R2022-131 2022-06-13 RESOLUTION NO. R2022-131
A Resolution of the City Council of the City of Pearland, Texas,
approving and authorizing execution of a Participation Agreement and
Trust Instrument for participation in a public funds investment pool,
designating the board of trustees of the pool as an agency and
instrumentality to supervise the pool, approving investment policies of
the pool, appointing authorized representatives and designating
investment officers.
WHEREAS, the Interlocal Cooperation Act, Chapter 791 of the Texas Government Code, as
amended (the "Interlocal 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 Interlocal 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,
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;
WHEREAS, the Public Funds Investment Act, Chapter 2256 of the Texas Government Code,
as amended (the "PFIA"), authorizes the entities described in Subsection (a) of the PFIA to invest
their funds in an eligible public funds investment pool, and the Local Government Investment
Cooperative (LOGIC) intends to become and remain an eligible public funds investment pool, under
the terms and conditions set forth in PFIA;
WHEREAS, City of Pearland (the "Government Entity") desires to enter into that certain
Participation Agreement and Trust Instrument (the "Agreement"), a copy of which is presented with
this Resolution and is incorporated herein by reference, and to become a participant in a public funds
investment pool created under the PFIA, to be known as Local Government Investment Cooperative
(LOGIC) (the "Pool");
WHEREAS, the Government Entity is a Government Entity as defined in the Agreement;
WHEREAS, the Government Entity desires to cause administration of the Pool to be
RESOLUTION NO. R2022-131
performed by a board of trustees (the "Board"), which shall be an advisory board under the PFIA, an
administrative agency created under the Interlocal Act, and trustee of the funds in the Pool; and
WHEREAS, the Government Entity desires to designate the Board as its agency and
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;
WHEREAS, each capitalized term used in this Resolution and not otherwise defined has the
same meaning assigned to it in the Agreement; now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND CITY, TEXAS:
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 Pool by the Administrator, the Government Entity shall become a Participant in the Pool for the
purpose of investing its available funds in the Pool from time to time in accordance with the terms of
the Agreement.
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
Pool, employ personnel and engage in other administrative activities and provide other
administrative services necessary to execute the terms of the Agreement. The Government Entity
agrees that all moneys it transfers to the Pool shall be held and managed in trust by the Board for the
benefit of the Government Entity.
3. The investment policies of the Pool, 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 Pool, and any existing investment policies of the Government Entity in conflict
therewith shall not apply to investments in the Pool.
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 Pool and any other documents required
to become a Participant; deposit money to and withdraw money from the Government Entity's Pool
account from time to time in accordance with the Agreement and the Information Statement; to agree
to the terms for use of the website for online transactions and take all other actions deemed
necessary or appropriate for the investment of funds of the Government Entity:
1.Name: _ ) Johnson Title: Chief Financial Officer
Signatur
Phone: 281-652-1650
Email: ajohnson@pearlandtx.gov
2.Name: Kristen ey Title: Deputy Director of Finance
50909011.1
2
RESOLUTION NO. R2022431
signature: // ~,--- Phone:
281-652'1698
� / ` - _ .~ �
kvxunUey��peor|andtxgov
Email: kwoolley@pearlandtx.gov
3.Nonno: _
Sho einaJagrup Title:—Treasury Manager
`
281-052-1601
Signature: Phone: _
'aQrup��pmadandtxgov
Enn�U�_'y .~ �
4.marno: Title:—
Signature: Phone:
Email:
|n accordance with the Pool's procedures, an Authorized Representative shall promptly notify
� the Pool in writing of any changes in who is serving as Authorized Representatives.
List the name of the Authorized Representative listed above that will be designated as
��e Primary Contact and will receive all LOGIC correspondence including transaction
confirmations and monthly statements
Name: ShamnairaJaQrup
8. Taxpayer Identification Number, Applicant's
�� taxpayer identification 74
omtionnumberis -8028900
7.
Contact Information
.
