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

Home Browse Search

RESOLUTION 2014 -97R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE CITY'S PARTICIPATION AND SUBSEQUENT PARTICIPATION CERTIFICATE WITH TEXAS COOPERATIVE LIQUID ASSETS SECURITIES SYSTEM FOR ITS PROVISION OF INVESTMENT POOL SERVICES; AUTHORIZING AN INVESTMENT OFFICER TO EXECUTE THE ATTACHED PARTICIPATION CERTIFICATE ON BEHALF OF THE CITY; AUTHORIZING DESIGNATED OFFICERS TO EXECUTE CERTIFICATES, INSTRUMENTS AND OTHER PAPERS NECESSARY AND RELATED TO THIS PARTICIPATION RESOLUTION ON BEHALF OF THE CITY; AND DECLARING AN EFFECTIVE DATE. 1. The Public Funds Investment Act, Texas Government Code, Section 2256.001 et seq. (the "Act "), requires the governing body of each local government in this State to adopt investment policies in accordance with the terms of the Act. 2. Pursuant to the requirements of the Act, the City Council (the "Governing Body ") of the City of San Marcos (the "Local Government ") has previously reviewed and adopted an investment policy (the "Policy ") that provides in part that the funds of the local government will be invested in investments permitted by the Act in order to: (1) invest only in investments legally permitted under Texas law; (ii) minimize risk by managing portfolio investments so as to preserve principal and maintain a stable asset value; (iii) manage portfolio investments to ensure that cash will be available as required to finance operations; and (iv) maximize current income to the degree consistent with legality, safety and liquidity. 3. Pursuant to the Policy and the Act, the Local Government has appointed Heather Hurlbert, CPA (the "Investment Officer ") to act as the investment officer of the Local Government. 4. The Act provides that funds under the control of a Local Government may be invested through investment pools meeting the standards of Section 2256.016 of the Act. 5. The Local Government has received and reviewed the Information Statement, dated October 1, 2013 (the "Information Statement "), of Texas Cooperative Liquid Assets Securities System, an investment pool administered by Public Trust Advisors, LLC, (the "Program "), which sets forth the information required by Section 2256.016(b) of the Act. 6. The Local Government has determined that the investments proposed to be acquired by the Program are of a type that are permitted by the Act and are consistent with the Policy.