HomeMy WebLinkAboutItem 07 - Investment Committee and Designated OfficialsITEM #07
ORDINANCE NO. 2024-074
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
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. 98-127 on October 20,
1998 which adopted the current Investment Committee and Designated Officials; and
WHEREAS, the City Council approved Resolution No. 2023-016 on September
5, 2023 which adopted the current Investment Policy and Investment 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 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
Manager, Chief Financial Officer, Treasurer, or delegee certified under the
Public Funds Investment Act, 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,
ITEM #07
Ordinance No. 2024-074 2
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 3rd day of September, 2024.
APPROVED:
William D. Tate
Mayor
ATTEST:
Tara Brooks
City Secretary
APPROVED AS TO FORM:
Matthew C.G. Boyle
City Attorney
ITEM #07