HomeMy WebLinkAbout020822 RES - 11/07/1989A 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 as amended
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 include fully collateralized certificates of
deposit, repurchase agreements with defined maturity dates, and
obligations of the United States, its agencies or instrumentalitiaa and
such other obligations authorized under the Public Funds Investment Act
of 1987 as amended (Article 842a-2, Vernon' Texas Civil Statutes).
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 circimstanr»s 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
89RP001.006
�((� MICROFILMED
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be derived. The City Manager or his designee, is hereby expressly
authorized to purchase, sell, and invest the funds of the City of Corpus
Christi and all funds under the control of the City of Corpus Christi in
accordance with the Public Investments Act of 1987, as amended.
ATTEST:
City Secretary r•YOR
/ THE CITY OF CORPUS CHRISTI, TEXAS
APPROVED:3 DAY OF %7 GAbe-2 , 191Y
HAL GEORGE, CITY ATTORNEY
PY
Assistant City Attorne*
89RP001.006 2
99.066.01
Corpus Christi, Texas
day of `% !A JAI1(_ AL , 198 (
The above resolution was passed by the following vote:
Betty N. Turner f A
David Berianga, Sr.
Leo Guerrero
Tom Hunt
Edward A. Martin
Joe McComb I( )
Clif Moss �y(
Mary Rhodes /11
I
Frank Schwing, Jr. C(.