Ordinance No. 7,691960549 -2
ORDINANCE NO. 7691
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BAYTOWN,
v TEXAS, APPROVING AND AUTHORIZING THE EXECUTION OF AN
INTERLOCAL AGREEMENT FOR PARTICIPATION IN A PUBLIC FUNDS
INVESTMENT COOPERATIVE (THE "COOPERATIVE "), DESIGNATING THE
BOARD OF DIRECTORS OF THE COOPERATIVE AS AN AGENCY AND
INSTRUMENTALITY TO SUPERVISE THE COOPERATIVE; APPROVING
INVESTMENT POLICIES OF THE COOPERATIVE; APPOINTING
AUTHORIZED REPRESENTATIVES; DESIGNATING INVESTMENT
OFFICERS; AND PROVIDING FOR THE EFFECTIVE DATE THEREOF.
WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code,
as amended (the "Act "), permits any "local government" to contract with one or more other "local
governments" to perform "governmental functions and services," including investment of public
funds (as such phrases are defined in the Act); and
WHEREAS, the Act authorizes the contracting parties to any interlocal agreement to contract
with agencies of the State of Texas, within the meaning of Chapter 771 of the Government Code;
and
WHEREAS, the Act permits the contracting parties to any interlocal agreement to create an
administrative agency to supervise the performance of such interlocal agreement and to employ
personnel and engage in other administrative activities and provide other administrative services
necessary to execute the terms of such interlocal agreement; and
WHEREAS, the Public Funds Investment Act, Chapter 2256 of the Texas Government Code,
as amended (the "PFIA "), authorizes the entities described in Section 2256.003 of the PFIA to invest
their funds in an eligible public funds investment pool, and the entities intend to become and remain
an eligible public funds investment pool, under the terms and conditions set forth in PFIA; and
WHEREAS, the City of Baytown (the "Government Entity") desires to enter into that certain
Interlocal Agreement (the "Agreement "), a copy of which is attached as Exhibit "A" and is
incorporated herein by reference, and to become a participant in a public funds investment pool
created thereunder and under PFIA, to be known as Local Government Investment Cooperative (the
"Cooperative "); and
WHEREAS, the Government Entity is a government entity as defined in the Agreement; and
WHEREAS, the Government Entity desires to cause administration of the Cooperative to be
performed by a board of directors (the "Board "), which shall be an administrative agency created
under the Interlocal Act; and
WHEREAS, the Government Entity desires to designate the Board as its agency and
960509 -2A
instrumentality with authority to supervise performance of the Agreement, employ personnel and
engage in other administrative activities and provide other administrative services necessary to
execute the terms of the Agreement; and
WHEREAS, each capitalized term used in this Ordinance and not otherwise defined has the
same meaning assigned to it in the Agreement; NOW THEREFORE
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BAYTOWN, TEXAS:
Section 1: The Agreement is hereby approved and adopted and, upon execution thereof
by an Authorized Representative (defined below) and receipt of the Government Entity's application
to join the Cooperative by the Administrator, the Government Entity shall become a Participant in
the Cooperative for the purpose of investing its available funds therein from time to time in
accordance with its terms.
Section 2: The Board is hereby designated as an agency and instrumentality of the
Government Entity, and the Board shall have the authority to supervise performance of the
Agreement and the Cooperative, employ personnel and engage in other administrative activities and
provide other administrative services necessary to execute the terms of the Agreement.
Section 3: The investment policies of the Cooperative, as set forth in the document
entitled Investment Policies, as summarized in the information Statement, and as may be amended
from time to time by the Board, are hereby adopted as investment policies of the Government Entity
with respect to money invested in the Cooperative, and any existing investment policies of the
Government Entity in conflict therewith shall not apply to investments in the Cooperative.
