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Home My WebLink AboutCC 2004-05-10 Agendas ~---~--~,._._~- - -_..._.~~,-"-"~.~.__.--------"---",-~_._.._- CITY OF NORTH RICHLAND HILLS PRE-COUNCIL AGENDA MAY 10,2004 - 6:00 P.M. For the Meeting conducted at the North Richland Hills City Hall - Pre-Council Chambers 7301 Northeast Loop 820. NUMBER ITEM ACTION TAKEN 1. Discuss Items from Regular May 10, 2004 City Council MeetinQ (5 Minutes) 2. IR 2004-044 Promoting Motorcycle Awareness by Installing Motorcycle Signs (5 Minutes) 3. IR 2004-045 Review of 2004 West Nile Virus Program (10 Minutes) 4. *Executive Session - The Council may Enter into Closed Executive Session to Discuss the Following: a) Deliberation Regarding Economic Development as Authorized by §551.087 - South Grapevine Highway Corridor Area b) Deliberation Regarding Real Property as Authorized by §551.072 and Consultation with Attorney on Contemplated Litigation as authorized by §551.071 - Mid Cities Area c) Deliberation Regarding Real Property as Authorized by §551.072 - LOOD 820 Corridor 5. Adjournment *Closed due to subject matter as provided by the Open Meetings Law. If any action is contemplated, it will be taken in open session. POSTED ..s~ 1-IJ r Dut 3;:)5 pm Time C1w SecNtmy ß~ 05/10/04 City Council Agenda Page 1 of 4 CITY OF NORTH RICHLAND HILLS CITY COUNCIL AGENDA MAY 10, 2004 -7:00 PM For the Meeting conducted at the North Richland HHls City Hall Council Chambers 7301 Northeast Loop 820, at 7:00 p.m. The below listed items are placed on the Agenda for discussion and/or action. 1. Items on the consent agenda will be voted on in one motion unless a Council Member asks for separate discussion. 2. The Council reserves the right to retire into executive session concerning any of the items listed on this Agenda, whenever it is considered necessary and legally justified under the Open Meetings Act. 3. Persons with disabilities who plan to attend this meeting and who may need assistance should contact the City Secretary's office at 817-427-6060 two working days prior to the meeting so that appropriate arrangements can be made. NUMBER ITEM ACTION TAKEN 1. Call to Order 2. Invocation - North Richland Middle School, Ernie Valamedes, Principal and Student Council Members Courtney Lamkin, Krista Whittacker, Stephanie Nguyen, Chloe Mcintosh and Abby Work 3. Pledge - North Richland Middle School, Ernie Valamedes, Principal and Student Council Members Courtney Lamkin, Krista Whittacker, Stephanie Nguyen, Chloe Mcintosh and Abby Work 05/10/04 City Council Agenda Page 2 of 4 NUMBER ITEM ACTION TAKEN 4. Special Presentations a) Introduction and Song by North Ridge Elementary School and Presentation of Clean Campus Award by Keep NRH Beautiful Commission - North Ridge Elementary, Snow Heights and Academy at C.F. Thomas b) Proclamation - Public Works Week c) Proclamation - Police Officer's Memorial Day & National Police Week Officers Officers Mickey Shelley, Bill Washington, Gideon Yeh, and Recruit Cherise Greç¡ston 5. Citizens Presentation 6. Removal of Item(s) from the Consent Agenda 7. Consent a. Minutes of the April 26, 2004 Council Agenda Meeting PS 2004-11 b. Consideration of a Request from Phifer/Hogan Realty, L.L.C. to Approve the Final Plat of Lots 1, 2, 3, & 4, Block 1 Country Place Estates Addition (Located in the 8000 block of Davis Boulevard - 2.231 acres) PU 2004-023 c. Award Bid for 2004 Miscellaneous Street Subgrade Stabilization Project to McClendon Construction in the Amount of $70,979 PU 2004-024 d. Award Bid for 2004 Recreation Center Interior Renovation Project to Larrison Construction in the Amount of $68,390 PU 2004-025 e. Reject Bids for Food & Beverage Carts for Iron Horse Golf Course 05/10/04 City Council Agenda Page 3 of 4 NUMBER ITEM ACTION TAKEN 8. PZ 2004-06 Public Hearing and Consideration of a Request from JB & JB Development, FLP for a Zoning Change from "AG" Agricultural and "0-1" Office Districts to "R-2" Single Family