HomeMy WebLinkAboutORD 1992-013 ORDINANCE NO. 92-13
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS AMENDING THE CITY OF
GRAPEVINE'S INVESTMENT POLICY AND GUIDELINES
IN COMPLIANCE WITH THE GRAPEVINE CODE OF
ORDINANCES, CHAPTER 10 FINANCE, ARTICLE II;
PROVIDING A SEVERABILITY CLAUSE; AND DECLARING
AN EMERGENCY
WHEREAS, Grapevine Code of Ordinances Chapter 10 Finance,
Article II, Section 10-31 provides that 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 Finance
Director; and
WHEREAS, the City Council desires to amend the City's
Investment Policy which addresses liquidity, diversifications,
safety, principal, yield, maturity, quality, and capability of
investment management with the primary emphasis on safety and
liquidity; and
WHEREAS, the City Council desires to amend the Investment
Policy to provide greater flexibility in the maturity schedules.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
� OF GRAPEVINE, TEXAS:
Section 1. That the Maturity Scheduling be amended to:
Average expected maturities of investments for idle funds shall
fall within these minimums:
Under 6 months 50% minimum
Under 1 year 70� minimum
Under 18 months 75� minimum
Under 2 years 80% minimum
Under 7 years 100� minimum
Section 2. The remaining portions of the City Investment
Policy which was adopted by Council motion on April 17, 1990 shall
remain in full force and effect.
Section 3 . 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 4 . The fact that the present ordinances and
regulations of the City of Grapevine, Texas, are inadequate to
properly safeguard the healtri, safety, morals, peace, and general
welfare of the public creates an emergency which requires that this
ordinance 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 24th day of March , 1992 .
APPROVED:
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William D. Tate
Mayor
ATTEST:
Linda Huff
City Secretary
APPROVED AS TO FORM:
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John F. Boyle, r.
City Attorney
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