Section 4: The following officers, officials or employees of the Government Entity are
hereby designated as "Authorized Representatives" within the meaning of the Agreement, with full
power and authority to: execute the Agreement, an application to join the Cooperative and any other
documents required to become a Participant; deposit money to and withdraw money from the
Government Entity's Cooperative account from time to time in accordance with the Agreement and
the Information Statement; and take all other actions deemed necessary or appropriate for the
investment of funds of the Government Entity. The Authorized Representatives for the City of
Baytown are Monte Mercer, Finance Director; Mike Daws, Treasurer; and Donna Sams, Controller.
In accordance with Cooperative procedures, an Authorized Representative shall promptly notify the
Cooperative in writing of any changes in who is serving as Authorized Representatives.
Section 5: In addition to the foregoing Authorized Representatives, each Investment
Officer of the Cooperative appointed by the Board from time to time is hereby designated as an
investment officer of the Government Entity and, as such, shall have responsibility for investing the
share of Cooperative assets representing funds of the Government Entity. Each depository and
custodian appointed by the Board from time to time are hereby designated as a depository and
custodian of the Government Entity for purposes of holding the share of Cooperative assets
representing funds of the Government Entity.
Section 6: This ordinance shall take effect immediately from and after its passage by the City
Council of the City of Baytown.
2
960509 -2b
Section 6: This ordinance shall take effect immediately from and after its passage by the City
Council of the City of Baytown. 0
INTRODUCED, READ and PASSED, by the affirmative-vote of-the City Council of the City
of Baytown this the 9th day of May, 1996.
PETE C. ALFARO, Mayor
ATTEST:
EILEEN P.HALL, City Clerk
APPROVED AS TO FORM:
ACIO RAMIREZ, SR., Ci orney
cAcounci1lmectings1may11ogic.9
•
Interlocal Agreement
THIS =RLOCAL AGREEMENT (together with any amrndmcuts and supplemcuts, referred
to as this 'Agreement') dated as of April 4, 1994 is made and entered into by and among etch of those government
entities initially executing this Agreement and any other government entity that is eligible and becomes a party
hereto (collectively, the 'Participants').
WHEREAS, the Interlocal Cooperation Art, Chapter 791 of the Texas Government Code, as
amended (the "Interiocal Act'), permits any ' local government" to contact with one or mom other 'local
governmeats' to perform 'governmental functions and services,' including investment of public funds (as such
phrases are defined in the Act);
WHEREAS, the Interlocal Act authorizes the contracting parties to any interlocal agreement to
contract with agencies of the State of Texas, within the meaning of Chapter 771 of the Government Code;
MIEREAS, the Interlocal Art permits the contracting parties to any inierlocal agreement to cmato
am administrative agency to supervise the performance of such interiocal agrnemeul and to employ personnel and
engage in other administrative activities and provide other administmtivo services necessary to execute the terms
of such interlocal agreement;
WHEREAS, the Public Funds Investment Act, Chapter 2256 of the Texas Government Code, as
amended (the 'PFIA') authorizes the entities described in Subsactiea -Fa} of the PFIA to invest their funds in an
eligible public funds investment pool; S.c);cn �1SL.i)r1�
WHEREAS, each of the Participants qualifies as a government entity under this Agreement;
WHEREAS, the Participants desire to establish and maintain a public funds investment pool for
the purpose of pooling their local funds for joint investment in accordance with the Interlocal Act and PF A and
the terms hereof and providing assistance to each other on investment alternatives and on other issues of coat ern
to the Participants;
WHERE S, the Participants desire that the public funds investment pool be entitled Local
Govcnime +t Investment Cooperative (the 'Cooperative") and the Cooperative be managed and operated by a board
of directors, which shall be an ariminictrntive agency created under the Interlocal Act;
WHEREAS, each of the Participants has duly taken all official action necessary and appropriaia
to become a party to this Agreement, including the adoption of it resolution;
NOW, TFIEREFORF, in consideration of the premises and the mutual covenants sad agreements
o mtainod herein, the Participants mutrtaliy agree as follows:
ARTICLE I
Definitions and Rules of Construction
Section 1.01. Deitnitions. Except as otherwise provided in this Agreement, the capitalized terms
used herein shall have the following meanings ualcss the context otherwise requiirs:
Account - any account established by a Participant.