Residential District (Located in the 7900 and 8000 Blocks of Precinct Line Road - 35.994 acres) - Ordinance No. 2783 9. PS 2004-10 Consideration of a Request from Dennis Denson to Approve the Final of Lots 2-A-R & 2-B-R, Block 1 Antinone Addition Being a Replat of Lot 2, Block 1 Antinone Addition (Located at 7100 Mid Cities Blvd - 1.096 acres) 10.GN 2004-037 Investment Policy and Investment Strategies UDdate Resolution No. 2004-033 11. PW 2004-011 Award of Bid to McClendon Construction Company, Inc. in the amount of $1,103,233.04 for the Glenview Drive (Honey Lane to Flory Street) and Flory Street (Glenview Drive to Manor Drive) Street Improvement Projects 12. Action on Any Item Discussed in Executive Session listed on Pre-Council Agenda 13. Information and Reports - 14. Adjournment POSttD S'''1·tJl/ DøIIP 3.'5.5 fM m. Ctt,v krØly G~ 05/10/04 City Council Agenda Page 4 of 4 INFORMAL REPORT TO MAYOR AND CITY COUNCIL No. IR 2004-044. ~ Date: T Subject: May 10, 2004 Promoting Motorcycle Awareness by Installing Motorcycle Signs Staff has been asked to help promote motorcycle awareness by installing signs at key locations around the perimeter of the City. The intent of the signs is to help make the general public aware of motorcycles and that all motorists need to share the roadways. Eight signs are currently being installed at various locations. The locations are: Mid-Cities Boulevard/Rufe Snow Drive area Mid-Cities Boulevard/Precinct Line area Rufe Snow Drive/Bursey Road area Rufe Snow Drive/Glenview Drive area North Tarrant Parkway/Keller City Limit area North Tarrant Parkway/Precinct Line Road area Glenview Drive/S.H. 26 area Glenview Drive/Haltom City Limit area Staff will show Council the sign during the Pre Council Meeting and will be available to answer any questions. Staff is not requesting Council to take any action. The information is being provided to inform Council of the motorcycle sign status. Respectfully submitted, 71A:~ g~:ti' Mike Curtis, .E. Public Works Director L ISSUED BY THE CITY MANAGER NORTH RICHLAND HILLS, TEXAS INFORMAL REPORT TO MAYOR AND CITY COUNCIL No. IR 2004-045 *~ Date: Subject: May 10, 2004 West Nile Virus Update This is the second year that the Consumer Health Division will be participating in the Tarrant County Public Health (TCPH) West Nile Virus surveillance project. This project includes the collection and submission of mosquitoes to TCPH to determine the presence of West Nile Virus, St. Louis encephalitis, and other mosquito borne diseases in Tarrant County. Surveillance will begin in mid May and go on through the end of October. As in 2003, no birds will be collected this year; only mosquitoes will be tested for disease in North Richland Hills. Citizens will be encouraged to dispose of dead birds on their property without directly handling the animals. To protect yourself from getting bitten by a mosquito that may be carrying the virus you should: 1) When outside, use an insecticide with DEET as the active ingredient. 2) Eliminate all standing water on your property. 3) Wear long pants, long sleeve shirts, and light colored clothing. 4) Avoid going outside from dusk until dawn. This is when the West Nile carrying __ mosquitoes are most active. Last year between July and October, we had six (6) confirmed positives on mosquito samples, one (1) confirmed human case, and one (1) suspected human case. All complaints regarding mosquitoes or dead bird questions should be forwarded to Stephanie East in Neighborhood Services at x6657. Public Works will be spraying insecticide (adulticide) fog on either Thursday or Friday nights, based on citizen complaints. Larvicide will be applied to standing water on public land as requested by citizens and warranted by Public Works and BTI larvicide briquets will be administered by the Neighborhood Services Department. Respectfully submitted, ~~ oAnn Stout Neighborhood Services Director l ISSUED BY THE CITY MANAGER NORTH RICHLAND HILLS, TEXAS Ni~H Ci1\1 of NortH RicHl~t\~ Hi1l5 PROClAMAT10N \tVherc..