HomeMy WebLinkAboutORD 1998-127 ORDINANCE NO. 98-127
� AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS AMENDING THE GRAPEVINE
CODE OF ORDINANCES, CHAPTER 10 FINANCE,
ARTICLE II INVESTMENT OF CITY FUNDS TO COMPLY
WITH THE PUBLIC FUNDS INVESTMENT ACT;
PROVIDING A SEVERABILITY CLAUSE; DECLARING AN
EMERGENCY AND PROVIDING AN EFFECTIVE DATE
WHEREAS, the Grapevine Code of Ordinances, Chapter 10, Finance, Article II
Investment of City Funds, Section 10-31(e) provides that the City Council may adopt
investment policies and guidelines;
WHEREAS, the City Council approved Ordinance No. 97-44 on May 6, 1997
which adopted the current Investment Policy and Investment Strategy and amended
said policy by approving Ordinance No. 97-44; and
WHEREAS, Chapter 2256 of the Local Government Code requires City Council
to perForm a annual view of the City's Investment Policy and Strategy; and
WHEREAS, the City Council deems it in the best interest of the City of Grapevine
� to amend the Grapevine Municipal Code to authorize certain changes in the City's
Investment Policy.
NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS
Section 1. That all matters stated in the preamble to this ordinance are true and
correct and are incorporated herein as if copied in their entirety.
Section 2. That the City Council has pertormed the annual review of the City
Investment Policy and Investment Strategy required pursuant to Chapter 2256 of the
Texas Government Code and desires to adopt amendments to the Policy as shown on
Exhibit "A " attached hereto and made a part of said Policy.
Section 3. That in order to implement proposed Investment Policy Change No. 2
as shown on Attachment "A", the Grapevine Municipal Code, Article II, Section 10-33
Designated Officials is amended to read as follows:
"There is hereby established an Investment Committee consisting of the
City Council member representative to the audit committee, City Manager
'���"� or Assistant City Manager, the Director of Administrative Services and
�
Finance Manager of the City of Grapevine. The committee shall perForm
the following duties:
°° 1. Establish and modify from time to time a list of approved brokers for
the purchase of allowed securities. The list of approved brokers to be
utilized for the purchase of allowed securities is to be selected by the
Investment Committee, with such list of selected brokers to be
provided to the City Council on an annual basis or when the list is
modified. All such brokers so selected will meet the criteria set forth in
the City's Investment Policy.
2. Review the City's investment portfolio on a regular basis and
determine appropriate portfolio adjustments, oversee the City's
investment advisor, monitor compliance with the City's Investment
Policy and Strategy statements and perform other duties as necessary
to maintain the City's investment program."
Section 4. 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 5. The fact that the present ordinance and regulations of the City of
Grapevine, Texas are inadequate to properly safeguard the health, safety, morals,
peace and general welfare of the inhabitants of the City of Grapevine, Texas, creates an
emergency for the immediate preservation of the public business, property, health,
safety and general welfare of the public which requires that this ordinance shall 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
GRAPEVINE, TEXAS on this the 20th day of October, 1998.
APPROVED:
�� i
William D. Tate
Mayor
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ORD. NO. 98- 127 2
ATTEST:
. , >
tiC,;�- �
in Huff
City Secretary
APPROVED AS TO FORM:
�_
John F. Boyle, Jr.
City Attorney
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ORD. NO. 9$-127 3
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E;c�-IISIT._. TO .�.f--..�-
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CITY INVESTMENT POLICY AND INVESTMENT STRATEGY
5 ATTACHMENT "A"
ADOPTED OCTOBER 20, 1998
Changes to the City Investment Policy and Investment Strategy. �
1. Policy - Page 3, paragraph 1 (fl - Extend the average life of government obligations
to 2 '/2 years (from a 2 year limitation).
2. Page 9, 10, 11 - Provide for an investment committee which includes the City
Council Member of the audit committee, City Manager or Assistant City Manager,
the Director of Administrative Services and Finance Manager of the City of
Grapevine. This committee shall be charged with selecting a list of approved
securities brokers and reporting to the City Council when the list of brokers
changes. This will allow administrative flexibility so that it will not be necessary for
the Council to act when the City needs to add or delete a broker from the broker list.
3. The list of approved brokers will be deleted from the Policy. A new list will be
established by the investment committee designated in 2 above.
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