-1-
Interlocal Agreement
EXHIBIT A
Additional Party Agreement - a document substantially in the form attached hcrrto as an
Appendix which, when attached to a copy of this Agreemncnt and executed by an Authorized Representative of a
• Government Entity, constitutes a valid and binding counterpart of this Agreement and results in the Government
Entity becoming a party to this Agreement.
•
Administrator - The Trust Company of Texas, or any other person, fum or organization approved
by the Board and under contract to provide administrative &ssi A.+ce in connection with the management and
operation of the Cooperative,
Adviser - The registered investment advisor or advises selected by or at the direction of the Board
to provide advice regarding investment of Cooperative assets pursuant to this Agreement and subject to applicable
law.
Authorized Investments - those investments which am authorized from time to time to be
purchased, sold and invested in undo PFIA or other applicable law and further defined in the Investment Policies.
Authorized Representative - an individual authorized to execute documents and take other
wry actioas, Pursuant to this Agreement, on behalf of a Government Entity or other person, firm or
organization, as evidenced by a duly adopted resolution or bylaw of the governing body'of such Government Entity
or other person, firm or organization, a certified copy of which is on file with the Administrator. In the case of
a Government Entity that is a combination of political subdivisions under the Act, the Authorized Representatives
of any administrative agency appointed by such combination of political subdivisions shall be deemed to be
Authorized Representatives for such Government Entities.
Board - the governing body of the Cooperative, known as The Board of Directors of Local
Government Investment Cooperative.
Bylaws - with rmT'c t to the initial Participants, the proposed bylaws of the Board presented to
them, and after creation of the Board, its bylaws, as the same may be amended from time to time, subject to tho
requir=cnts of this Agreement.
Cooperative - the public funds investment cooperative created pursuant to this Agreement_
Custodian - the person selected by or at the direction of the Board to have custody of all money,
investments and other assets of the Cooperative pursuant to this Agreement and subject to applicable law.
General Manager - Southwest Securities Group, Inc., or any other person, firm or organization
which has contracted with the Board to provide general managco=t services to the Board.
Governzueit Entity - a local government of the State of Texas, as defined in the Interiocal Act
or a state agency, as defined in Section '771.002 of the Government Code, including but not limited to an
incorporated city or town, a county, a public school district, a district or authority created under art. III,
Section 52(b)(1) or (2) of the Texas Constitution, or art XVI, Section 59 of the Texas Constitution, an institution
of higher education as defined by Section 61.003 of the Education Code, a hospital district, or a fresh water supply
district.
Information Statement - the information statement or any other document distributed to
Participants and potential Participants to provide them with a description of the management and operation of the
Cooperative, as the same may be amended from time to time, subject to the requirements of this Agreement.
-2-
Interlocal Agreement
Inter-local Act - the Interlocal Cooperation Act, Chapter 791 of the Texas Goven n eset Code, as
the same may be amended from time to time.
rInvestment Officer - one or more officers or employees of the Board designated as investment
offiocre by the Board.
•
Investment Policies - the written Investment Policies adopted and approved by the Board
governing investment and management of Cooperative assets of different Portfolios, as the same may be amended
from Limo to time, subject to the requir= —*its of this Agreement.
"Marketing Representative" - Broker Transaction Services, Inc. or any other person, firm or
organization authorized by the Board to promote the Cooperative.
Participants - the Government Entities that am the initial parties to this Agreement and the
Government Entities which subsequently become parties to this Agreement -
PFTA - the Public Funds Investment Act, Chapter 2256, Texan Government Code, as the Same
may be amended from time to time.
Portfolio - a portfolio of assets in the Cooperative which art held separate from other assets of
the Cooperative and which are invested with a defined investment objective which may be different from other
Portfolios in the Cooperative, and in which a Participant may elect to invest its funds.
State - the Start of Teresa.