\s. tMe Cot\sress ~11~ Presi~rnt of tMe Vt\ite~ St~tes M~ve ~esiSt\~te~ M~'1 1;tI1 ~s Pe~ce Officers' Mcmorl~l 'D~'1. ~t\~ tMe week i11 wMicM M~'11; f~lls ~s N~tiot\~l Police week~ ~11~ \tVherc..\s. tMe members of tMe l~w rnforcemrnt ~srnC\1 ofNorrl1 RicMl~t\~ Hills pl~'1 ~t\ essrnti~l role it\ s~fest.-t~rbit\5 tMe riSMts ~11~ free~oms ofNorð1 RicMl~11~ Hills; ~11~ \tVherc..\s. it is import~11t tM~t ~ll citizrns lt110W ~11~ t.-t11~ers~t\~ tMe ~t.-tties, respot\sibilities. M~Z~~S. ~11~ s~crifices of tMcir l~w rnforcemrnt ~srnC\1. ~t\~ tM~t members of ot.-tr l~w rnforcemrnt ~srnC\1 recoSt\ize tMeir ~t.-tt\1 to serve tMe people b'1 s~fe5t.-t~~it\S life ~11~ propcrt\1. b'1 protect1t\S tMcm ~S~i11St violrnce ~t\~ ~isor~er. ~11~ b'1protecti115 tMe it\t\ocrnt ~S~i11St ~eccptio11 ~11~ tMe we~lt ~S~it\st oppressio11; ~11~ \tVherc..\s. tMe mrn ~11~ womrn of tMe l~w rnforccmrnt ~srnC\1 ofNorð1 RicMl~11~ Hills t.-t11ce~si11sl'1 provi~e ~ vit~lpt.-tblic service; Now. tMerdore. 1. M~'1or Osc~r Trcv1t\o. c~llt.-tpo11 ~ll citizrns ofNorð1 RicMl~t\~ Hills ~11~ t.-tpot\ ~ll p~triotic. civic ~11~ e~~c~tio11~l orS~11iz~tiOt\s to observe tMe week of M~'11MJ1. ~s Police Wedt with ~1'Propri~te cercmOt\ies ~t\~ observ~t\ces i11 wMicM ~ll of ot.-tr people m~'1 101t\ it\ commcmor~ti115 l~w rnforcemrnt officers. p~st ~11~ presrnt. WMO. b'1 tMeir f~ithful ~t\~ 10'1~1 ~cvotiot\ to tMeir respot\sibil1ties. M~ve rrn~ere~ ~ ~e~ic~te~ service to tMeir commt.-t11ities ~11~. i11 so ~oit\S, M~ve es~blisMe~ for tMcmsc1ves ~11 rnvi~ble ~11~ rn~url11S rcpt.-t~tiot\ for preservit\S tMe rlSMtS ~11~ securit\1 of ~ll citizrns. 1 further c~llt.-tpo11 ~ll citizet\s to observe M~'11;tM. ~s l'e~ce Officers' Memori~l D~'1 it\ Mot\or of tMose l~w rnforcemrnt officers WMO. tMrot.-tsM tMcir cour~seous ~ee~s. M~ve m~~e tMe 14ltim~te s~crifice it\ service to tMcir commt.-tt\it\1 or h~ve become ~is~ble~ it\ tMe petform~t\ce of ~t.-tt\1. ~t\~ let t.-ts recoS11ize ~11~ P~'1 respect to tMe s~rvivors of ot.-tr f~llrn Meroes. \ \ 1N W1TN£SS WH£R£Of'. 1 M~ve here1-mto set m'1M~t\~ ~11~ c~t.-tse~ tMe se~l of the Cit\1 ofNorð1 RicMb11~ Hills to be ~ffixe~ tMis 10tl1 ~~'1 of M~'1, 2004. Osc~r T rcv1t\o. M~'1or MINUTES OF THE PRE-COUNCIL AND REGULAR MEETING OF THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS, HELD IN THE CITY HALL, 7301 NORTHEAST LOOP 820 - APRIL 26, 2004 PRE-COUNCIL SESSION The City Council of the City of North Richland Hills, Texas met in Pre-Council session on the 26th day of April, 2004 at 6:00 p.m. in the Pre-Council Room prior to the 7:00 p.m. regular Council meeting. Present: Oscar Trevino John Lewis Scott Turnage JoAnn Johnson David Whitson Timothy J. Welch Absent: Joe D. Tolbert Frank Metts, Jr. Staff Members: Larry J. Cunningham Richard Torres Ogden Bo Bass Karen Bostic Paulette Hartman Patricia Hutson George Staples John Pitstick Larry Koonce Mike Curtis Jenny Mabry Thomas Powell JoAnn Stout Jim Browne Andy Jones Dave Green Chris Swartz Call to Order Mayor Councilman Councilman Councilwoman Councilman Councilman Mayor Pro Tem Councilman . City Manager. Assistant City Manager Assistant City Manager Managing Director Administrative/Fiscal Services Assistant to City Manager City Secretary City Attorney Director of Development Finance Director Public Works Director Communications Director Director of Building Services Neighborhood Services Director Parks & Recreation Director Fire Chief Zoning Administrator Aquatic Manager Mayor Trevino called the Pre-Council meeting to order at 6:00 p.m. 1. Discuss Items from Regular ADril 26. 