ORD 1990-22 - Investments Policy Amended 09-18-1990ORDINANCE NO. 90 -22
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
HUNTSVILLE, TEXAS, AMENDING ITS POLICIES FOR
INVESTMENTS TO PERMIT ITS CITY MANAGER AND FINANCE
DIRECTOR TO INVEST UP TO 75% OF THE FUNDS IN CERTAIN
INTERLOCAL GOVERNMENT FUNDS; AND MAKING OTHER
PROVISIONS RELATED THERETO.
WHEREAS the Public Funds Investment Act, Texas Revised Civil Statutes
article 842a -2, requires the City to adopt written investment
policies addressing liquidity, diversification, safety of
principal, yield, maturity, and quality and capability of
investment management, with primary emphasis on safety and
liquidity; and
WHEREAS the Public Funds Collateral Act, Texas Revised Civil Statutes
article 2529d, requires the City to adopt written policies
addressing investment securities eligible to secure deposits of
public funds;
WHEREAS Texas Local Government Code Chapter 105 generally authorizes
depositories for municipal funds; and
WHEREAS Texas Revised Civil Statutes article 4413 (34c) also regulate the
investment of local funds; and
WHEREAS City Council desires to amend the investment policy it adopted on
March 6, 1990;
NOW, THEREFORE,
Be it ordained by the City Council of the City of Huntsville, Texas, that:
SECTION 1: The attached City of Huntsville Investment Policy shall be adopted
as the policy of the City regarding investments, investment
securities, and depositories.
SECTION 2: This ordinance shall take effect October 1, 1990.
PASSED AND APPROVED on the latiL day of 21C 1-yi-em f,0_ -, 1990.
THE CIT OF HUNTSVILLE
J
ATTEST:
h Ie haw, Ci y ecretary
APP VED AS TO FORM:
Scott ounds, City Attorney
by its Mayor, ane Monday