Res 2014-097/Agreement with Texas CLASS to serve as an investment pool provider

Home Browse Search

PREAMBLE This Sixth Amended and Restated Trust Agreement dated as of August 16, 2013 (the "Agreement ") is by and among the Texas local governmental entities and public entities that have taken the actions required by Section 2256.016 of the Public Funds Investment Act, Texas Government Code, and that have either executed this Agreement or counterparts of this Agreement or Participation Certificates pursuant to Section 2.3 hereof (the "Participants "), Wells Fargo Bank, N.A., as Custodian (the "Custodian") and Public Trust Advisors, LLC, (the "Program Administrator ") and amends and restates that certain Fifth Amended and Restated Trust Agreement dated as of December 14, 2011, among the Participants, the Custodian and Public Trust Advisors, LLC the previous Program Administrator. WHEREAS, each Participant is permitted pursuant to Section 2256.016 of the Public Funds Investment Act, Texas Government Code, to pool its funds, or funds under its control, with any similar funds in the treasury of other Participants for the purpose of investing such funds in statutory permitted investments; and WHEREAS, each Participant will receive a substantial benefit by agreeing to invest such funds in concert with the other Participants because of economies of scale; and WHEREAS, it will increase the efficiency of such investment if the funds to be invested in concert are held by one entity, the Custodian, which will hold such funds and investments in its capacity as custodian for the benefit of the Participants; and WHEREAS, it will increase the efficiency of such investment if the advisory, record - keeping and other administrative functions are performed by one entity, the Program Administrator, acting on behalf of the Board of Trustees (as hereinafter defined) and the Participants and if the investment instructions of the Participants, are transmitted through one entity, the Program Administrator, to the Custodian. NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and agreements contained herein, each party hereto agrees that all moneys, assets, securities and property now or hereafter acquired by the Trust (as hereinafter defined) shall be held and managed in trust by the Board of Trustees (as hereinafter defined) for the equal and proportionate benefit of the Participants, without privilege, priority or distinction among the Participants, and subject to the terms, covenants, conditions, purpose and provisions hereof as follows: #4350219.1