2004 City Council Meeting None. City Council Minutes April 26, 2004 Page 2 2. IR 2004-040 Discussion of Alternate Routes/Options for Motorists AccessinQ Rufe Snow Drive (south of Loop 820) Mike Curtis, Public Works Director, presented a PowerPoint presentation showing options to facilitate traffic flow into and out of the subdivisions adjacent to Rufe Snow (south of Loop 820) during the construction project. At the request of Council, staff looked at how current and proposed construction projects will impact the access along Rufe Snow. Mr. Curtis advised that Staff looked at different options for the section of Rufe Snow from 820 to Glenview. The residential area east of Rufe Snow has several access points to Loop 820 and Grapevine Highway and options for motorists to seek alternate routes. Council was advised that some of the side streets will be temporarily closed and detour signs around the neighborhood will be put up any time a side street will be closed off to Rufe Snow. Mr. Curtis advised that the primary issue on the west side of Rufe Snow was the traffic light at Meadowlakes. Council previously asked Staff to consider whether it would be beneficial to not allow left turns from Meadowlakes onto Rufe Snow. Mr. Curtis advised that left turns at this location is only an issue during three hours in the afternoons and preventing left turns for the remainder of the time might cause more traffic congestion. Staff looked at other options and is recommending two options - 1) work with TXDOT to improve the timing at the bridge and coordinate with the city's timing for Meadowlakes and Rufe Snow and 2) propose alternate routes for motorists that use Meadowlakes to access Rufe Snow. Mr. Brian Shamberger, Kimley-Horn and Associates, the City's traffic consultant, presented a simulation of traffic flow with synchronization of traffic signals. Mr. Shamberger explained how the synchronization would create a more consistent traffic flow. Mr. Curtis explained how signs would be used to encourage people to use alternate routes to Loop 820. Mr. Curtis advised streets such as Carston Court with no outlet other Rufe Snow and those homes facing Rufe Snow would always have access to their homes. 3. Executive Session Mayor Trevino announced at 6:18 p.m. that the Council would adjourn to Executive Session as authorized by the Texas Government Code for the following items: a) deliberation regarding economic development as authorized by §551.087 - South Grapevine Highway Corridor Area and b) deliberation regarding real property as authorized by §551.072 and consultation with Attorney on contemplated litigation as authorized by §551.071 - Mid Cities area. 4. Adiournment Mayor Trevino announced at 6:36 p.m. that the Council would adjourn to the regular Council meeting. City Council Minutes April 26, 2004 Page 3 REGULAR COUNCIL MEETING 1. CALL TO ORDER Mayor Trevino called the meeting to order April 26, 2004 at 7:00 p.m. ROLL CALL Present: Oscar Trevino John Lewis Scott Turnage Frank Metts, Jr. JoAnn Johnson David Whitson Timothy J. Welch Mayor Councilman Councilman Councilman Councilwoman Councilman Councilman Absent: Joe D. Tolbert Mayor Pro Tem Staff: Larry J. Cunningham Patricia Hutson George Staples City Manager City Secretary Attorney 2. INVOCATION Students from Richland High School gave the invocation. 3. PLEDGE OF ALLEGIANCE Students from Richland High School led in the pledge of allegiance. 4. SPECIAL PRESENTATIONS None. City Council Minutes April 26, 2004 Page 4 5. CITIZENS PRESENTATION Mayor Trevino advised the City Secretary has received several requests to speak about item 17 on the agenda. Mayor Trevino informed the public this item is a report to the City Council by the Planning and Zoning Commission Chairman. The purpose of the report is to update the council on the progress and process being used to evaluate the recreational vehicle ordinance (Ordinance No. 2753). Mayor Trevino informed the public that citizens will not be allowed to speak on the issue, because it is an item on the agenda and not scheduled as a public hearing. Mayor Trevino encouraged those citizens wishing to speak on the recreational vehicle ordinance to attend the Planning and Zoning Commission meeting on May 6, 2004. Mayor Trevino advised council they would not be allowed to ask questions on the progress of the ordinance. The Planning and Zoning Commission is holding a forum during the first meeting of the month to hear citizen comments. There were no citizens presentations. 