HomeMy WebLinkAbout1996-R-09 - INVESTMENT TRANSACTIONSRESOLUTION NO. 1996 - 9
RESOLUTION AUTHORIZING
T I-i E DIRECTOR OF FINANCE TO ENGAGE
IN CERTAIN INVESTMENT TRANSACTIONS
ON BEHALF OF THE CITY OF STEPHENVILLE
BE IT RESOLVED BN' THE CITY COUNCIL OF THE CITY OF STEPHENVILLE:
1. That the Director of Finance of the City is hereby authorized and empowered, for and on
behalf of the City to establish and maintain one or more accounts with securities dealers for
the purpose of purchasing, investing in, acquiring, selling, possessing, disposing; of,
p p I g
transferring, eNchajiging, pledging, financing, engaging in repurchase and reverse repurchase
agreeinent, and generally dealing in and with the securities authorized for investment by the
('its-'s Ins, estnient Policy, attached hereto.
?. That- ea.Lh of said officers shall have the fullest authority at all tinges with respect to the
aforesaid transactions, including without limitation authority to give written and oral
instructions to seCUrity dealers with respect to said transactions; to bind and obligate the City
for the carrying out of any contracts, arrangement or transactions with security dealers, which
shall be entered into by such officers on behalf of the City; to pay in cash, by check, or by
wire, upon funds of'the City such sums as may be due in connections with any said account';
to deliver- securities to security dealers, to order the delivery or transfer of securities tcs any
narne selected by said officers; to endorse and contract in order to pass title thereon; to direct
the sale or exercise of any rights with respect to such securities; to sign for the City all
releases, powers of attorney or other documents in connection with said account; to direct
such security dealers to surrender any securities to the proper agent or party for the purpose
of effecting andexchange or conversion, or otherwise; to accept delivery of any securities;
to appoint any other person or persons to do any and all things which said officers are hereby
empowered to do; and generally to do and take all actions considered necessary or desirable
by such officers in connection with such account.
3 . That such security dealers may deal with either of the officers empowered by this resol-a-tion,
directly or indirectly, as though they were dealing directly with the City.
4. That the City Secretary of the City is hereby authorized, empowered and directed to certify
the following documents to security dealers and to affix the City seal thereon:
(a) certified copies of this resolution; and,
(b) specimen sj a iatures of the persons empowered by this resolution.
Page 1 1 t? 01196
5. That the City is a Home rule municipal corporation, duly organized and existing under the
laws of the State cat' Texas, that its charter empowers it to transact the business defined in. this
resolution, and that no limitation has been imposed upon such powers by its charter, state law
or otherwise wliich prevents the transaction of such business.
6. That security clealers may rely upon the authority given under this resolution, as continuing
in effect until they receive written notice of a change in or recision of such authority.
7. That in the event cif' any change in the office or powers of the persons hereby empowered, the
City Manager o f_. the City shall send written notice of such change to the security dealers with
whoa-i the Cite clots business, which notification, when received, shall amend or terminate the
power-s of the. persons theretofore authorized.
& That this resolut1011 shall apply not only to transactions and agreements with security dealers
� hick niay tale place after the adoption hereof, but shall also apply to those transactions
m!,hich n�av ha\,-e been made by the officers named herein prior to the adoption hereof, all of
which, together- kith the actions of such officers, are hereby ratified, confirmed and approved.
PASSED AND APPPO 'END this the 15th day of October, 1996.
Jo Pollan, Mayor
A.TTIST:
Cindy St, )1(1, ty Se nary
Revievved by Donald B. I)avis,
City Ykdmiriistra:tor
Randy 'Thonias, City Attorney
Approved as to farm and :regality
Page 2. 1 0/1.) LI91E