HomeMy WebLinkAboutRes 2007-01 Approving brokers
Resolution No. 2007-01
RESOLUTION APJ;lROVING BROKERS FROM WHICH THE CITY WOULD
PURCHASE INVESTMENTS; AUTHORIZING A LETTER AGREEMENT; AND
CONT AINING FINDINGS AND PROVISIONS RELATED TO THE SUBJECT
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS:
Section 1. The City Council of the City of West University Place, Texas, approves
the following as brokers from which the City may purchase investments, subject to the
state laws regulating public investments and the City's il1vestment policy adopted as part
of Chapter 2 of the Code of Ordinances of the City.
Firm Broker(s)
Coastal Securities Tony Sekaly
Morgan Stanley Howard Ledet
Vining Sparks Taylor Howell
Section 2. The City Council allthorizes a letter agreement with such brokers, in a
form that complies with the City's investment :policy and state law and is approved by the
Finance Director.
Section 3. All resolutions and parts of resolutions in conflict herewith are hereby
repealed to the extent of the conflict only~
Section 4. If any word, phrase, clause, sentence, paragraph, section or other .part of
this resolution or the application thereof to any person or circumstance, shall ever be .held
to be invalid or unconstitutional by any court of competent jurisdictiol1, the remainder of
this resolution. and the application of such word, phrase, .clause, sentence, paragraph,
section, or other part of this resolution to any other person or circumstances shall not be
affected thereby.
Section S. The City Council officially finds, determines and declares that a
sufficient written notice of the date, hour, place and subject of each .meeting at w.hich this
resolution was discussed, considered or acted upon was given in the manner required by
the Texas Open Meetings Act, as amended, and that each such meetil1g has been open. to
the public as required by law at all times durillg such discussion, consideration and action.
T.he City Council ratifies, approves and confirms such notices and the contellts and posting
thereof.
Section 6. This resolution shall take effect immediately upon its adopt.ion and
signature.
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PASSED, APPROVED AND ADOPTED ON the L day of
2007.
Councilmembers Votillg Aye:
Councilmembers Voting No:
Councilmembers Absent
~ Signed:
Recommende:~ret Ilur
City Manager
Approved as to legal form: ~ ? ~
City Attol11.ey