6. REMOVAL OF ITEM(S) FROM THE CONSENT AGENDA Councilman Whitson removed item 7C from the consent agenda. 7. APPROVAL OF CONSENT AGENDA ITEMS APPROVED A. MINUTES OF THE APRIL 12, 2004 COUNCIL MEETING B. GN 2004-036 AUTHORIZATION TO PARTICIPATE IN THE CITY OF HURST CONTRACT FOR THE ANNUAL SLURRY SEAL APPLICATION PROGRAM C. REMOVED D. PU 2004-020 AUTHORIZE PURCHASE OF MOBILE VIDEO SYSTEM FROM KUSTOM SIGNALS IN THE AMOUNT OF $49,363 E. PU 2004-021 AWARD ANNUAL CONTRACT FOR MISCELLANEOUS CONCRETE IMPROVEMENTS - RESOLUTION NO. 2004-031 City Council Minutes April 26, 2004 Page 5 F. PU 2004-002 AWARD OF BID FOR THE GLENVIEW DRIVE AT DAWN DRIVE TRAFFIC SIGNAL INSTALLATION TO SHARROCK ELECTRIC, INC. IN THE AMOUNT OF $54,114.80 COUNCILWOMAN JOHNSON MOVED TO APPROVE THE REMAINING CONSENT AGENDA ITEMS. COUNCILMAN LEWIS SECONDED THE MOTION. Motion to approve carried 6-0. 7C. PU 2004-019 AWARD 2004 FOOD SUPPLY CONTRACT FOR NRH20 TO BEN E. KEITH FOODS - RESOLUTION NO. 2004-030 APPROVED Councilman Whitson asked staff to provide additional background on new vendor. Aquatic Manager Chris Swartz advised council NRH20 has used Ben E. Keith Foods in the past and staff is recommending to continue using Ben E. Keith Foods. COUNCILMAN WHITSON MOVED TO APPROVE PU 2004-019 AWARDING THE FOOD CONTRACT FOR NRH20 TO BEN E. KEITH.. COUNCILMAN TURNAGE SECONDED THE MOTION. Motion to approve carried 6-0. 8. GN 2004-029 CONSIDER ALL MATTERS INCIDENT AND RELATED TO THE ISSUANCE AND SALE OF $685,000 "CITY OF NORTH RICHLAND HILLS, TEXAS, TAX AND WATERWORKS AND SEWER SYSTEM SURPLUS REVENUE CERTIFICATES OF OBLIGATION, SERIES 2004", AND APPROVE ORDINANCE AUTHORIZING THE ISSUANCE OF SUCH CERTIFICATES OF OBLlGATION- ORDINANCE NO. 2782 APPROVED Finance Director Larry Koonce presented the results of the bids that were taken for the Certificates of Obligations. Mr. Koonce informed council David Medanich with First Southwest would summarize the highlights of the sale. Mr. Koonce advised a portion of the funding is for the rehabilitation and repainting of the Booth Calloway water storage tank ($560,000) and the remaining $125,000 is for the golf course pavilion. Mr. Koonce advised the savings from the refunding that was completed April 1 ih will offset the certificate of obligation debt for the tank rehabilitation. Mr. Koonce advised the golf course pavilion will allow Iron Horse to host more tournaments and generate approximately $85,000 in annual revenues. The debt service for the pavilion will be $11,000 per year for the next 15 years. Mr. Koonce advised the debt payments would City Council Minutes April 26, 2004 Page 6 be made from the water/sewer fund and the golf course fund and not from the property tax debt service fund. Mr. Koonce advised council the issuance of these certificates of obligations would not affect the property tax rate. Mr. Medanich advised council bids were taken on ,$685,000 of certificates of obligations and all bids were submitted electronically. Mr. Medanich reiterated that the City retained their AA3 and AA- ratings for the general obligations bonds and the bonds were sold on that basis. The City received two bids from UBS Financial Services for 4.04% and Bernardi Securities for 4.176%. Mr. Medanich advised council this is the lowest rate the City has paid on bonds. Mr. Medanich advised council a recommendation has been prepared by the City's bond counsel Fulbright and Jaworski. COUNCILMAN WHITSON MOVED TO ACCEPT THE BID OF UBS FINANCIAL SERVICES INCORPORATED FOR THE PURCHASE OF $685,000 CITY OF NORTH RICHLAND HILLS, TEXAS, TAX AND WATERWORKS AND SEWER SYSTEM SURPLUS REVENUE CERTIFICATES OF OBLIGATION,. SERIES 2004 AT A TRUE INTEREST COST RATE OF 4.040313% AND ADOPT ORDINANCE 2782 AUTHORIZING THE ISSUANCE OF SUCH CERTIFICATES OF OBLIGATION. COUNCILMAN WELCH SECONDED THE MOTION. Motion to approve carried 6-0. 