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HomeMy WebLinkAboutResolution - 2015-R0330 - Approve And Adopt Trust Agreement - 10/08/2015No.2015-R0330 No. 4.6 ber 8, 2015 RESOLUTION WHEREAS, the Public Funds Investment Act, Texas Government Code, Section 2256.001 et seq. (the "Act"), requires the governing body of each local government in this State to adopt investment policies in accordance with the terms of the Act; and WHEREAS, pursuant to the requirements of the Act, the City Council (the "Governing Body") of the City of Lubbock, Texas (the "Local Government") has previously reviewed and adopted an investment policy (the "Policy") that provides in part that the funds of the local government will be invested in investments permitted by the Act in order to: (i) invest only in investments legally permitted under Texas law; (ii) minimize risk by managing portfolio investments so as to preserve principal and maintain a stable asset value; (iii) manage portfolio investments to ensure that cash will be available as required to finance operations; and (iv) maximize current income to the degree consistent with legality, safety and liquidity; and WHEREAS, pursuant to the Policy and the Act, the Local Government has appointed Kevin Rule (the "Investment Officer") to act as the investment officer of the Local Government; and WHEREAS, the Act provides that funds under the control of a Local Government may be invested through investment pools meeting the standards of Section 2256.016 of the Act; and WHEREAS, the Local Government has received and reviewed the Information Statement, dated October 1, 2013 (the "Information Statement"), of Texas Cooperative Liquid Assets Securities System, an investment pool administered by Public Trust Advisors, LLC, (the "Program"), which sets forth the information required by Section 2256.016(b) of the Act; and WHEREAS, the Local Government has determined that the investments proposed to be acquired by the Program are of a type that are permitted by the Act and are consistent with the Policy; and WHEREAS, the Local Government has determined that an investment in the Program will assist the Local Government in achieving the goals set forth in the Policy, and will tend to preclude imprudent investment activities arising out of investment transactions conducted between the Local Government and the Program; and WHEREAS, the Local Government understands that the Program operates through the Sixth Amended and Restated Trust Agreement dated as of August 16, 2013 (the "Trust Agreement"), which provides the terms on which the Program will operate and the rights of the participants in the Program and sets forth the responsibilities of Public Trust Advisors, LLC, as the administrator of the Program (the "Administrator"), and of Wells Fargo Bank as custodian (the "Custodian"); Pagel of 3 NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE LOCAL GOVERNMENT: That the form, terms and provisions of the Trust Agreement, a draft of which was presented and reviewed at this meeting, providing for the creation of the Program and for the rights of the Program participants and the duties and responsibilities of the Administrator, be and the same are hereby approved and adopted; and that the Investment Officer be and he or she is hereby authorized and directed to execute and deliver to the Administrator and the Custodian in the name and on behalf of the Local Government, a participation certificate evidencing the agreement of the Local Government to be bound by the Trust Agreement substantially in the form of the Trust Agreement reviewed and approved at this meeting, together with such changes therein as may be approved by the said officer, such approval to be conclusively evidenced by the execution thereof; and be it further Resolved, that the investment program established by the Trust Agreement is hereby found and determined to be consistent with the Policy, and to preclude imprudent investment activities arising out of investment transactions conducted between the Local Government and the Program; and be it further Resolved, that the Governing Body hereby officially funds and determines that the facts and recitations contained in the preamble of this Resolution are true and correct; and be it further Resolved, that the Governing Body hereby finds and declares that written notice of the date, hour, place and subject of the meeting at which this Resolution was adopted was posted for the time required by law preceding this meeting, and that such meeting was open to the public as required by law at all times during which this Resolution and the subject matter thereof were discussed, considered and formally acted upon, all as required by the Open Meetings Act, Chapter 551, Texas Government Code, as amended, and the Act; and be it further Resolved, that the officers of the Local Government, and each of them, shall be and each is expressly authorized, empowered and directed from time to time to do and perform all acts and things and to execute, acknowledge and deliver in the name and under the corporate seal and on behalf of the Local Government all certificates, instruments and other papers, whether or not herein mentioned, as they may determine to be necessary or desirable in order to carry out the terms and provisions of this Resolution and of the Trust Agreement hereby authorized and approved, such determination to be conclusively evidenced by the performance of such acts and things and the execution of any such certificate, financing statement, instrument or other paper; and be it further Resolved, that this Resolution shall take effect and be in full force and effect upon and after its passage. Page 2 of 3 Passed by the City Council on October 8, 2015 ATTEST: Reb tca Garza, City Secretary APPROVED AS TO CONTENT: Officer APPROVED AS TO CONTENT: 4, ,).- C' -op' Linda Cuellar, Investment Officer RES.TX Coop Liquid Assets SecSystem-PFIA 9.22.15 GLEN4.ROBE SON, MAYOR Page 3 of 3 Texas $ .`[` [`1 5 CL Texas Cooperative Liquid Assets Securities System Exhibit D - Participation Certificate The undersigned City of Lubbock, TX (the "Local Government") does hereby request that it be admitted as a Participant pursuant to Section 2.3 of the Sixth Amended and Restated Trust Agreement (the "Agreement") dated as of August 16, 2013 by and between the Participants, Wells Fargo Bank, as Custodian, and Public Trust Advisors, LLC. By executing this Participation Certificate, the undersigned agrees that, upon the execution hereof by the Program Administrator, it will become subject to the same obligations and shall have the same rights as if it had executed the Agreement. The undersigned hereby certifies that Kevin Rule (the "Investment Officer") is the duly designated Representative of the undersigned as required by the Agreement. The undersigned hereby certifies that its governing body has taken all actions required by Section 2256.016 of the Public Funds Investment Act, Texas Government Code, in order for it to participate in the Trust created by the Agreement. City of Lubbock, TX Entity Name Qd"-" '& 10/8/2015 Sign4ure Date City Secretary Title Accepted by Administrator (to be completed by Texas CLASS): Signature Date Title 999 18th Street, Suite 1230 T 800-707-6242 clientservices@texasclass.com Denver, CO 80202 F 855-848-9910 www.texasclass.com Page 5