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R-2016-21 reaffirming the City's Investment Policy
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R-2016-21 reaffirming the City's Investment Policy
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12/13/2016 12:22:32 PM
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Legislative Records
Legislative Type
Resolution
Legislative No.
R-2016-21
Date
12/12/2016
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RESOLUTION NO. 2016-21 <br /> A RESOLUTION OF THE CITY OF LA PORTE, TEXAS, ADOPTING AN <br /> INVESTMENT POLICY CONFORMING TO ALL STATUTES GOVERNING <br /> INVESTMENT OF THE CITY OF LA PORTE'S FUNDS, INCLUDING, BUT NOT BY <br /> WAY OF LIMITATION, THE PUBLIC FUNDS INVESTMENT ACT, CHAPTER 2256, <br /> TEXAS GOVERNMENT CODE; FINDING COMPLIANCE WITH THE OPEN <br /> MEETINGS LAW; AND SETTING AN EFFECTIVE DATE THEREOF. <br /> WHEREAS, the City of La Porte requires that funds be invested in a manner <br /> which will preserve the principal of funds invested while meeting daily cash flow <br /> demands of the City; and <br /> WHEREAS, the Public Funds Investment Act requires the adoption of certain <br /> investment policies and controls regarding the investment of its funds; and <br /> WHEREAS, the Public Funds Investment Act further requires that the governing <br /> body of an investing entity shall adopt a written investment policy by resolution, and <br /> shall further state that it has reviewed the investment policy and investment strategies <br /> adopted, and that the written policy adopted shall record any changes made to either <br /> the investment policy or investment strategies previously adopted; and <br /> WHEREAS, the City will endeavor to earn a return on funds invested at the <br /> highest return possible after taking into account the primary goals of preservation of <br /> liquidity of funds invested, consistent with the City's Investment Policy; <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> LA PORTE, THAT: <br /> SECTION 1. The findings and recitations set out in the preamble to this Resolution are <br /> found to be true and correct and that they are hereby adopted by the City Council of the <br /> City of La Porte and made a part hereof for all purposes. <br /> SECTION 2. The City of La Porte hereby designates the, City of La Porte, Texas <br /> Investment Policy, a true copy of which is on file in the office of the City Secretary of <br /> the City of La Porte and that it is hereby adopted by the City of La Porte and made a <br /> part hereof for all purposes. <br /> SECTION 3. The City Council officially finds, determines, recites, and declares that a <br /> sufficient written notice of the date, hour place and subject of this meeting of the City <br /> Council was posted at a place convenient to the public at City Hall of the City for the <br /> time required by law preceding this meeting, as required by the Open Meetings Law, <br /> Chapter 551, Texas Government Code; and that this meeting has been open to the <br /> public as required by law at all times during which this Resolution and the subject matter <br /> thereof has been discussed, considered and formally acted upon. The City Council <br /> further ratifies, approves and confirms such written notice and the contents and posting <br /> thereof. <br />
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