Units - equal proportionate units of undivided beneficial intcrrst in the assets of the Cooperative
or of any Portfolio of the Cooperative from time to time, including fractions of units as well as whole units.
Section 1.02 General Rifles of Construction-
(a) Whenever in this Agreement the context requires: (1) a reference to the singular number
shill include the plural and vice versa; and (2) a word denoting gender shall be construed
to include the m_____cr, ...�I:ne, feminine, and neuter.
(b) 'Ile titles given to any article or section of this Agreement art for convenience only and
art not intended to modify the article or section.
ARTICLE II
Creation of the Cooperative; Purpose and Objective
Section 2.01. Creation of the Board.
(a) The initial Participants herrby agree to jointly invest their funds in a public funds
investment pool, to be known as Local Government Investment Cooperative (the
'Cooperative') and to crrxtc and establish a board of directors of the Cooperative (the
'Board'), as an administrative agency pursuant to the lnterlocal Act, to supervise the
Cooperative.
-3-
Iatubcal Agreement
•
(b) The Participants delegate to the Cooperative through its Board, the authority to hold legal
title to and manage all money, investments and other assets transferred to or acquired by
the Cooperative pursuant to the Interlocal Act and this Agreement.
(c) As an agency and instrumentality of the Participants, the Board shall have the authority
to employ personnel, engage in other admin+d�?ive activities and provide other
administrative scrvicrs necessary to accomplish the purpose of this Agrwm=L
Section 2.02. Purpose and Objective-
(a) The first purpose of the Cooperative is to provide Government Entities with a variety of
investment vehicles to best suit their investment needs, with each Portfolio tailored to
meet a specific investment need.
.(b) The second purpose of the Cooperative is to provide Government Entities with a forum
for discussion of, and to provide education concerning, investments and other issues of
concem in public finance. In all cases, however, the Cooperative will have the following
investment objectives in order of priority: safety of principal; liquidity in accordance
with the operating requirements of the Participants; and the highest rate of return_
(c) In order to accomplish the Cooperative's objective, each Participant agrees that the
money transferred to a Portfolio within the Cooperative will be commingled with other
money transfermd to the Portfolio by other Participants for the purpose of making
Authorized Investments, subject to the terms of this Agreement, the Investment Policies
and applicable law, thereby taking advantage of investment opportunities and cost benefits
available to larger investors.
i 11 s�_ 111
Cooperative Adminisiralion
Section 3.01. The Board and the Bylaws
(a) The business and affairs of the Cooperative shall be managed by the Board as governing
body of the Cooperative.
(b) The Board is authorized to adopt Bylaws which shall set forth, among other things, the
initial Board members, the procedures governing the selection of the members of the
Board, the procedure for holding meetings, the election of officers, and other nsatters
nary or desirable for governance by the Board, and the right of the Board, the
General Manager, and other consultants to be indemaifiod for damages arising from their
actions in connection with the Cooperative. By executing this Agreement, the Participant
consents to the Bylaws. By maintaining funds in the Cooperative after any amrmdment
to the Bylaws becomes effective, the Participant conscntt to the Bylaws, as amended.
The Baud has the right to amend any tam or provision of the Bylaws, provided that
notice is sent to each Participant at least 30 days prior to the cffcctive date of any charge
which, in the opinion of the Board, is it material change to the Bylaws.
-d-
Iatertoeal Agreement
•
Section 3.02. Powers and Duties of the Board.
(a) Subject to applicable law and the terms of this Agreement, the Board &ball have full and
complete power to take all actions, do all things and execute all instruments as it deems
necessary or desirable in order to carry out, promote or advance the investment objective,
interests and purposes of the Cooperative to the same extent as if the Board was the sole
and absolute owner of the Cooperative.