Applicant primary mailing address:
351Q Liberty Drive, Peadmnd` Texas 77581
Applicant physical address (if differenU:
Applicant main phone number:
281'052-1001
Applicants main fax number:
In addition to the foregoing Authorized Representatives, each Investment Officer of the Pool
appointed by the Board from time to time is hereby designated as an investment officer of the
| Government and, as such, shall have responsibility for investing the shore of Pool assets
U' funds of Government Entity. Each depository and custodian appointed by the Board
representing u �
from time ime--� `y hereby designated as-o depository and custodian of the Government Entity for
| -
purposes holding)oo|��|ng the assets representing funds nf the GovernrnentEntity.
�
moom1/ /
RESOLUTION NO. R2022-131
PASSED, APPROVED, AND ADOPTED this 13th day of June, A.D., 2022.
J EVIN COL
AYO R
ATTES
K./
L SLI CRITTEN EN �-� •
CITY SECRETARY 18: `� ,
APPROVED AS TO FORM: •
DARRIN M. COKER
CITY ATTORNEY
50909011.1
4
LOGIC
Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
THIS PARTICIPATION AGREEMENT AND TRUST INSTRUMENT (together with
any amendments and supplements, referred to as this "Agreement") is made and entered into by and
among each 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 Public Funds Investment Act, Chapter 2256 of the Texas Government
Code, as amended (the "PFIA") authorizes the entities described in the PFIA to invest their funds in an
eligible public funds investment pool;
WHEREAS, each of the Participants qualifies as an entity described in the PFIA;
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 PFIA and the
terms hereof and providing assistance to each other on investment alternatives and on other issues of
concern to the Participants;
WHEREAS, the Participants desire that the public funds investment pool be entitled
Local Government Investment Cooperative (LOGIC) and that it be managed and operated by a board of
trustees, which shall be an advisory board under the PFIA;
WHEREAS, each of the Participants has duly taken all official action necessary and
appropriate to become a party to this Agreement, including the adoption of a rule, order, ordinance, or
resolution, as appropriate;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein, each Participant agrees that all moneys it transfers to LOGIC on or after the
effective date hereof shall be held and managed in trust by the board of trustees for the benefit of the
Participant, and the Participants mutually agree as follows:
ARTICLE I
Definitions and Rules of Construction
Section 1.01. Definitions. Except as otherwise provided in this Agreement, the
capitalized terms used herein shall have the following meanings unless the context otherwise requires:
Account - any account established by a Participant.
Additional Party Agreement - a document substantially in the form attached hereto as
an Appendix which, when attached to a copy of this Agreement 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 - Any person, firm or organization approved by the Board and under
contract to provide administrative assistance in connection with the management and operation of the
Pool.
50970222.1
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
Advisor - The registered investment advisor or advisors selected by or at the direction of
the Board to provide advice regarding investment of Pool assets pursuant to this Agreement and subject to
applicable law.
Authorized Investments - those investments which are authorized from time to time to
be purchased, sold and invested in under PFIA or other applicable law and further defined in the
Investment Policies.
Authorized Representative - an individual authorized to execute documents and take
other necessary actions, 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 Pool, known as The Board of Trustees of Local
Government Investment Cooperative.
Bylaws - the bylaws adopted by the Board, as the same may be amended from time to
time, subject to the requirements of this Agreement.
Custodian - any person, firm or organization selected by or at the direction of the Board
to have custody of all money, investments and other assets of the Pool pursuant to this Agreement and
subject to applicable law.
General Manager - any person, firm or organization which has contracted with the
Board to provide general management services to the Board.
Government Entity - a local government of the State of Texas, as defined in the PFIA, a
state agency, as defined in the PFIA, and a nonprofit corporation acting on behalf of a local government
or a state agency, 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 Pool, as the same may be amended from time to time, subject to the requirements of this
Agreement.
Interlocal Act - the Interlocal Cooperation Act, Chapter 791 of the Texas Government
Code, as the same may be amended from time to time.
