RE 2003-08-26.1A RESOLUTION OF THE CITY OF COPPELL, TEXAS
RESOLUTION NO. 2003-082603.1
A RESOLUTION OF THE CITY OF COPPELL, TEXAS,
AMENDING THE WRITTEN INVESTMENT POLICY OF THE CITY OF
COPPELL, AS AMENDED, IN ACCORDANCE WITH THE TEXAS
PUBLIC FUNDS INVESTMENT ACT, CHAPTER 2256, TEXAS
GOVERNMENT CODE; AND BY DELETING ALL REFERENCES TO
"AUTHORIZED REPRESENTATIVES" AND REPLACING THE SAME
WITH "QUALIFIED REPRESENTATIVES"; PROVIDING A REPEALING
CLAUSE; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING
AN EFFECTIVE DATE.
WHEREAS, the City Council has heretofore adopted a written Investment Policy, as
amended, as required by Chapter 2256 of the TEXAS GOVERNMENT CODE; and
WHEREAS, it is necessary and in the public interest to amend the written policy to
coincide with changes to the Public Funds Investment Act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF COPPELL, TEXAS:
SECTION 1. That the written Investment Policy of the City of Coppell, as amended,
heretofore adopted as Exhibit "A" to Resolution No. 2002-0827.1, is hereby amended by amending
Section I, SCOPE, to provide for Component Units, which shall read as follows:
"This investment policy applies to all financial assets of the City of Coppell. These
funds are accounted for in the City's Comprehensive Annual Financial Report
(CAFR) and include:
General Fund
Special Revenue Funds
Debt Service Funds
Capital Project Funds
Proprietary Funds
Trust and Agency Funds
Component Units"
SECTION 2. That the written Investment Policy of the City of Coppell, as amended,
heretofore adopted as Exhibit "A" to Resolution No. 2002-0827.1, is hereby amended by deleting
the last sentence in Section V., I. G, and replacing with similar language increasing minimum
percentage of investment, which shall read as follows:
Local government investment pools that have been authorized by the
governing body by rule, ordinance or resolution. The investment pool must
maintain a rating no lower than AAA or AAA-M by at least one nationally
recognized rating service. Investment in such pools shall be limited to fifty
percent (50%) of the City's entire portfolio, with no more than twenty-five
percent (25%) of the entire portfolio invested in any one authorized pool."
SECTION 3. That the written Investment Policy of the City of Coppell, as amended,
heretofore adopted as Exhibit "A" to Resolution No. 2002-0827.1, is hereby amended by amending
Section VI, SELECTION OF BANKS AND DEALERS, to provide for the competitive bidding
process, which shall read as follows:
"VI. SELECTION OF BANKS AND DEALERS
Competitive Bids
Competitive quotes must be taken from at least three (3) qualifying financial
institutions or broker/dealers for any investment transaction involving an individual
security. Investment transactions should include written confirmation of offers on
the Investment Bid Tabulation form.
SECTION 4. That the written Investment Policy of the City of Coppell, as amended
heretofore adopted as Exhibit "A" to Resolution No. 2002-0827.1, is hereby amended by deleting all
references to "authorized representatives" and replacing the same with "qualified representatives."
SECTION 5. Republish and adopt subject to the amendments set forth in Exhibit "A"
which is attached hereto and incorporated herein as if set forth in full.
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SECTION 6. That all provisions of the resolutions of the City of Coppell, Texas, in
conflict with the provisions of this Resolution, except as noted herein, be, and the same are hereby,
repealed, and all other provisions not in conflict with the provisions of this Resolution shall remain
in full force and effect.
SECTION 7. That should any word, phrase, paragraph, or section of this Resolution be
held to be unconstitutional, illegal or invalid, the same shall not affect the validity of this Resolution
as a whole, or any part or provision thereof other than the part so decided to be unconstitutional,
illegal or invalid, and shall not affect the validity of the Resolution as a whole.
SECTION 8. That this Resolution shall take effect immediately from and after its passage
as the law and charter in such cases provide.
DULY PASSED by the City Council of the City of Coppell, Texas, this the ,~g--- ~X~day of
,2003.
ROBERT E. HAC~
(REH/cdb 08/18/03
CITY ATTORNEY
(58257)
D0~L"ATS ]~. STO~ER, MAYOR
ATTEST:
LIn'BY BXrSL 0ITY SffCm T Y