(b) The Board shall adopt and maintain Investment Policies, consistent with the general
objective of the Cooperative, which &ball provide more detailed guidelines for investment
and mamagemeat of Cooperative assets. By executing this Agreement, the initial
Participants consent to the proposed Investment Policies, and the subsequent Participants
consent to the Investment Policies then in effect. By maintaining funds in the
Cooperative after any amendment to the Investment Politics becomes effective, the
Participant has consented to the Investment Policies, as amended. The Board =hall,
subject to the terms of this Agreement, have the authority to amend any term or provision
of the Investment Policies, provided that notice is cent to each Participant at least 30 days
prior to the effective date of any change which, in the opinion of the Board, will have
a material effect on such Participant's investment in the Cooperative.
(c) The Board shall adopt and maintain Operating Procedures, which shall provide more
detailed information on the procedures for depositing and withdrawing funds from the
Cooperative. By executing this Agreement, the initial Participants consent to the
proposed Operating Procedures, and the subsequent Participants consent to the Operating
Procedures then in effect By maintaining fiends in the Cooperative after any amendment
to the Operating Procedures becomes effective, the Participant has consented to the
Operating Procedures, as amended. The Board shall, subject to the terms of this
Agreement, have the authority to amend any term or provision of the Operating
Procedures provided that notice is sent to each Participant at least 30 days prior to the
effective date of any change which, in the opinion of the Board, will have a mai=ml
effect on such Participant's investment in the Cooperative.
(d) The Board shall designate one or morn investment Officers for the Cooperative who shall
be responsible for the investment of Cooperative assets, provided that no person who is
an officer or employee of a regional planning commiccion. council of governments or
similar regional planning agency created pures=t to Chapter 391 of the Government
Entity Cade of the State shall be eligible to serve as an Investment Officer.
(c) The Board shall prepare, or direct the preparation of an Information Statement that
describes how the Cooperative will operate in accordance with the terrors of this
Agreement and the Investment Policies. Subject to the terms of this Agreement and the
Investment Policies, the Information Statement may be amended or supplemented, notice
of which will be provided to Participants in accordance with the disclosure requirements
of PRA.
(f) The Board shall, subject to the limitations established in the Investment Policies, have full
and complete power and authority to appoint a general manager and any other service
providers deemed noccssary or helpful in the operation of the Cooperative.
-5-
Imarlocal Agreement
•
(g) Toe Board shall provide, through peer review, sr_min=, computer mil systems, or other
ant, information and educational opportunities to Participants on investing and on other
issues in the area of public finance.
(b) The Board shall have full and complete power to use, or direct the use of, Cooperative
assets for the following purposes: (1) incur and pay any expenses which, in its opinion,
are necessary or incidental to or proper for carrying out any of the purposes of this
Agreement; (Z) reimburse others for the payment U=eof, (3) pay aPProP
compea,sation or fees to persons with whom the Cooperative has contacted or transacted
business; and (4) chargo a Participant's Account for any special fees or expenses related
specifically to transactions in such Account.
(i) The Board shall have full power to compromise, arbitrate, or otherwise adjust claims in
favor of or against the Cooperative.
�} The Board shall cause financial statements to be prepared and maintained for the
Cooperative and for such statements to be audited annually by an independent certified
public accounting firm.
(k) The Board may appoint a General Manager to perform managerial services for the
Cooperative, provided that the Board &ball continue to oversee the operation and
management of the Cooperative and shall have the authority to direct the General
Manager to take or not take specific action on behalf of the Cooperative.
(I) The enumeration of any specific power or authority herein shall not be construed as
limiting the general power and authority of the Board over the Cooperative.
Section 3.Q3. Liability.
(a) Neither the Board, the Investment Officers, nor any officers, employees or board
members of any of the forgoing shall be held liable for any action or omission to act on
behalf of the Cooperativo or the Participants unless caused by sorb person's willful
misconduct. The Cooperative shall indemnify and hold harmless (either directly or
through insurance) any person referred to in this Section, to the extent permitted by law,
for any and all litigation, claims or other proceedings, including but not limited to
reasonable attorney fns, costs, judgments, seulemcat payments and peaalties arising out
of the management and operation of the Cooperative, unless the litigation, claim or other
proceeding resulted from the willful misconduct of such person.