Investment Officer - one or more officers or employees of the Board designated as
investment officers by the Board.
Investment Policies - the written Investment Policies adopted and approved by the Board
governing investment and management of Pool assets of different Portfolios, as the same may be
amended from time to time, subject to the requirements of this Agreement.
Marketing Representative - any person, firm or organization authorized by the Board to
promote the Pool.
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
Participants - the Government Entities that are the initial parties to this Agreement and
the Government Entities which subsequently become parties to this Agreement.
PFIA - the Public Funds Investment Act, Chapter 2256, Texas Government Code, as the
same may be amended from time to time.
Pool - the public funds investment pool and trust created pursuant to this Agreement.
Portfolio - a portfolio of assets in the Pool which are held separate from other assets of
the Pool and which are invested with a defined investment objective which may be different from other
Portfolios in the Pool, and in which a Participant may elect to invest its funds.
State - the State of Texas.
Units - equal proportionate units of undivided beneficial interest in the assets of the Pool
or of any Portfolio of the Pool from time to time, including fractions of units as well as whole units.
Section 1.02. General Rules of Construction.
(a) Whenever in this Agreement the context requires: (1) a reference to the singular
number shall include the plural and vice versa; and (2) a word denoting gender
shall be construed to include the masculine, feminine, and neuter.
(b) The titles given to any article or section of this Agreement are for convenience
only and are not intended to modify the article or section.
ARTICLE II
Creation of the Pool and Trust; Purpose and Objective
Section 2.01. Creation of the Board.
(a) The Participants hereby agree to jointly invest their funds in a public funds
investment pool and trust, to be known as Local Government Investment
Cooperative (the "Pool") and to create and establish a board of trustees of the
Pool (the "Board"), as an advisory board pursuant to the PFIA, an administrative
agency pursuant to the Interlocal Act, and as trustee of the funds in the Pool.
(b) The Participants delegate to the Pool through its Board, the authority to hold
legal title to and manage all money, investments and other assets transferred to or
acquired by the Pool pursuant to this Agreement as Pool assets.
(c) The Board shall have the authority to employ personnel, engage in other
administrative activities and provide other administrative services necessary to
accomplish the purpose of this Agreement.
Section 2.02. Purpose and Objective.
(a) The first purpose of the Pool 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.
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
(b) The second purpose of the Pool is to provide Government Entities with a forum
for discussion of, and to provide education concerning, investments and other
issues of concern in public finance. In all cases, however, the Pool 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 Pool's objective, each Participant agrees that the
money transferred to a Portfolio within the Pool will be commingled with other
money transferred 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.
ARTICLE III
Pool Administration
Section 3.01. The Board and the Bylaws
(a) The business and affairs of the Pool shall be managed by the Board as governing
body of the Pool.
(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 matters necessary or desirable for governance by the Board,
and the right of the Board, the General Manager, and other consultants to be
indemnified for damages arising from their actions in connection with the Pool.
By executing this Agreement, the Participant consents to the Bylaws. By
maintaining funds in the Pool after any amendment to the Bylaws becomes
effective, the Participant consents to the Bylaws, as amended. The Board has the
right to amend any term or provision of the Bylaws, 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, is a material change to the Bylaws.
Section 3.02. Powers and Duties of the Board.
(a) Subject to applicable law and the terms of this Agreement, the Board shall 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 Pool to the same
extent as if the Board was the sole and absolute owner of the Pool.
(b) The Board shall adopt and maintain Investment Policies, consistent with the
general objective of the Pool, which shall provide more detailed guidelines for
investment and management of Pool 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 Pool after any amendment to the Investment Policies
becomes effective, the Participant has consented to the Investment Policies, as
amended. The Board shall, subject to the terms of this Agreement, have the
authority to amend any term or provision of the Investment Policies, provided
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
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 material effect on
such Participant's investment in the Pool.
(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 Pool. 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 funds in the
Pool 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 material effect on such Participant's investment
in the Pool.
