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RESOLUTION NO. 2020-34 <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 />