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<br />59 <br /> <br />RESOLUTION 1988-95R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AUTHORIZING SHORT-TERM INVESTMENTS OF <br />SAN MARCOS ELECTRIC UTILITY OPERATING FUNDS AND <br />DECLARING AN EFFECTIVE DATE. <br /> <br />WHEREAS, on July 24,1986, the City of San Marcos and the Lower <br />Co¡orado River Authority, a public non-profit corporation, entered <br />into an "operating agreement" for the operation and management of the <br />San Marcos Electric Utility; and, <br /> <br />WHEREAS, pursuant to said "operating agreement," the Lower <br />Colorado River Authority on behalf of said City, is responsible for <br />collecting and accounting for all charges billed by the San Marcos <br />Electric Utility for the provision of electricity to its <br />customers; and, <br /> <br />WHEREAS, said utility collections <br />temporarily idle monies each month; and, <br /> <br />normally result in periodic, <br /> <br />WHEREAS, the City of San Marcos could benefit from the short-term <br />investment of temporarily idle operating funds which are available <br />to its operating agent; and, <br /> <br />WHEREAS, the Lower Colorado River Authority has extensive <br />regulations and policies pertaining to the investment of funds within <br />its control; and, <br /> <br />WHEREAS, the City of San Marcos desires to authorize such short- <br />term investments to be made by LCRA as the City's operating agent; now, <br />therefore, <br /> <br />BE <br />TEXAS: <br /> <br />IT <br /> <br />RESO LVED <br /> <br />BY <br /> <br />THE <br /> <br />CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> <br />PART 1. That, as part of the' "operating agreement" with the <br />Lower Colorado River Authority, the Treasurer's Department of the <br />Lower Colorado River Authority is authorized to make short-term <br />investments of San Marcos Electric Utility operating funds which are <br />temporarily idle. <br /> <br />PART 2. That such short-term investments shall be made through <br />those financial institutions with whom the City transacts business. <br /> <br />PART 3. That such short-term investments shall be guided and <br />controlled by the investment policies of the City of San Marcos and <br />of the Lower Colorado River Authority and by applicable state <br />laws. <br /> <br />PART 4. That this Resolution shall be in full force and effect <br />from and after its adoption. <br /> <br />ADOPTED <br /> <br />this <br /> <br />12 <br /> <br />day <br /> <br />qý' /)" tept;nrer ~, 1988. <br />Vt~~ûj ~ V t '.lVL ()V\;v) <br />\'Ka thy M.<o' ~10rrl <br />Mayor <br /> <br />I ' <br />Att"e;)S~: .\ -/1../ / ~/ V <br />. i,) . . c:/-/ {:?1Î/ /1,1 <br />c7-¡' -tUJlj~,/ ~~.~J( ¿/l ~J <br /> <br />Jariis K. Womack <br />Ci ty Secretary <br />