HomeMy WebLinkAbout021400 RES - 05/19/1992A RESOLUTION
ADOPTING WRI1-I EN 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 instrumentalities and
such other obligations authorized under the Public Funds Investment Act of 1987 as
amended (Article 842a-2, Vernon's Texas Civil Statues).
Authorized investments shall also include all investments made on behalf of the City
by a public funds investment pool duly created pursuant to the Texas Interlocal Cooperation
Act (Chapter 791 Interlocal Cooperation Contracts, Texas Government Code) as specifically
authorized by separate resolution of the City Council to invest, deposit, withdraw, transfer,
and otherwise manage investments on behalf of the City.
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.
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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. 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.
A 1"1'EST:
i
City Secretary
MAYOR
THE CITY O C RPUS CHRISTI
APPROVED: 2 7A DAY OF &b. -dotty , 1992
JAMES R. BRAY JR., CITY ATTORNEY
By:
Assistant City Attorney ..cil.c�
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Corpus Christi, Texas
/9
day of IA(.h1 , 19 qL
The above resolution was passed by the following vote:
Mary Rhodes
Cezar Galindo
Leo Guerrero
Betty Jean Longoria
Edward A. Martin
Joe McComb
Dr. David McNichols
Clif Moss
Mary Pat Slavik
066
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