(b) Neither the General Manager, the Marketing Reprzsrntative, the Administrator, the
Adviser, the Subadviser, the Custodian, nor their affiliates, officers, employees or board
members shall be held liable for any action or omission to act on behalf of the
Cooperative or the Participants unless such person failed to meet the standard of cam
required under its agreement relating to the Cooperz<tivo or acted with willful misconduct.
Tao Cooperative shall indemnify and hold harmless (either directly or through insurance)
any person referred to in this Section, to the extent permitted by law, for any and all
Litigation, claims or other proceedings, including but not liinited to reasonable attorney
foes, costs, judgments, settlement payments and penalties arising out of the management
and operation of the Cooperative, unless the litigation, claim, or other proceeding is
adjudicated to have resulted from such person's Wurrr to most the standard of care
required under its agreement relating to the Cooperative or its willfirl misconduct.
Iniwlocal Agreement
(c) The indemnification provisions are described in more detail in the Bylaws.
ARTICLE ry
Participation in the Cooperative
Section 4.01. Eligibility. In order for a Government Entity to become a Participant and transfer
money into the Cooperative, each of the following conditions must be satisfied:
(a) The Government Entity must adopt a resolution (1) authorizing it to become a Participant
and approving this Agrumcnt, (2) establishing the Board as an agency and
instrumentality of the Participant to supervise the Cooperative, (3) approving the
investment policies of the Cooperative (as amended from time to time by the Board) and
directing that any conflicting local investment policies &hall not apply to Cooperative
investments of the Participant, (4) designating Authorized Representatives of the
Participant, (5) designating the Investment Officers appointed from time to time by the
Board as the Participant's invcssimcnt officers who shall be responsiblo for investing tbo
share of Cooperative assets representing local funds of the Participant, sad (6)
designating the depository and custodian appointed from Lime to time by the Board as the
Government Entity's depositary and custodian for purposes of holding the share of
Cooperative assets representing funds of the Government Entity; and
(b) The Government Entity must become a party to this Agreement by executing an
Additional Party Agreement and delivering the same to the Cooperative, together with
a certified copy of the resolution referred to in subsection (a) of this Section, an
application in form and substance satisfactory to the Board, and such other information
as may be required by the Board.
(c) No entity except a Government Entity may be a Participant. The Board sball have sole
discretion to determine whether a Government Entity is eligible under Texas law to be
a Participant and to designate categories of Government Entities eligible to be Participants
in any Portfolio of the Cooperative.
Section 4.02. Participant Accounts.
(a) While available local funds of Participants may be commingled for purposes of common
investment and operational efficiency, one or more separate Accounts for each Participant
in each Portfolio in the Cooperative designated by the Participant will be established in
accordance with the Participant's application to join the Cooperative and maintained by
the Cooperative.
(b) Each Participant shall own an undivided beneficial interest in the assets in the Portfolios
in which it invests, calculated as described in the Investment Policies.
(e) The Participant agrom that all Cooperative foes shall be dirocdy' and automatically
assessed and charged against the Participant's Account. The basic cervices fee shall be
calculated as a reduction in the daily income earned and only the net income shall be
credited to the Participant's Account. Fees for special services shall be charged to each
Participant's Account as they are incurred or performed. Use of Cooperative assess for
fees &hall be trade from current revenues available to the Participant_
Intnrlocal Agreement
-7-
•
Section 4.03. Reports. The Cooperative shall submit a written report a least once per month
to each Participant. Such report will indicate: (1) the balan— in each Account of a Participant as of the date of such
report, (2) yield information, (3) all account activity since the previous report, and (4) other information rnquircd
by PFIA.
See ion 4.04. Termination.
(a) A Participant may withdraw all funds from an Account in accordance with the Investment
Policies and Operating Procedures. A Participant may cease to be a Participant under
this Agreement, with or without cause, by providing written notice to the Cooperative at
least 10 days prior to such termination.