9. SRB 2004-01 PUBLIC HEARING TO CONSIDER A SIGN VARIANCE REQUEST BY AWAD ESKANDER ON BEHALF OF ABDUL HAMEED OF HORIZON FOOD MART FROM ORDINANCE NO. 2640, SIGN REGULATIONS, AT 7604 GRAPEVINE HIGHWAY DENIED Mayor Trevino advised the public that the council would convene as the Sign Review Board for items 9 and 10. Mayor Trevino opened the public hearing. Awad Eskander, on behalf of applicant, was available to answer questions from council. Zoning Administrator Dave Green advised council the current sign is a double pole design, which is approximately 38+ feet in height. Mr. Green advised pole signs are not permitted under the current ordinance unless they are located within the freeway business district overlay. The district is within 200 feet and runs parallel with Loop 820 and State Highway 121. The applicant's pole sign is located on the southern end of his property. Staff has measured on scale maps that the pole sign is approximately 1,000 feet from Loop 820 right of way. Mr. Green advised applicant has a legal non- conforming pole sign. The sign was legal at the time it was permitted, however under the current ordinance the City no longer allows this type of sign. The applicant is City Council Minutes April 26, 2004 Page 7 allowed to maintain the sign, but not allowed to alter the sign. The City Attorney has determined that the re-facing of a non-conforming sign is an alteration to the sign. A sign review committee comprised of city staff has reviewed the request and can not support the request for two reasons: (1) there has been a distinct trend to not support this type of pole signs; and (2) there must be something unique with property and with the sign itself for the basis of a variance. The sign review committee could not find a basis for this sign having a unique situation to warrant the granting of a variance. Mr. Green advised staff's recommendation is not to support the request. Mayor Trevino asked if staff has talked to Mr. Hameed or Mr. Eskander to advise them of funds available to help with the transition of a pole sign to a monument sign. Mr. Green advised the City has funds set aside in this year's budget to financially assist owners willing to remove their pole signs and believed that Mr. Hameed was approached with this -alternative. City Manager Larry J. Cunningham advised the applicant was approached but he respectfully declined to participate. Mayor Trevino asked for those wishing to comment in favor of request to come forward. Patricia Christopher, 6708 Tabor Street, spoke in favor of request. Mayor Trevino asked for those wishing to speak in opposition to come forward. There being no one else wishing to speak Mayor Trevino closed the public hearing. COUNCILMAN WHITSON MOVED TO DENY REQUEST FOR A VARIANCE FOR A SIGN AT THE HORIZON FOOD MART AT 7604 GRAPEVINE HIGHWAY. COUNCILMAN LEWIS SECONDED THE MOTION. Motion to deny carried 6-0. 10. SRB 2004-02 PUBLIC HEARING TO CONSIDER A SIGN VARIANCE REQUEST BY TARGET CORPORATION FROM ORDINANCE NO. 2640, SIGN REGULATIONS, AT 8532 DAVIS BLVD APPROVED Mayor Trevino opened the public hearing. Melanie Hancock, applicant, summarized request and was available to answer council questions. City Council Minutes April 26, 2004 Page 8 Mr. Green advised council the proposed variance is for a wall sign. Mr. Green advised each commercial business is allowed to have a maximum of two wall signs. The wall signs are only permitted on the side of a building that have a public street frontage or a public entrance. Mr. Green advised Target's location (Precinct Line Road) hinders their signage visibility as allowed by ordinance. Target is proposing to relocate the wall sign that is on the east side of the building (facing Precinct Line Road) to the south side of the building near the east corner. Mr. Green advised the sign review committee has reviewed this request and staff feels they can support