2007-05-21 Special Called Regular Meeting, Public Hearing and Workshop Meeting of LP City Council

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RESOLUTION NO. 2007--1Q A RESOLUTION OF THE CITY OF LA PORTE, TEXAS, APPROVING AN INVESTMENT POLICY CONFORMING TO ALL STATUTES GOVERNING INVESTMENT OF THE CITY OF LA PORTE'S FUNDS, INCLUDING, BUT NOT BY WAY OF LIMITATION, THE PUBLIC FUNDS INVESTMENT ACT, CHAPTER 2256, TEXAS GOVERNMENT CODE; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND SETTING AN EFFECTIVE DATE THEREOF. WHEREAS, the City of La Porte requires that funds be invested in a manner which will preserve the principal of funds invested while meeting daily cash flow demands of the City; and WHEREAS, the Public Funds Investment Act requires the adoption of certain investment policies and controls regarding the investment of its funds; and WHEREAS, the Public Funds Investment Act requires that the governing body of an investing entity shall adopt a written investment policy by rule, order, ordinance, or resolution, and shall further review its investment policy and investment strategies not less than annually, and shall adopt a written instrument by rule, order, ordinance, or resolution stating that it has reviewed the investment policy and investment strategies adopted, and that the written instrument so adopted shall record any changes made to either the investment policy or investment strategies previously adopted; and WHEREAS, the City will endeavor to earn a return on funds invested at the highest return possible after taking into account the primary goals of preservation of liquidity of funds invested, consistent with the City's Investment Policy; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, THAT: SECTION 1. The findings and recitations set out in the preamble to this Resolution are found to be true and correct and that they are hereby adopted by the City Council of the City of La Porte and made a part hereof for all purposes. SECTION 2. The City of La Porte hereby designates the City of La Porte, Texas Investment Policy, a true copy of which is on file in the office of the City Secretary of the City of La Porte, as an official policy of the City of La Porte and that it is hereby adopted by the City of La Porte and made a part hereof for all purposes, and further, that the said City of La Porte, Texas Investment Policy and investment strategies made pursuant thereto have been reviewed by the City of La Porte and it has been found that no changes are necessary to either the Investment Policy or investment strategies SECTION 3. The City Council officially finds, determines, recites, and declares that a sufficient written notice of the date, hour place and subject of this meeting of the City Council was posted at a place convenient to the public at City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law,