HomeMy WebLinkAboutOrdinances (O-87-662)-11/02/1987
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ORDINANCE NO. 0- 87 - 662
3 AN ORDINANCE AMENDING CHAPTER 1 OF THE COLLEYVILLE CODE BY
ADDING THERETO A SECTION 11 ESTABLISHING AN INVESTMENT POLICY
4 FOR THE CITY OF COLLEYVILLE.
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WHEREAS, the City Council deems it is in the best interest of
the city to adopt an investment policy in order to
maximize the return upon legal and lawful investments
of the City; NOW THEREFORE
7 BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE,
TEXAS AS FOLLOWS:
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Sec. 1:
THAT Chapter 1 of the Colleyville Code be amended by
adding thereto a section ~ providing as follows:
"section 11: INVESTMENT POLICY
I. OBJECTIVES
A.
It is the policy of the City to direct the
deposit and investment of the City's funds with
the following objectives in order of priority:
1.
Safety. Safety of the City's funds is
paramount to the proper custody of the
pUblic's funds. No action shall be taken
or neglected which will risk the safety of
the City's funds. The city's funds shall
be secured with pledge securities as
provided by Statute with securities rated
by a nationally recognized investment
rating firm that has received a rating of
not less than "A" or its equivalent.
2.
Liquidity. Liquidity of the City's funds
which are deposited and invested are for
the ultimate purpose of expenditure for
public need and not for investment purposes
primarily. Since city funds are placed in
the custody of the city officials for
eventual expenditure to meet public need,
the liquidity or availability of those
funds is secondary to the safety of the
funds and primary to income on the yield of
the deposited or invested funds.
Income on Yield. Income on yield of the
deposited or invested City funds is
tertiary to the safety and liquidity of
those funds. After maximum safety and
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3.
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Ordinance 0-87-662
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acceptable liquidity is assured, efforts
should be made to realize the highest
income or return on the yield of the
invested City funds.
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B.
It is als~ the policy of the City to keep as
fully invested, as is feasible, temporarily idle
funds which are not needed to meet the current
obligations of the city's government.
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C.
Investments may only be made in vestments
authorized by state statute.
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II. INVESTMENT AUTHORITY
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Investment authority is granted to the City's
investment officer who shall be the City Manager
or his designee. The City Manager shall be
responsible for the management of invested
funds. The authority granted to the City
Manager shall be subject to the laws of the
State, the city's budget provisions, and the
City's depository contract or agreement.
III. DISPOSITION OF FUNDS
A. The deposit of the City's funds shall be made in
accordance with a depository contract approved
by the City Council. This contract shall be
reviewed for renewal each September in odd
numbered years.
B. The investment of City funds shall be made in
accordance with the depository contract between
the city and the selected depository and in
accordance with applicable State o~ Federal law
or applicable City ordinances or resolutions.
C. The use of consolidated certificates of deposit,
which will allow all eligible funds to be
invested and share in a pro rata portion
thereof, is approved as an acceptable method of
achieving the City's investment policy.
IV. ANNUAL REPORT TO CITY COUNCIL
The City Manager shall report to the City Council
on the first meeting in February and every six
months on the investment of City funds for the
preceding fiscal year and shall give such reports
to the Council on the investment of City funds as
the Council shall direct such reports shall be
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Ordinance 0-87-662
prepared and signed by the City Manager and the
Director of Finance."
AND IT IS ORDERED.
The f~st readingbJ~1ic hearing being conducted on the
st~ day of , 1987.
The se.~ond reading ~ PUr:!lic ~ari!J~ conducted on the
/9-tli day of t" u...... , 1987.
The t~ird readin97~1ic hearing being conducted on the
,..;; I I day of 'J1Jr..; , 1987.
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ATTEST:
· -/;; /~ lei;
LaVada Johnson
City Secretary
APPROVED AS TO FORM AND LEGALITY:
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RO' s 'T -: (oster -- .'--.". ."
City Attorney
CITY OF COLLEYVILLE
Mayor
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