(d) The Board shall designate one or more Investment Officers for the Pool who
shall be responsible for the investment of Pool assets.
(e) The Board shall prepare, or direct the preparation of an Information Statement
that describes how the Pool will operate in accordance with the terms 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 the PFIA.
(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 necessary or helpful in the operation of the Pool.
(g)
The Board shall provide, through peer review, seminars, computer mail systems,
or other means, information and educational opportunities to Participants on
investing and on other issues in the area of public finance.
(h) The Board shall have full and complete power to use, or direct the use of, Pool
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; (2) reimburse others for the payment thereof; (3) pay
appropriate compensation or fees to persons with whom the Pool has contracted
or transacted business; and (4) charge a Participant's Account for any special fees
or expenses related specifically to transactions in such Account.
(i)
(j)
The Board shall have full power to compromise, arbitrate, or otherwise adjust
claims in favor of or against the Pool.
The Board shall cause financial statements to be prepared and maintained for the
Pool 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 Pool, provided that the Board shall continue to oversee the operation and
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
management of the Pool and shall have the authority to direct the General
Manager to take or not take specific action on behalf of the Pool.
(1) 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 Pool.
(m)
The Board shall act in good faith in accordance with the purposes of the Pool.
Section 3.03. 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 Pool or the Participants unless caused by such person's
willful misconduct or unless constituting a breach of trust for which a trustee
may not be relieved of liability under the Texas Trust Code. The Pool 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 fees, costs, judgments, settlement payments and penalties arising out of
the management and operation of the Pool, unless the litigation, claim or other
proceeding resulted from the willful misconduct of such person or a breach of
trust for which a trustee may not be relieved of liability under the Texas Trust
Code.
(b) Neither the General Manager, the Marketing Representative, the Administrator,
the Advisor, the Subadvisor, 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 Pool or the Participants unless such person failed to meet the
standard of care required under its agreement relating to the Pool or acted with
willful misconduct. The Pool 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 fees, costs, judgments, settlement
payments and penalties arising out of the management and operation of the Pool,
unless the litigation, claim, or other proceeding is adjudicated to have resulted
from such person's failure to meet the standard of care required under its
agreement relating to the Pool or its willful misconduct.
(c) The indemnification provisions are described in more detail in the Bylaws.
ARTICLE IV
Participation in LOGIC
Section 4.01. Eligibility. In order for a Government Entity to become a Participant
and transfer money into the Pool, 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 Agreement, (2) acknowledging the Board's power
to supervise the Pool and agreeing that moneys it transfers to the Pool shall be
held and managed in trust by the Board for the Government Entity's benefit, (3)
approving the investment policies of the Pool (as amended from time to time by
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
the Board) and directing that any conflicting local investment policies shall not
apply to Pool 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 investment officers
who shall be responsible for investing the share of Pool assets representing local
funds of the Participant, (6) designating the depository and custodian appointed
from time to time by the Board as the Government Entity's depository and
custodian for purposes of holding the share of Pool assets representing funds of
the Government Entity, and consenting to the terms and conditions specified on
the website in order to use the online transaction system; and
(b) The Government Entity must become a party to this Agreement by executing an
Additional Party Agreement and delivering the same to the Pool, 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 shall
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 Pool.
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 Pool designated by the Participant
will be established in accordance with the Participant's application to join the
Pool and maintained by the Pool.
(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.
(c) The Participant agrees that all Pool fees shall be directly and automatically
assessed and charged against the Participant's Account. The basic services 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 Pool assets for fees shall be made from current revenues available to the
Participant.
Section 4.03. Reports. The Pool shall submit a written report a least once per month
to each Participant. Such report will indicate: (1) the balance 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 required by the PFIA.
Section 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 Pool at least 10 days prior to such termination.
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
(b) The Board may terminate a Participant's participation in this Agreement upon at
least 30 days' notice if Texas law changes so that such Participant is no longer
entitled to join in an eligible public funds investment pool under PFIA, the
Interlocal Act, or other applicable law.
