HomeMy WebLinkAbout20065 RES - 11/10/1987A RESOLUTION
ADOPTING WRITTEN POLICIES FOR THE INVESTMENT OF PUBLIC
FUNDS; ESTABLISHING STANDARDS AND OBJECTIVES; AND PROVIDING
EXPRESSED AUTHORITY FOR INVESTMENT MANAGEMENT.
WHEREAS, the Public Funds Investment Act of 1987 requires the
governing body of each incorporated city to approve written policies governing
the investment of its public funds;
WHEREAS, the City desires to purchase, sell, and invest its funds and
funds under its control in accordance with the Public Funds Investment Act of
1987;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. Safety and Liquidity. The primary emphasis of the
investment policies adopted by the City is to assure the safety of its funds
against risk of loss and the liquidity of its capital to meet the City's
financial obligations.
SECTION 2. Competitive Bidding/Diversification. The selection of
investments shall be accomplished through such competitive bidding procedures
implemented and adopted by the Director of Finance and as required by law.
Selection of investments shall reflect maximum diversification of investments
which will provide the maximum yield or return on public funds in accordance
with Section 1 herein.
SECTION 3. Authorized Investments. Authorized investments for public
funds shall be limited to fully collateralized certificates of deposit,
repurchase agreements with defined maturity dates, and obligations of the United
States, its agencies or instrumentalities.
SECTION 4. Maturity of Investments. Maturity dates on investments
shall make available to the City such funds as are necessary to meet the fiscal
requirements or other financial obligations of the City.
SECTION 5. Investment Management. The City Manager or his designee,
shall approve all investments subject to such rules or guidelines as the City
Manager shall approve to implement the aforesaid objectives and policies.
Investments shall be made with the judgment and care, under the circumstances
then prevailing, that persons of prudence, discretion, and intelligence exercise
in the management of their own affairs, not for speculation, but for
investment, considering the probable safety of their capital as well as the
probable income to be derived.
ATTEST:
City Secretary THE CITY OF CORPUS CHRISTI, TEXAS
APPROVED: /0.1:4DAY OF %1-0-uRm Zar; 19 J' 7
HAL GEORGE, CITY ATTORNEY
4,,,,,„,
By
0801gt6Rt City Attorney
20065 MICROFILMED
Corpus Christi, Texas
/0 day of L 0-ert., L00 , 1981.
The above resolution was passed by the following vote:
Betty N. Turner
David Berlanga, Sr.
Leo Guerrero
Frank Mendez
Clif Moss
Bill Pruet
Mary Rhodes
Mary Pat Slavik
Linda Strong
99.066.01
20065