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RESOLUTION 1986-145R 57 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, RATIFYING THE DESIGNATION OF UNIVERSITY SAVINGS, SAN MARCOS, TEXAS, AS THE FINANCIAL INSTITUTION HOLDING ACCOUNTS TO BE MAINTAINED BY LOWER COLORADO RIVER AUTHORITY OFFICERS AND STAFF DESIGNATED BY THE CITY REPRESENTATIVE, RATIFYING THE ESTABLISHMENT OF NAMED CHECKING ACCOUNTS AND MONEY MARKET ACCOUNTS AT SAID INSTITUTION, STATING A MINIMUM BALANCE FOR CERTAIN ACCOUNTS, DESIGNATING THE CITY MANAGER OF SAID CITY AS THE CITY REPRESENTATIVE AUTHORIZED TO INSTRUCT LOWER COLORADO RIVER AUTHORITY CONCERNING THE HANDLING OF FUNDS AND AUTHORIZED TO ESTABLISH INVESTMENT INSTRUCTIONS AS NEEDS, POLICIES AND REGULATIONS CHANGE, RATIFYING THE DESIGNATION OF LOWER COLORADO RIVER AUTHORITY OFFICERS AND EMPLOYEES TO SIGN CHECKS, ORDERS OR VOUCHERS ON BEHALF OF LOWER COLORADO RIVER AUTHORITY, APPROVING FIDELITY BOND COVERAGE FOR SAID LOWER COLORADO RIVER AUTHORITY OFFICERS AND EMPLOYEES AND DECLARING AN EFFECTIVE DATE. BE TEXAS: IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, PART 1. That the City Council ratifies the designation of University Savings as the financial institution holding accounts to be maintained by Lower Colorado River Authority (LCRA) officers and staff as designated by the City Representative. PART 2. That the City Council ratifies the establishment of Checking Accounts and Money Market Accounts at said University Savings, as named in Exhibit A which is attached hereto and incorporated by reference herein. PART 3. That the City Council ratifies that the Treasurer of LCRA shall determine the minimum balance for checking accounts designated in said Exhibit A, the minimum for which may fluctuate in accordance with daily fiscal activities, but shall not be less than Forty Thousand And No/IOO Dollars ($40,000.00), or as near to said amount as reasonable banking and accounting practices will allow, in sole discretion of LCRA, subject to prospective revisions by said Council. PART 4. That the City Council designates the City Manager of said City as the City Representative authorized to instruct LCRA concerning the handling of funds pursuant to the Operating Agreement approved by said Council and as the representative with whom LCRA is authorized and directed to communicate for such purposes and to determine investment instructions to LCRA as needs, policies, and regulations change. PART 5. That the City Council ratifies the designation of LCRA officers and employees to sign checks, orders or vouchers on behalf of LCRA as named in Exhibit B which is attached hereto and incorporated by reference herein, and approves fidelity bond coverage for said LCRA officers and employees in amounts approved by the City Representative. PART 6. That this Resolution effect from and after its passage. shall be in full force and ADOPTED this 24 f I day of November -"'~"\ \1\ ~Vi~ ~1ayor , 19 86 Attest: r-4 ~d(f)r~ ~jnis K. Womack City Secretary