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Home My WebLink AboutPR 20111: AMEND AUTHORIZED REPRESENTATIVES OF R TEXPOOL City of =. or( rthtt 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 ) RE: PR No. 2"/ , Amend authorized representatives for Texpool 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 Texpool. Background: The City of Port Arthur is currently a participant in the Texas Local Government Investment Pool (TexPool). Texpool 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 Texpool, 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. 20111 2/13/18 Updated gt RESOLUTION NO: A RESOLUTION AMENDING THE CITY OF PORT ARTHUR'S AUTHORIZED REPRESENTATIVES FOR TEXPOOL WHEREAS, the City of Port Arthur ("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 Participant to invest local funds in investments that provide for the preservation and safety of principal, liquidity, and yield consistent with the Public Funds Investment Act; and WHEREAS, the Texas Local Government Investment Pool ("Tex Pool/ Texpool Prime"), a public funds investment pool, were created on behalf of entities whose investment objective in order of priority are preservation and safety of principal, liquidity, and yield consistent with the Public Funds Investment Act. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF PORT ARTHUR: Section 1. That the City Council hereby authorizes the individuals whose signatures appear in the Resolution Amending Authorized Representatives of the Participant, attached hereto as Exhibit "A", and are each hereby authorized to transmit funds for investment in TexPool / TexPool Prime and are each 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. Section 2. That an Authorized Representative of the Participant may be deleted by a written instrument signed by two remaining Authorized Representatives provided that the deleted Authorized Representative (1) is assigned job duties that no longer require access to the Participant's TexPool / TexPool Prime account or (2) is no longer employed by the Participant. Section 3. That the Participant may by Amending Resolution signed by the Participant add an Authorized Representative provided the additional Authorized Representative is an officer, employee, or agent of the Participant. Section 4. That a copy of the caption of this Resolution shall be spread upon the Minutes of the City Council. READ, ADOPTED AND APPROVED on this day of February, A.D. 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: Citi D Val Tizeno, ity rney APPROVED FOR ADMINISTRATION: Harvey Robinson, Interim City Manager Affi..1 Ti /..../ Andrew Vasquez, Director of Finance EXHIBIT "A" 1 cum Resolution Amending 111 '*'III m Authorized Representatives TExPOOL AN INVESTMENT SERVICE FOR PUBLIC FUNDS Please use this form to amend or designate Authorized Representatives. This document supersedes all prior Authorized Representative forms. Required Fields 1.Resolution WHEREAS, 'City of Port Arthur ' 17 17 18 13 14 1 Participant Name' Location Number` ("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 Participant to invest local funds in investments that provide for the preservation and safety of principal, liquidity,and yield consistent with the Public Funds Investment Act;and WHEREAS,the Texas Local Government Investment Pool ("TexPool/Texpool Prime"),a public funds investment pool,were created on behalf of entities whose investment objective in order of priority are preservation and safety of principal,liquidity,and yield consistent with the Public Funds Investment Act. NOW THEREFORE,be it resolved as follows: A. That the individuals,whose signatures appear in this Resolution, are Authorized Representatives of the Participant and are each hereby authorized to transmit funds for investment in TexPool/TexPool Prime and are each 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. B. That an Authorized Representative of the Participant may be deleted by a written instrument signed by two remaining Authorized Representatives provided that the deleted Authorized Representative(1)is assigned job duties that no longer require access to the Participant's TexPool/TexPool Prime account or(2)is no longer employed by the Participant;and C. That the Participant may by Amending Resolution signed by the Participant add an Authorized Representative provided the additional Authorized Representative is an officer,employee,or agent of the Participant; List the Authorized Representative(s)of the Participant.Any new individuals will be issued personal identification numbers to transact business with TexPool Participant Services. 'Andrew Vasquez Name rinance Director I Title phone: 409-983-8174 email: andrew.vasquez@portarthurtx.gov Phone/Fax/Email Signature 2 'Harold Hankins I Name 'Assistant Finance Director I Title 'phone: 409-983-8106 email: harold.hankins@portarthurtx.gov Phone/Fax/Email Signature FORM CONTINUES ON NEXT PAGE 1 OF 2 1.Resolution(continued) 3.IKandy Daniel Name Assistant Finance Director Title phone: 409-983-8163 email: kandy.daniel@portarthurtx.gov Phone/Fax/Email Signature 4.1 Name Title Phone/Fax/Email Signature List the name of the Authorized Representative listed above that will have primary responsibility for performing transactions and receiving confirmations and monthly statements under the Participation Agreement. Andrew Vasquez Name In addition and at the option of the Participant,one additional Authorized Representative can be designated to perform only inquiry of selected information.This limited representative cannot perform transactions. If the Participant desires to designate a representative with inquiry rights only, complete the following information. pames Polk ! Name Finance Administrative Aide Title phone: 409-983-8150 email: james.polk@portarthurtx.gov Phone/Fax/Email D. That this Resolution and its authorization shall continue in full force and effect until amended or revoked by the Participant,and until TexPool Participant Services receives a copy of any such amendment or revocation.This Resolution is hereby introduced and adopted by the Participant at its regular/special meeting held on the day ,20_ Note: Document is to be signed by your Board President, Mayor or County Judge and attested by your Board Secretary,City Secretary or County Clerk. City of Port Arthur Name of Participant' SIGNED ATTEST ! Signature* Signature* !Derrick Freeman I Sherri Bellard Printed Name* Printed Name* 'Mayor ! !City Secretary Title* Title' 2.Mailing Instructions The completed Resolution Amending Authorized Representatives can be faxed to TexPool Participant Services at 1-866-839-3291,and mailed to: TexPool Participant Services 1001 Texas Avenue, Suite 1400 Houston,TX 77002 ORIGINAL SIGNATURE AND DOCUMENT REQUIRED TEX-REP 2 OF 2 TexPool Participant Services Managed and Federated 1001 Texas Avenue,Suite 1400 • Houston,TX 77002 Serviced by Phone: 1-866-TEXPOOL(839-7665) • Fax:1-866-839.3291 • www.texpool.com G45340-17112/15)