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ORDINANCE NO. 98-127 <br /> � AN ORDINANCE OF THE CITY COUNCIL OF THE CITY <br /> OF GRAPEVINE, TEXAS AMENDING THE GRAPEVINE <br /> CODE OF ORDINANCES, CHAPTER 10 FINANCE, <br /> ARTICLE II INVESTMENT OF CITY FUNDS TO COMPLY <br /> WITH THE PUBLIC FUNDS INVESTMENT ACT; <br /> PROVIDING A SEVERABILITY CLAUSE; DECLARING AN <br /> EMERGENCY AND PROVIDING AN EFFECTIVE DATE <br /> WHEREAS, the Grapevine Code of Ordinances, Chapter 10, Finance, Article II <br /> Investment of City Funds, Section 10-31(e) provides that the City Council may adopt <br /> investment policies and guidelines; <br /> WHEREAS, the City Council approved Ordinance No. 97-44 on May 6, 1997 <br /> which adopted the current Investment Policy and Investment Strategy and amended <br /> said policy by approving Ordinance No. 97-44; and <br /> WHEREAS, Chapter 2256 of the Local Government Code requires City Council <br /> to perForm a annual view of the City's Investment Policy and Strategy; and <br /> WHEREAS, the City Council deems it in the best interest of the City of Grapevine <br /> � to amend the Grapevine Municipal Code to authorize certain changes in the City's <br /> Investment Policy. <br /> NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY <br /> OF GRAPEVINE, TEXAS <br /> Section 1. That all matters stated in the preamble to this ordinance are true and <br /> correct and are incorporated herein as if copied in their entirety. <br /> Section 2. That the City Council has pertormed the annual review of the City <br /> Investment Policy and Investment Strategy required pursuant to Chapter 2256 of the <br /> Texas Government Code and desires to adopt amendments to the Policy as shown on <br /> Exhibit "A " attached hereto and made a part of said Policy. <br /> Section 3. That in order to implement proposed Investment Policy Change No. 2 <br /> as shown on Attachment "A", the Grapevine Municipal Code, Article II, Section 10-33 <br /> Designated Officials is amended to read as follows: <br /> "There is hereby established an Investment Committee consisting of the <br /> City Council member representative to the audit committee, City Manager <br /> '���"� or Assistant City Manager, the Director of Administrative Services and <br /> � <br />
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