HomeMy WebLinkAboutORD 1981-044 ORDINANCE NO. 81-44
AN ORDINANCE OF THE CITY OF GRAPE-
VINE, TEXAS PROVIDING FOR THE DESIG-
NATION OF AN INVESTMENT OFFICER;
PROVIDING FOR INVESTMENT RULES; PRO-
VIDING FOR MANAGEMENT REPORTS; PRO-
VIDING A SEVERABILITY CLAUSE; AND
DECLARING AN EMERGENCY
WHEREAS, the City of Grapevine acknowledges the high
priority of providing the necessary guardianship of public
funds in the municipal sector; and
WHEREAS, the City Council expressly intends to set
high fiscal standards, delegate treasury and investment
duties to appropriate officials, and to review the actual
performance at regular intervals; and
WHEREAS, the City Council hereby intends to implement
investment requirements set forth in Tex. Rev. Civ. Stat:
Ann. , Art. 4413 (34c) ,
NOW. THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF GRAPEVINE, TEXAS:
Section 1. Investment Rules. That the following poli-
cies and guidelines be established as investment rules gov-
erning the investment of local funds :
A. Al1 City funds from various revenue sources
shall be billed or requested as early as they
are recognized, computed, and determined to
be due to the City.
B. Funds received by the City shall be deposited
into the depository bank at the end of each
business day as early as practical operating
circumstances will allow.
C. All debts owed by the City shall be paid as of
the date they come due and not before unless
approval is given by the City Manager.
D. Based on cash forecasts, all monies not required
immediately to pay obligations shall be invested
in an income-producing instrument or account.
Section 2. Investment Rate of Return. The City' s funds
shall be invested in instruments or accounts that yield the
highest possible rate of return while providing the necessary
protection of the principal consistent with Article 2561,
Texas Revised Civil Statutes Annated.
Section 3 . Designated Officials. The City Council
hereby designates the "investment officers" to be the City
Manager with overall responsibilities to see that invest-
ment objectives are accomplished and the Finance/Treasurer
Director with the specific day-to-day performance of manag-
ing the local funds of the City of Grapevine.
Section 4. Management Reports. At least once each year
the vestment officers shall prepare a written report concern-
ing the City' s investment transactions for the preceding year
and describing in detail the investment position of the City
as of year end. The report shall be signed by both the City
Manager and the Finance/Treasurer Director.
Section 5. Severability. Provisions of this ordinance
shall be, and they are hereby, declared to be severable; and
should any portion of it be declared to be invalid for any
reason by a court of competent jurisdiction, such holding
shall not affect the remaining portions thereof.
Section 6. Emergency. The fact that the enactment of
an ordinance providing for the designation of an investment
officer and enactment of relating rules is necessary to pro-
tect the City' s financial position and to preserve the public
business , peace, health, safety and general welfare, creates
an urgency and emergency in the immediate preservation of the
same, and requires that this ordinance shall take effect imme-
diately from and after its passage; and it is accordingly so
ordained.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 21st day of July, 1981.
APPROVED:
M+ �..
Mayor
ATTEST:
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Ci y ecr a. y
APPROVED AS TO FORM AND LEGALITY:
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City Attorney