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<br />City Council Meeting and Workshop Meeting - June 11,2007 <br /> <br />Page 3 <br /> <br />Absent: None <br /> <br />8. Council received a report from Fiscal Affairs Committee Chairman Chuck Engelken and <br />considered approving Resolution amending an Investment Policy. <br /> <br />Chuck Engelken presented summary and recommendation and answered Council's <br />questions. <br /> <br />Assistant City Attorney Clark Askins read: RESOLUTION NO 2007-10 - A <br />RESOLUTION OF THE CITY OF LA PORTE, TEXAS, APPROVING AN <br />INVESTMENT POLICY CONFIRMING TO ALL STATUTES GOVERNING <br />INVESTMENT OF THE CITY OF LA PORTE'S FUNDS, INCLUDING, BUT NOT BY <br />WAY OF LIMIT A TION, THE PUBLIC FUNDS INVESTMENT ACT, CHAPTER 2256, <br />TEXAS GOVERNMENT CODE; FINDNG COMPLIANCE WITH THE OPEN <br />MEETINGS LAW; AND SETTING AN EFFECTIVE DATE THEREOF. <br /> <br />Motion was made bv Council member Engelken to approve Resolution 2007-10 as presented <br />by Mr. Engelken. Second by Council member Ebow. The motion carried <br /> <br />Ayes: Mosteit, Moser, Beasley, Ebow, Engelken, Rigby, Clausen and Porter. <br />Nays: None <br />Abstain: None <br />Absent: None <br /> <br />9. Council to consider approval or other action regarding an ordinance approving and <br />authorizing an Interlocal Agreement between the City of La Porte and North Central Texas <br />Council of Governments, for cooperative purchasing for actuarial shared services. <br /> <br />Controller Phyllis Rinehart presented summary and recommendation and answered <br />Council's questions. <br /> <br />Assistant City Attorney Clark Askins read: ORDINANCE 3000 - AN ORDINANCE <br />APPROVING AND AUTHORIZING AN INTERLOCAL AGREEMENT BETWEEN THE <br />CITY OF LA PORTE AND NORTH CENTERAL TEXAS COUNCIL OF <br />GOVERNMENTS FOR COOPERATIVE PURCHASING FOR ACTUARIAL SHARED <br />SERVICES; MAKING VARIOUS FINDINGS AND PROVISIONS RELATING TO THE <br />SUBJECT; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND <br />PROVIDING AN EFFECTIVE DATE HEREOF. <br /> <br />Motion was made by Council member Engelken to table Ordinance 3000 for two weeks. <br />Second by Council member Ebow. The motion carried <br /> <br />Ayes: Mosteit, Moser, Beasley, Ebow, Engelken, Rigby, Clausen and Porter. <br />Nays: None <br />Abstain: None <br />Absent: None <br /> <br />Council directed staff to get additional information from the financial advisors and rating <br />agencies on how this would impact Bond Ratings if Bond Ratings would go up or down. <br />