HomeMy WebLinkAboutR-2014-09 amend Investment PolicyRESOLUTION 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 capital, liquidity of
funds invested, and public trust, 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.
Passed by the City Council this 1 lch day of November, 2014.
CITY OF LA PORTE
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ATTEST:
Patrice Fogarty
City Secretary
APPROVED:
Clark T. Askins
Assistant City Attorney