the request due to the unique situation involving signage on the east wall and its lack of visibility as opposed to signage placed on the south wall. Mr. Green informed council applicant has mentioned in lieu of allowed signage on the east side of building they be allowed to place signage on the back of the building and forego ever placing a sign on the store front entrance. Councilman Whitson asked staff if Target's elevation will be higher than that of the shopping center being constructed south of Target. Mr. Green advised council he was not aware if the elevation will be higher. Mr. Green said the shopping strip is located to the west of the Target building and the buildings are in two very distinct locations. Councilman Whitson clarified applicant is willing to forego signage on the east elevation if variance is requested by council. Councilman Whitson asked what protection the City might have if applicant decides to erect a wall sign at a later time since a second wall sign is allowed by ordinance. Mr. Green advised there is a limit of two signs per city ordinance and he views an additional sign as a third sign which would require applicant to apply for a variance. City Attorney George Staples advised council they could condition a variance as part of their motion. Councilman Welch said the proposed sign for rear elevation is 145 square feet. If the same sign was to be put on the east side of the building would the sign be able to be larger. Mr. Green advised he was not certain if their intent is to have a larger sign on the east side. According to staff's review the sign that is being proposed on the rear wall meets all current codes. Mayor Trevino asked if there was anyone wishing to comment on this request. There being no one wishing to speak Mayor Trevino closed the public hearing. COUNCILWOMAN JOHNSON MOVED TO APPROVE SRB 2004..02. COUNCILMAN WHITSON SECONDED THE MOTION. City Council Minutes April 26, 2004 Page 9 Motion to approve carried 6-0. The variance was approved with the understanding that the wall sign on the south side will substitute for the sign on east side of building (Precinct Line Road side) and no other signs will be permitted in accordance with Sign Ordinance. 11. GN 2004-030 APPROVE INTERLOCAL AGREEMENT WITH THE CITIES OF KELLER AND WATAUGA FOR THE CONSTRUCTION OF A TRAFFIC SIGNAL AT RUFE SNOW DRIVE AND BURSEY ROAD - RESOLUTION NO. 2004-032 APPROVED Public Works Director Mike Curtis advised the traffic signal at Rufe Snow and Bursey Road is located within the boundaries of three different cities (North Richland Hills, Keller, and Watauga). The interlocal agreement outlines the responsibility of each city. The agreement provides that each city will pay one-third of the actual design and construction cost of the signal and the cities of North Richland Hills and Keller will each pay one-half of the operations and maintenance of the signal. Councilman Turnage questioned why all three cities were not sharing the cost of the operation and maintenance. Mr. Curtis explained the cities agreed to spread the design and construction equally. However, because it was felt that the majority of the traffic will be generated from Keller and North Richland Hills the two cities agreed to pay for the operation and maintenance. COUNCILMAN METTS MOVED TO APPROVE RESOLUTION No. 2004-032. COUNCILMAN LEWIS SECONDED THE MOTION. Motion to approve carried 6-0. 