(c)
ARTICLE V
Pool Assets
Upon the vote of a majority of its full membership, the Board may order the
termination of this Agreement by directing that all outstanding operating
expenses of the Pool be paid and remaining assets of the Pool be distributed to
Participants in accordance with their respective pro rata interests.
Section 5.01. Investments. Pool assets shall be invested and reinvested by the Pool
only in Authorized Investments in accordance with the Investment Policies.
Section 5.02. Custody. All money, investments and assets of the Pool shall be held in
the possession of the Custodian.
ARTICLE VI
Miscellaneous
Section 6.01. Severability.
(a) If any provision of this Agreement shall be held or deemed to be illegal,
inoperative or unenforceable, the same shall not affect any other provisions
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 Pool that is not
qualified for any reason shall not terminate this Agreement or the participation of
other Participants or otherwise adversely affect the Pool.
Section 6.02. Limitation of Rights. This Agreement does not create any right, title or
interest for any person other than the Participants and any person who has a contract to provide services to
the Pool, and nothing in or to be implied from this Agreement is intended or shall be construed to give
any other person any legal or equitable right, remedy or claim under this Agreement.
Section 6.03. Execution of Counterparts. This Agreement 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 the same instrument.
Section 6.04. Applicable Law. This Agreement shall be governed by and construed in
accordance with the laws of the State.
Section 6.05. Term. This Agreement shall have an initial term beginning with the
effective date set forth below and shall be automatically renewed for one year on such date and each
anniversary of such date, except with respect to any Government Entity that may have terminated itself as
a Participant or as otherwise provided in Section 4.05.
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
Section 6.06. Notices. Any notices or other information required or permitted to be
given hereunder shall be sent: (a) to the Pool 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.
Section 6.07. Trust. LOGIC shall be a trust organized and existing under the laws of
the State. LOGIC is not intended to be, shall not be deemed to be, and shall not be treated as a general
partnership, limited partnership, joint venture, corporation, investment company, or joint stock company.
The Participants shall be beneficiaries in LOGIC, and their relationship to the Board shall be solely in
their capacity as Participants and beneficiaries in accordance with the rights conferred upon them
hereunder. Nothing in this Agreement shall be construed to make the Participants, either by themselves
or with the trustees, partners, or members of a joint stock association.
Section 6.08. Entire Agreement; Amendments. This Agreement represents the
entire agreement and understanding of the Participants. This Agreement may be amended with the
approval of the Board, provided that notice of any such amendment is sent to all Participants at least 60
days prior to the effective date thereof.
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
Originally executed between Fort Bend County and City of Wichita Falls, Texas as of April 4,
1994, and amended by the Board and effective March 1, 1999 and December 4, 2015. The Board
hereby acknowledges its duties as Trustee upon the effective date hereof.
*
Approved and accepted:
The Board of Directors, Local Government Investment Cooperative
By: /s/
Phil Roberson
President
Date: December 4, 2015
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Local Government Investment Cooperative (LOGIC)
Participation Agreement and Trust Instrument
Additional Party Agreement
The Government Entity of the State of Texas named below, acting by and through
the undersigned Authorized Representative, hereby agrees to become a party to that certain
Participation Agreement and Trust Instrument 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 ,1 /nP-- day of , 20 .
City of Pearland
Name of Government Entity
OFFICIAL SEAL OF APPLICANT
Required Below
By: thorized A `r i
epresentative
Clay Pearson, City Manager
Attest:
Printed Name a d Title
Au
orized Re i tative
Tia Moore, Deputy City Secretary
Printed Name and Title
Approved and accepted:
LOCAL GOVERNMENT INVESTMENT COOPERATIVE {LOGIC}
By: FIRSTSOUTHWEST, A DIVISION OF HILLTOP SECURITIES
Participant Services Administrator
By: Mary Avwv ut-ozio.
Authorized Signer
Date: 7/5/2022