HomeMy WebLinkAboutR-2015-17 adopt Texas Investment Policy 2015-17
RESOLUTION NO. ��:
A RESOLUTION OF THE CITY -OF LA PORTE, TEXAS, ADOPTING 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
b
found to be true and correct and that they are hereby adopted y 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 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.
INTRODUCED, READ and PASSED by the affirmative vote of a majority of the
City Council of the City of La Porte, Texas, on this the 12th day of October, 2015.
I
Louis R Rigby,
Mayo
Pub -
Patrice Fogart
City Secretary
Clark T. Askins,
Assistant City Attorney