(b) The Board may terminate a Participant's participation in this Agreement upon at least 30
days notices if Texas law changes so that such Participant is no longer entitled to join in
an eligible public funds investment pool under PFIA, the Interiocal Act, or other
applicable law.
(c) Upon the vote of a majority of its full membership, the Hoard may order the termination
of this Agreement by directing that all outstanding operating expenses of the Cooperative
be paid and remaining assets of the Coop=tive be distributed to Participants in
accordance with their respective pro rata interests.
ARTICLE V
Cooperative Assets
Sect iun 5.01. Cooperative Investments. Cooperative assets shall be invested and reinvested by .
the Cooperative only in Authorizod Investments in accordance with the Investment Policies.
Section 5.02. Custody. All money, investmeats and assets of the Cooperative shall be held in
the possession of the Custodian.
ARTICLE VI
Section 6.01. Severability.
(a) If any provision of this Agreement shall be held or deemed to be illegal, inoperative or
uamforceable, the came shall not affect any other previsions contained herein or render
the same invalid, inoperative or unenforceable to any extent whatsoever.
(b) Any participation in this Agreement or transfer of assets to the Cooperative that is not
qualified for any mason shall not terminate this Agreement or the participation of other
Participants or otherwise adversely affect the Cooperative.
Section 6.02. Limitation of Rights. This Agreement does not create any right, title or interest
for any Parson, other than the Participants aad any person who has a contract to provide services to the Cooperative,
and nothing in or to be implied from this Agreement is intended or shall be construod to give any other person any
legal or equitable right, remedy or claim under this Agreement.
_g.
Interiocal Agreement
•
Section 6.03. Execution of Counterparts. This Agrcement may be executed in several separate
counterparts, including by Additional Party Agreement, each of which shall be an original and all of which shall
constitute one and tie same tncuum=L
Section 6.04. Applicable Law. This Agreement shall be governed by and construed in
accoridaace with the laws of the State.
Sec ion 6.05. Term. This Agreement &hall have an initial term beginning with the effective date
set forth below and ending March 31, 1995 and shall be automatically renewed for one year on'rurh date cad each
anniversary of such date, except with respect to any Government Entity that may have termi,naud itself as a
Participant or as otherwise provided in Section 4.05.
Section 6.06. Notim. Any notices or other information roquirnd or permitted to be given
hereunder ahall bo seat: (a) to the Cooperative as set forth in the Information Statement, and (b) to a Participant
as set forth in its application to become a Participant or as otherwise provided by written notice to the
Administrator.
Sermon 6.07. Entire Agreement; Amendments. This Agreement rrpresmts the entire agreement
and undcrstaading of the Participants. This Agreement may be amended with the approval of a majority of the full
membership of the Board, provided that notice of any such amendment is scat to all Participants at least 60 days
prior to the effective date thereof.
IN WITNESS WHEREOF the initial parties hereto have caused this Agreement to be executed.
ort Bend County
Name of Government Entity
By: Isl Katby Hvnson
Authorized Representative
Kathy Hypson, Coun
Printed Name and Title
21 of Wichita Talls. Texas
Name of Govcmmcat Entity
By: _t §t Jim $erzina
Authorized Reprrs=Wive
Jiro Bernina, City Manager
Printed Name and Title ^ —ww
-9-
Interlocal Agreement
Additional Party Agreement
The Government Entity of the State of Texas named below, acting by and through
the undersigned Authorized Representative, hereby agr= to become a party to that certain
Intcrlocal Agreement to which this page is attached, and thereby become a Participant in the
Local Government Investment Cooperative, .subject to all of the terms and provisions of such
Agreement. The undersigned hereby represents that it is a Government Entity as defined in such
Agreement.
Executed this day of 19_.
Name of Government Entity
By:
Authorized Representative
Printed Name and Title
ACCEPTED:
Local Government Investment Cooperative
LOGIC Administrator
Printed Name and Title
0 -to-
Lw ritual A" mew