R-2013-23 amend Investment Policy

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RESOLUTION NO. A RESOLUTION OF THE CITY OF LA PORTE, TEXAS, AMENDING 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 further requires that the governing body of an investing entity shall adopt a written investment policy by resolution, and shall further state that it has reviewed the investment policy and investment strategies adopted, and that the written policy 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 attached policy titles, City of La Porte, Texas Investment Policy, 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. 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, Chapter 551, Texas Government Code; and that this meeting has been open to the public as required by law at all times during which this Resolution and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. SECTION 4. This resolution shall be effective upon its passage and approval.