: 409-983-8163 Email:kandy.daniel@portarthurtx.gov 4. Name: Title: Signature: Phone: Email: (REQUIRED) PRIMARY CONTACT: List the name of the Authorized Representative listed above that will be designated as the Primary Contact and will receive all TexSTAR correspondence including transaction confirmations and monthly statements Name:Andrew Vasquez {OPTIONAL) INQUIRY ONLY CONTACT: In addition, the following additional Participant representative (not listed above) is designated as an Inquiry Only Representative authorized to obtain account information: Name: James Polk Title:Finance Administrative Aide Signature: Phone: 409-983-8150 Email:james.polk@portarthurtx.gov Participant may designate other authorized representatives by written instrument signed by an existing Participant Authorized Representative or Participant's chief executive officer. DATED *REQUIRED* City of Port Arthur PLACE OFFICIAL SEAL OF ENTITY HERE (NAME OF PARTICIPANT) SIGNED BY: (Signature of official) Derrick Freeman, Mayor (Printed name and title) ATTESTED BY: (Signature of official) Sherri Bellard, City Secretary (Printed name and title) FOR INTERNAL USE ONLY APPROVED AND ACCEPTED:TEXAS SHORT TERM ASSET RESERVE FUND AUTHORIZED SIGNER