HomeMy WebLinkAboutResolution - 051371J - Investment Of Certain Funds In Securities - 05_13_1971osi37iTl
RESOLUTION
WHEREAS, the City Council of the City of Lubbock has heretofore
authorized the investment of certain funds in the securities permitted by the
laws of the State of Texas; and
WHEREAS, Brokerage firms which are members of the New York
Stock Exchange are required to secure written confirmation from the City of
Lubbockd their authority to engage in securities transactions on behalf of the
City of Lubbock; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Manager, Director of Finance or Investment An,"'st of
the City of Lubbock is, and each of them is, hereby authorized to establish
and maintain one or more accounts with the Brokers selected by such officer
(hereinafter termed the "Brokers") for the purpose of purchasing, investing
in, or otherwise acquiring, possessing, selling, transferring, exchanging or
otherwise disposing of, and generally dealing in the forms of securities set
forth in the statutes of the State of Texas as authorized investments for muni-
cipalities, -tnd'aS`authorized by this City Council by resolution passed Dec-
ember 19, 1968, which is attached hereto and made a part hereof.
THAT the fullest authority at all times with respect to any such com-
mitment or transaction deemed by any of the said officers to be proper is her by
conferred, including, without limitation, authority to give written or oral in-
structions to the Brokers with respect to any of said transactions; to enter an
carry out any contract, arrangement, or transaction in connection with any
such account; to pay in cash or by checks and/or drafts drawn upon the funds
of the City of Lubbock such sums as may be necessary in connection with any
such account; to deliver securities to, and deposit funds with, the Brokers; t
order the transfer or delivery or acceptance of securities to or from any oth
person whatsoever, and/or to order the transfer of record of any securities t
any name selected by any of the said officers; to affix the corporate seal to a
documents; to endorse any securities in order to pass title thereto; to sign fo
the City of Lubbock all documents in connection with any such account, and to
agree to any conditions to control any such account; to appoint any other person
or persons to do any things which any of the said officers is hereby empowered
to do, and to take all action necessary or desirable in connection with the
account.
THAT the establishment and maintenance by the City of Lubbock of on
or more accounts with the Brokers prior to the date as of which '.this resolu-
tion is effective, and all transactions consummated and actions taken, in con,
nection with such accounts and of the nature authorized above, are hereby ra�
tified and confirmed in all respects.
THAT the Brokers may deal with any and all of the persons holding th
offices of City Manager, Director of Finance oe ,investment Analyst as though
they were dealing with the City of Lubbock directly.
THAT the Secretary -Treasurer of the City of Lubbock is hereby di-
rected to certify and deliver under seal of the City of Lubbock to the Brokers:
(a) a true copy of. this resolution; (b) specimen signatures of each and every
person designated in paragraph four (4) , above; (c) a certificate that the
City of Lubbock is a duly organized and existing, municipal corporation and
that it is authorized to transact the business by this resolution defined, and
that no limitation has been otherwise imposed upon such authority.
THAT the Brokers may rely upon any certification given in accordanc
with this resolution, as effective until.. the Brokers receive written notice of
a change in or the recision of authority.
THAT in the event of any change in the office or powers of persons
hereby authorized, the Secretary -Treasurer shall certify such changes to the
Brokers in writing in the manner hereinabove provided, which notification,
when received, shall be adequate both to terminate the authorization of the
persons theretofore authorized, and to authori,,4e-t*e persons thereby substi-
tuted.
Passed by the City Council this 13th d5#0f _ Z May , 1971.
RRY,
ATTEST:
Lave'nia Lowe, City Secretary -Treasurer
APPROVED AS TO FORM:
i
Fred O. Senter, ! Jr., City AttokDtry
I, LAVENIA LOWE, City Secretary -Treasurer of the City of Lubbock, Texas,
a home rule municipal corporation, hereby certify that at a meeting of the City
Council of the City of Lubbock, duly held on the 13th day of May , 19710
at which a quorum was present and acting throughout, the attached Resolution
was duly adopted and is still in full force and effect.
I further certify that the attached Resolution is authorized by the charter of the
City of Lubbock, that no limitation has been otherwise imposed upon such author-
ity, and that I have been duly authorized to make this certificate on behalf of the
City of Lubbock.
I further certify that each of the following officers has been duly appointed, that
he is now legally holding the office set opposite his name, and that the signatures
set' forth.above each typed name are true and genuine signatures of said officers:
W. R. Blackwell, City Manager
terling K lei, Director of Finance
Roy L./McDaniel , Investment A alyst
In Witness Whereof, I hereunto set my hand and affix the seal.of the City of
Lubbock on this day of 1971.
(Corporate Seal)
LaveniiL Lowe, City Sf cretary-Treasurer