HomeMy WebLinkAbout2024-0918D Resolution Authorizing Extension of Term of Depository Pledge AgreementRESOLUTION NO. 2024-0918D AUTHORIZING EXTENSION
OF TERM OF DEPOSITORY PLEDGE AGREEMENT
THE STATE OF TEXAS
COUNTIES OF DENTON AND TARRANT §
WHEREAS, TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 (the "District")
is a political subdivision of the State of Texas, operating under Chapters 49 and 54, Texas Water
Code, as amended (the "Code");
WHEREAS, Section 49.156 of the Code provides that the board of directors of a water
district, by order or resolution, shall designate one or more banks or savings associations within the
State of Texas to serve as the depository for the funds of the district, and further provides that the
board may authorize a designated representative to supervise the substitution of securities pledged
to secure the district's funds;
WHEREAS, the Board of Directors of the District previously designated Prosperity Bank
(the "Bank") to serve as a depository for the funds of the District, and in connection therewith,
entered into that certain Depository Pledge Agreement effective October 1, 2020 (the "Depository
Pledge Agreement") between the District, the Bank and the Federal Home Loan Bank of Dallas,
Irving, Texas, as custodian of funds pledged collateralize the deposits of the District at the Bank;
WHEREAS, the term of the Depository Pledge Agreement is two years (expiring
September 30, 2024), but may be extended at the discretion of the District for up to an additional
two (2) year term; and
WHEREAS, the Board of Directors of the District desires to extend the tern of the
Depository Pledge Agreement for an additional two (2) year term. NOW, THEREFORE,
IT IS HEREBY RESOLVED BY THE BOARD OF DIRECTORS OF TROPHY
CLUB MUNICIPAL UTILITY DISTRICT NO. 1 THAT:
Section 1: The facts and recitations found in the preamble of this Resolution are
hereby found and declared to be true and correct and are incorporated by reference herein and
expressly made a part hereof, as if copied verbatim.
Section 2. The selection and designation of Prosperity Bank as a depository for the
funds of the District is hereby approved and confirmed.
Section 3. The Board of Directors hereby approves the extension of the term of the
Depository Pledge Agreement for an additional two (2) year term expiring on September 30, 2026.
Section 4. The General Manager is hereby instructed to deliver a copy of this
Resolution to the Bank and is authorized to take such other actions as may be necessary to extend
the term of the Depository Pledge Agreement in accordance with the terms hereof.
Resolution No. 2024-0918D Extension of Depository Pledge Agreement 1 of 2
ADOPTED as of the
day of
Doug Harper, ecretarasurer
Board of Directors
, 2024.
Kevin R. Carr, President
Board of Directors
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Resolution No. 2024-0918D Extension of Depository Hedge Agreement 2 of 2