From
Cheryl Davenport
Title
Amend the Authorized Representatives for TexPool
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
The City of Grand Prairie is a participant in TexPool which is a public funds investment pool created on behalf of entities. The investment objectives are consistent with the Public Funds Investment Act of Texas and are, in order of priority, the preservation and safety of principal, liquidity, and yield.
TexPool requires a resolution for adding or changing the names of individual authorized to make transactions on behalf of the City/TexPool participant. These individuals are identified as the Authorized Representatives of the City/Texpool participant. There are currently three individuals authorized at TexPool for the City: Diana Ortiz, CFO, Tannie Camarata, Cash & Debt Manager, and Jacqueline Hathorn, Cash & Debt Analyst. The attached resolution adds Cheryl Davenport, Treasurer.
Financial Consideration
None
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE AUTHORIZED REPRESENTATIVES OF THE THE CITY AS A TEXPOOL PARTICIPANT
Whereas, The city of Grand Prairie, Location 78195, (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, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. 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.
Section 2. 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. 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. AUTHORIZED REPRESENTATIVES OF THE PARTICIPANT ARE LISTED BELOW. ANY NEW INDIVIDUALS WILL BE ISSUED PERSONAL IDENTIFICATION NUMBERS TO TRANSACT BUSINESS WITH TEXPOOL PARTICIPANT SERVICES.
Diana Ortiz _________________________________
Chief Financial Officer Signature
972-237-8090
Tannie Camarata _________________________________
Cash and Debt Manager Signature
972-237-8089
Jacqueline Hathorn _________________________________
Cash and Debt Analyst Signature
972-237-8114
Cheryl Davenport _________________________________
Treasurer Signature
972-237-8099
SECTION 5. AUTHORIZED REPRESENTATIVES LISTED BELOW WILL HAVE PRIMARY RESPONSIBILITY FOR PERFORMING TRANSACTIONS AND RECEIVING CONFIRMATIONS AND MONTHLY STATEMENTS UNDER THE PARTICIPATION AGREEMENT.
Cheryl Davenport, Treasurer
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 3RD DAY OF MAY, 2016.