HomeMy WebLinkAboutResolution - 2024-R0280 - Designating Authorized Reps, Texas Local Government Investment Pool - 06/11/2024Resolution No. 2024-R0280
Item No. 5.7
June 11, 2024
RESOLUTION
WHEREAS, CITY OF LUBBOCK (the "City") 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 City 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, was 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 LUBBOCK:
SECTION 1. THAT the individuals, whose signatures appear in this Resolution, are
Authorized Representatives of the City 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 City may be deleted by a
written instrument signed by all remaining Authorized Representatives provided that the
deleted Authorized Representative (1) is assigned job duties that no longer require access to the
City's TexPool/TexPool Prime account or (2) is no longer employed by the City; and
SECTION 3. THAT the City may, by Amending Resolution signed by the City, add
an Authorized Representative provided the additional Authorized Representative is an officer,
employee, or agent of the City;
SECTION 4. THAT the following persons are Authorized Representatives of the City
of Lubbock. Any new individuals will be issued personal identification numbers to transact
business with TexPool Participant Services.
1. Name: A ber Magar Title: Capital Program Finance Manager
Signature: � �1% Direct Phone Number 806.775.2160
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Name: Brack Bullock Title: Accounting Manager
Signature: Direct Phone Number 806.775.2147
The Authorized Representative listed above that will have primary responsibility for
performing transactions and receiving confirmations and monthly statements under the
Participation Agreement is as follows:
Name: Amber Magar
Email: amagar@mylubbock.us Fax Number 806.775.3273
SECTION 5. THAT this Resolution and its authorization shall continue in full force
and effect until amended or revoked by the City, and until TexPool Participant Services receives
a copy of any such amendment or revocation. This Resolution is hereby introduced and adopted
by the City at its regular meeting held on the 11 `h day of June, 2024.
Passed by the City Council on June 11, 2024
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Paz, City Secretary
APPROVED AS TO CONTENT:
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Amber Magar, Capital Program Finance Manager
APPROVED AS TO FORM:
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Amy � , ty City Attorney
RES.TexPool Representatives