HomeMy WebLinkAboutORD 1997-043 �- -u ORDINANCE NO. 9�-43
�s� 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 City of Grapevine, Texas adopted Investment Rules on June 21,
1981; and
WHEREAS, the State of Texas adopted the Public Funds Investment Act (Texas
Local Government code, Chapter 2256) and said act specifies certain reporting
requirements; and
WHEREAS, the Grapevine Code of Ordinances, Chapter 10, Finance, Article II
Investment of City Funds, Section 10-31 Investment Rules; Section 10-33 Designated
"``� Officials and Section 10-34 Management Reports need to be updated in order to comply
with current State law and current City organizational structure and operating procedures;
� and
WHEREAS, it is imperative that the Code of Ordinances be fully in compliance with
Chapter 2256 of the Texas Local Government Code.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1. That Chapter 10 Finance, article II Investment of City Funds, Section
10-31 is amended in its entirety to read as follows:
"Sec. 10-31. Investment rules.
The following policies and guidelines shall be established as investment rules
governing the investment of local funds:
'"� (a) All City revenues shall be accounted for during the accounting period in
which the revenues are earned.
�
(b) Funds received by the City shall be deposited into the depository bank at the
end of each business day or as early as practical operating circumstances
will allow.
(c) All debts owed by the City shall be paid as soon as operating procedures will
� � allow after receipt of invoice or statement.
(d) Based on cash forecasts, all monies not required immediately to pay
obligations shall be invested in an income-producing instrument or account.
(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 City
Secretary."
Section 2. That Chapter 10 Finance,Article II Investment of City Funds, Section 10-
33 is hereby amended to read as follows:
"Sec. 10-33. Designated Officials.
The City Council hereby designates the "investment officers" to be the City
Manager, with overall responsibilities to see that investment objectives are
accomplished and that the Director of Administrative Services, or his
designee, is vested with specific day-to-day performance of managing the
'�""" local funds of the City of Grapevine."
� Section 3. That Chapter 10 Finance,Article II Investment of City Funds, Section 10-
34 Management Reports is hereby amended to read as follows:
"Section 10-34. Management reports.
The investment officers shall prepare a written report concerning the City's
investment transactions in accordance with the Public Funds Investment Act
(Texas Local Government Code, Chapter 2256). The report shall be signed
by both the City Manager and the Finance Manager or Director of
Administrative Services.
Section 4. That all ordinances or any parts thereof in conflict with the terms of this
ordinance shall be and hereby are deemed repealed and of no force or effect; provided,
however, that the ordinance or ordinances under which the cases currently filed and
pending in the Municipal Court of the City of Grapevine, Texas, shall be deemed repealed
only when all such cases filed and pending under such ordinance or ordinances have been
disposed of by a final conviction or a finding not guilty or nolo contendere, or dismissal.
'�y� Section 5. 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
ORD.NO. 97-43 2
�� � it would have passed such remaining portions of the ordinance despite such invalidity,
which remaining portions shall remain in full force and effect.
�� =w Section 6. 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 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 sth day of May , 1997.
APPROVED:
William D. Tate
*�`�° Mayor
�
ATTEST:
�c. . ,
Linda uff
City Secretary
APPROVED AS TO FORM:
; _�, �,
_ 4� _ `�s ..'',�- � }
_.. ;f
John F. Boyle, Jr.
City Attorney
,�,��,�
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ORD.NO. 97-43 3