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, ...
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