HomeMy WebLinkAboutORD 2002-083 ORDINANCE NO. 2002-83
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS AMENDING ORDINANCE
N0. 97-110 RELATIVE TO THE CITY INVESTMENT
POLICY PURSUANT TO 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; and
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 Ordinances No. 97-110, 98-127, 99-159 and 2001-86; 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 performed 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 the proposed Investment Policy Changes
as shown on Attachment "A", the Investment Policy is amended in accordance with
Attachment "A".
, � 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
�r.,� 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 19th day of November, 2002.
APPROVED:
._��` ' _ _
William D. Tate
Mayor
ATTEST:
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Linda Huff
City Secretary
APPROVED AS TO FORM:
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John F. Boyle, Jr.
City Attorney
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ORD. NO. 2002-83 2
EXy181T� TO Oo2•g3
Page � of ._1._._
CITY INVESTMENT POLICY AND INVESTMENT STRATEGY
ATTACHMENT "A"
ADOPTED NOVEMBER 19, 2002
Changes to the City Investment Policy and Investment Strategy:
1. Page 1 — adding the Investor Business Daily as an additional publication which can
be used to monitor market prices for investment securities.
2. Broker Dealer List — adding the following brokers to the allowed broker list:
Gifford Securities
Duncan Williams
Wells Fargo Bank
3. Investment Strategy Statements — pages 3 and 4
Clarifying that tax increment financing districts #1 and #2 are included in the
a:;:<� investment strategy.
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