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HomeMy WebLinkAboutORD 2001-086 ORDINANCE NO. 2001-86 ' AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF GRAPEVINE, TEXAS AMENDING ORDINANCE NO. 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; 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. 97-44, 97-110 and 99-159; 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 proposed Investment Policy Change No. 1 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 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 November, 2001. APPROVED: William D. Tate Mayor �,... ATTEST: 4, Lin a Nuff City Secretary APPROVED AS TO FORM: `—_._. -��--�' //'.�i`�'�---z. John F. Boyle, Jr. City Attorney �.;� ORD. NO. 2001-86 2 EXHtBIT� TO �'����"� Page _...L.. Ot .�1..... CITY INVESTMENT POLICY AND INVESTMENT STRATEGY ATTACHMENT "A" ADOPTED NOVEMBER 20, 2001 Changes to the City Investment Policy and Investment Strategy: Page 8, new Section g. — Banking institutions acting as City Depositories may �� use Federal Home Loan Bank letters of credit as collateral for City deposits." �� .� �