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<br />REQUEST FOR CITY COU <br /> <br /> <br />IL AGENDA ITEM <br /> <br />Agenda Date Requested: November 13 <br /> <br />Requested By: C nthia B. Alexander <br /> <br />Source of Funds: <br /> <br />Department: Finance <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: X Ordinance: <br /> <br />Amount Budgeted: <br /> <br />Exhibits: Investment Policv <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Budgeted Item: <br /> <br />YES <br /> <br />NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City Council of the City of La Porte originally adopted an Investment Policy on January 13, 1992, by Ordinance <br />No. 1802. The Governmental Accounting Standard's Board (GASB) Pronouncement 31 requires that a City must <br />present the Investment Policy to Council annually. <br /> <br />On September 11, 2000, the Finance Department presented the Investment Report to the Audit Committee. A few <br />changes have been made to the Investment Policy, which are briefly outlined below. <br /> <br />· Training - The policy now lists organizations that may provide investment training. <br />· Length ofInvestments - Maximum stated maturity of any individual investment is 5 years; Dollar- <br />weighted average maturity of entire portfolio cannot exceed two (2) years. <br />· Wording of Authorized Investments has been updated using GASB 31 language. <br />· Competitive bidding from three (3) sources for new security issues is not required under the updated <br />policy. (New issues are offered at par value; therefore, the price will be the same from each broker) <br /> <br />A few exhibits, which are listed below, have also been attached to the policy. <br /> <br />· Approved Broker/Dealer List <br />· A copy of the Certification Form required to be signed by brokers prior to engaging in business with <br />the City. <br />. Strategy Statement <br /> <br />Action Required bv Council: <br /> <br />Recommend that the Council approve the amended Investment Policy. <br /> <br />Approved for Citv Council A2enda <br /> <br />Q~"T. \\-~C- <br /> <br />Robert T. Herrera, City Manager <br /> <br />\ \...., -00 <br />Date <br /> <br />'-'-_.~--~~.-........._~".."_.............................,,,-,......--.-~--~--- <br />