SUBJECT: FINAL READING OF ORDINANCE 2002-O-256

Amending Ordinance 2001-O-218 to adopt the City of Laredo Investment Policy and amending the City of Laredo Investment Policy to comply with Public Funds Investment Act Chapter 2256, Texas Government Code.

INITIATED BY:

Larry Dovalina,

City Manager

STAFF SOURCE:

Rosario Camarillo-Cabello,

Finance Director

PREVIOUS COUNCIL ACTION: City Council adopted the Investment Policy by Ordinance 95-O-228; Amended by Ordinance 97-O-225; Amended by Ordinance 98-O-279 and Amended by Ordinance 2001-O-218. Public hearing and introduction of this ordinance was held on September 16, 2002.

BACKGROUND:

The Public Funds Investment Act, Chapter 2256 of the Texas Government Code requires that the Investment Policy for the City be reviewed at least annually and that the same be adopted by rule, order, ordinance or resolution stating that it has been reviewed and adopted any amendments to the policy. There are no changes to the current policy this year. The Investment Policy has been presented and review by the Audit Committee.

FINANCIAL IMPACT:

None

COMMITTEE RECOMMENDATION:

The Audit Committee recommends approval of this ordinance.

STAFF RECOMMENDATION: Approve the final reading of this Ordinance..

ORDINANCE # 2002-O-256

AMENDING ORDINANCE # 2001-O-218 ADOPTING THE CITY OF LAREDO INVESTMENT POLICY AND AMENDING THE CITY OF LAREDO INVESTMENT POLICY TO COMPLY WITH PUBLIC FUNDS INVESTMENT ACT CHAPTER 2256, TEXAS GOVERNMENT CODE.

WHEREAS, on November 6,1995, City Council amended the City of Laredo Investment Policy by adopting Ordinance 95-O-228 to incorporate changes promulgated by the 74^th Texas Legislature to the Public Fund Investment Act; and

WHEREAS, the Investment Policy has been subsequently amended by Ordinance 97-O-225 on September 27, 1997 to comply with changes the Public Fund Investment Act promulgated by the 75^th Texas Legislature; and

WHEREAS, the Investment Policy was amended by Ordinance 98-0-279 adopted by City Council on October 26, 1998 to review and incorporate minor changes to the policy; and

WHEREAS, the Investment Policy was amended by Ordinance 2001-O-218 adopted by City Council on October 1, 2001 to review and incorporate changes to the policy; and

WHEREAS, the City Audit and Investment Committee of the City Council has reviewed the Investment Policy and investment strategy and acknowledges that said ordinance as adopted includes all changes made to either the investment policy or investment strategies; and

WHEREAS, on September 20, 2002, the City Council held a public hearing and approved the proposed amendment to the investment policy.

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAREDO THAT:

The City of Laredo, Texas hereby adopts and approves the Investment Policy previously adopted by Ordinance No. 2001-O-218, to comply with the Public Funds Investment Act, Chapter 2256 of the Texas Government Code.

PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR ON THIS THE ___ DAY OF ____, 2002

__________________________

ELIZABETH G. FLORES, MAYOR

ATTEST: APPROVED AS TO FORM

____________________ __________________________

GUSTAVO GUEVARA JR., JAIME L. FLORES

CITY SECRETARY CITY ATTORNEY