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<br /> 119 <br /> RESOLUTION 1991- 31 <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY <br /> OF SAN MARCOS, TEXAS, AUTHORIZING THE OPENING <br /> OF ACCOUNTS WITH PAINE WEBBER INCORPORATED FOR <br /> THE PURCHASE AND SALE OF SECURITIES OF THE <br /> UNITED STATES GOVERNMENT; AUTHORIZING CERTAIN <br /> CITY OFFICIALS TO ACT AS AGENTS OF THE CITY IN <br /> DEALING WITH PAINE WEBBER INCORPORATED; AND <br /> DECLARING AND EFFECTIVE DATE. <br /> WHEREAS, Sec. 105.072 of the Texas Local Government Code <br /> authorizes the City Council to direct the investment of City funds <br /> that are not immediately required to pay obligations of the City in <br /> direct debt securities of the United States; and, <br /> WHEREAS, the City desires to engage the services of the <br /> investment firm of Paine Webber Incorporated to provide assistance <br /> to the City staff in the investment of City funds in securities of <br /> the United States; now, therefore, <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS: <br /> PART 1. That the opening of one or more accounts by the city <br /> with Paine Webber for the purpose of purchasing, investing in, or <br /> otherwise acquiring, selling, possessing, transferring, exchanging <br /> or otherwise disposing of, and generally dealing in any and all <br /> forms of direct debt securities of the united States (including, <br /> but not limited to, GNMAs, FHLMCs and FNMAs) is hereby authorized. <br /> PART 2. That William L. White, Finance Director, and Wayne <br /> Moore, Budget Officer are each designated as agent of the City of <br /> San Marcos to deal with Paine Webber in connection with any such <br /> account or accounts; that Paine Webber is authorized to deal with <br /> these persons as agents of the City, and to accept all orders for <br /> purchases and sales and all instructions given by either of them, <br /> to receive any funds, securities, or property for the account of <br /> the City, to deliver to them any funds, securities, or other <br /> property held for the account of the City as either of them shall <br /> order in writing, and to send all confirmations, notices, .demands <br /> or other communications to them and to the City Manager, Larry D. <br /> Gilley, at 630 E. Hopkins Street, San Marcos, Texas, 78666. <br /> PART 3. That this resolution shall become effective <br /> immediately from and after its passage. <br /> ADOPTED this 11th day ~(~ <br /> Morr1.s <br /> :'rt'~~7~ <br /> &is K. W mack <br /> City Secre'l:ary <br />