From
Investment Committee
Title
Resolution approving the City's Investment Policy that incorporates Sports Facilities Development Corporation's (Sports Corp.) Investment Policy and to become effective upon passage and approval
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.
The substantive sections that have changed for the City include:
Section I, including Sports Corp in the scope of the policy.
Section IV, VII, XIII, and XV specifying difference between City and Sports Corp.
Section IV.6(a) modifying to more closely align with language in the state law.
Section VIII, removing the statement for the city to hold safekeeping receipts.
Section IX, removing reference to a five-year maximum on securities pledged as collateral.
After the Sports Corp. Board has reviewed and adopted the policy as of August 6, 2018, the City Finance and Government Committee will consider its approval on August 7, 2018 and forward to the full City Council for approval.
Financial Consideration
There is no financial consideration.
Body
A RESOLUTION OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC. (CORPORATION), APPROVING THE CITY OF GRAND PRAIRIE REVISED INVESTMENT POLICY TO BECOME EFFECTIVE UPON PASSAGE AND APPROVAL
Whereas, it is the goal of the Corporation to maintain a long-term stable and positive financial condition; and
Whereas, well planned and prudent public funds investment management is essential to the achievement of the Corporation's goal; and
WHEREAS, revisions to the current Investment Policies have been considered and will be consistent with the Public Funds Investment Act of Texas (PFIA):
NOW, THEREFORE, BE IT RESOLVED by the Grand Prairie Sports Facilities Development Corporation, Inc. Board of Directors:
SECTION 1. THAT the Grand Prairie Sports Facilities Development Corporation, Inc. Board of Directors approves the revisions to the City of Grand Prairie Investment Policies as shown in Exhibit A, and
SECTION 2. THAT the Grand Prairie Sports Facilities Development Corporation is incorporated into the City of Grand Prairie's Revised Investment Policy policy for administrative purposes, but distinguishes their unique guidelines throughout the policy, and
SECTION 3. THAT modifies language regarding safekeeping and pledged securities policies, and
SECTION 4. THAT revises language for updated position titles in the City, and
SECTION 5. THAT updates terminologies and definitions consistent with state law, and
BE IT FURTHER RESOLVED, that the appropriate officers of the Corporation be, and they hereby are, authorized and directed to do all other acts, take all actions and prepare all papers, instruments and documents in connection therewith which they, in their sole discretion, deem proper in order to accomplish and carry out the intents and purposes of the foregoing resolutions, and any and all actions previously carried out in accordance herewith be, and they hereby are, ratified, confirmed, approved, and adopted as the official acts and deeds of the Corporation.
PASSED AND APPROVED BY THE BOARD OF DIRECTORS OF THE GRAND PRAIRIE SPORTS FACILITIES DEVELOPMENT CORPORATION, INC., AUGUST 6, 2018.