HomeMy WebLinkAboutORD 1990-023 ORDINANCE NO. 90-23
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS
AMENDING CHAPTER 10 FINANCE, ARTICLE II
INVESTMENT OF CITY FUNDS; PROVIDING FOR
INVESTMENT POLICIES AND GUIDELINES;
PROVIDING A SEVERABILITY CLAUSE; AND
DECLARING AN EMERGENCY
��
WHEREAS, the City Council hereby intends to implement
investment requirements set forth in Tex. Rev. Civ. Stat. Ann. ,
�
Art. 842a-2 and amended by the 71st Legislature.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1 . That Chapter 10, Article II, Section 10-31 shall
be amended by the addition of the following:
" (e) The City Council can adopt additional policies and
guidelines by Ordinance of which a true and correct
copy shall be kept on file in the office of the
Finance Director. "
Section 2 . That Chapter 10, Article II, Section 10-32 shall
be amended in its entirety to read as follows:
"Sec. 10-32 Investment Rate of Return.
Safety of principal is the foremost objective of the
City in managing its portfolio. The City will also
�^ maintain sufficient liquidity to provide adequate
and timely working funds. "
� Section 3. If any section, article, paragraph, sentence,
clause, phrase or word in this ordinance, or application thereto
any person or circumstances is held invalid or unconstitutional by
a Court of competent jurisdiction, such holding shall not affect
the validity of the remaining portions of this ordinance; and the
City Council hereby declares it would have passed such remaining
portions of the ordinance despite such invalidity, which remaining
portions shall remain in full force and effect.
Section 4 . The fact that the present ordinances and
regulations of the City of Grapevine, Texas, are inadequate to
properly safeguard the health, safety, morals, peace, and general
welfare of the public creates an emergency which requires that this
ordinance become effective from and after the date of its passage,
and it is accordingly so ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GR.APEVINE, TEXAS on this the 17th day of April , 1990 .
�
APPROVED:
� ��� _���__
William D. Tate
Mayor
ATTEST:
�
��
Linda Huff
City Secretary
,�, APPROVED AS TO FORM:
' r
� C, � �.
Adrienne C. Leonard
City Attorney
�. ,.
�.,,�
