From
Investment Committee
Title
Resolution approving the City's Investment Policy
Presenter
Brady Olsen, Treasury & Debt Manager
Recommended Action
Approve
Analysis
The City's Investment Policy is reviewed at least annually in accordance with State Law, Public Funds Investment Act of Texas (PFIA), or as deemed appropriate through other circumstances.
The scope of the City's amended investment policies will apply to investments of the Sports Corp, unless otherwise indicated. However, the investments for the Sports Corp will be separately and discretely managed apart from City funds. Any changes related to the Sports Corp will also be reviewed and approved by that body.
The substantive sections that have changed for the City include:
Updating the policy with law and title changes
Allowing greater use of out-of-state municipal bonds to take advantage of market opportunities
Financial Consideration
There is no financial impact.
Body
A RESOLUTION OF THE CITY OF GRAND PRAIRIE, TEXAS, APPROVING THE CITY OF GRAND PRAIRIE REVISED INVESTMENT POLICY TO BECOME EFFECTIVE UPON PASSAGE AND APPROVAL
Whereas, it is the goal of the City to maintain a long-term, stable, and positive financial condition;
Whereas, well-planned and prudent public funds investment management is essential to achievement of the City's goal;
Whereas, the City is required by State Law to review, revise if necessary, and adopt the City Investment Policy on an annual basis.
NOW THEREFORE, BE IT RESOLVED, by the City Council of the City of GRAND PRAIRIE, Texas that:
Section 1. THAT the City Council hereby adopts the Investment Policy, attached as Exhibit A, including revisions to the Policy pursuant to Sections 2 and 3.
Section 2. THAT Authorized Investments as listed in Section IV be revised to allow out of state revenue debt; and
SECTION 3. THAT a greater portion of out-of-state municipal securities be allowed in the portfolio.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, DECEMBER 15, 2020.