12. GN 2004-031 CONSIDER CHANGE ORDER NO.1 FOR CONSTRUCTION OF FIRE STATION NO.1 AND 2003/04 CIP BUDGET REVISION APPROVED Support Services Director Thomas Powell summarized the item for Council. Harrison Quality Construction was awarded the contract for the construction of new Fire Stations NO.1 and 4 at the March 22 council meeting. At that time Council was advised that Staff would return at a later date with a change order for relocating Station No.1 from 8200 Shadywood Lane to 8001 Shadywood Lane. Harrison Construction submitted City Council Minutes April 26, 2004 Page 10 costs for Change Order in the amount of $115,929. Approximately $53,000 in engineering and architectural fees was required in conjunction to the construction cost for the relocation. Total cost for relocating Station No.1 is $168,929. COUNCILMAN WELCH MOVED TO APPROVE GN 2004-031, APPROVING CHANGE ORDER FOR THE CONSTRUCTION OF FIRE STATION NO.1 (CONSTRUCTION FEES· $115,929 AND VARIOUS ENGINEERING/ARCHITECTURAL FEES - $53,000) AND APPROVE 2003/04 CIP BUDGET AMENDMENT ($168,929). COUNCILMAN WHITSON SECONDED THE MOTION. Motion to approve carried 6-0. 13. GN 2004-032 CONSIDER 30TH YEAR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDING - RESOLUTION NO. 2004-027 APPROVED Ms. Paulette Hartman, Assistant to City Manager advised the public hearing was held on April 12, 2004. Item before Council is to take action on projects to be included in the 30th year CDBG entitlement program. The proposed program includes the following projects: $90,000 for housing rehabilitation, $30,000 for Northeast Transportation Services, $284,000 for the reconstruction of Janie Drive from Charles to Rufe Snow and $180,000 for the reconstruction of Jerrell Drive from Charles to Rogene. Funds for these projects are from the City's CDBG entitlement funds plus funds remaining from prior year projects. COUNCILMAN LEWIS MOVED TO APPROVE RESOLUTION No. 2004-27. COUNCILWOMAN JOHNSON SECONDED THE MOTION. Motion to approve carried 6-0. 14. GN 2004-033 CONSIDERATION AND/OR ACTION ON THE ADOPTION OF SOUTH GRAPEVINE HIGHWAY CORRIDOR STRATEGY APPROVED Mr. John Pitstick, Director of Development, and Mr. Bill Cunningham, The Leland Group, summarized the final report and executive summary of the South Grapevine Highway Corridor Strategy. The cities of Richland Hills and North Richland Hills contracted with the Leland Group and HNTB to develop a strategic plan to revitalize South Grapevine Highway, Glenview Drive and Rufe Snow Drive south of Loop 820. A series of meetings was held over the past year including four public hearings with major landowners and businesses in the area to identify future plans and develop concept plans for future activity centers. The two city councils met together in a joint public work session to set joint priorities for moving forward with specific actions. Staff is recommending that Council adopt the South Grapevine Highway Corridor Strategy. City Council Minutes April 26, 2004 Page 11 The Richland Hills City Council will be acting on this item at their meeting on April 27, 2004. COUNCILMAN TURNAGE MOVED TO APPROVE GN 2004-033. COUNCILWOMAN JOHNSON SECONDED THE MOTION. Motion to approve carried 6-0. . 15. GN 2004-034 APPROVAL OF INTERLOCAL AGREEMENT WITH CITY OF RICH LAND HILLS FOR IMPLEMENTATION EFFORTS FOR THE REVITALIZATION OF THE SOUTH GRAPEVINE HIGHWAY, SOUTH RUFE SNOW AND GLENVIEW CORRIDORS APPROVED Mr. John Pitstick, Director of Development, advised that this item is in conjunction with Item 14. The interlocal agreement sets up an initial Joint Oversight Committee consisting of two council members from each city and one at-large businessman. A staff technical committee will provide technical and background assistance to the Oversight Committee. The agreement establishes primary implementation efforts previously identified by both Councils. The agreement encourages commitment to the implementation of the South Grapevine Highway Corridors Strategy and the two city councils pledge to encourage on-going leadership, simultaneous projects, seek out multiple shareholders, remove barriers and have on-going communications. COUNCILMAN WELCH MOVED TO APPROVE GN 2004-034. COUNCILMAN TURNAGE SECONDED THE MOTION. Motion to approve carried 6-0. 16. ACTION ON ANY ITEM DISCUSSED IN EXECUTIVE SESSION LISTED ON PRE- COUNCIL AGENDA None. 17. INFORMATION AND REPORTS PLANNING & ZONING COMMISSION STATUS REPORT ON RECREATIONAL VEHICLES Mr. Don Bowen, Chairman of the Planning and Zoning Commission, gave a brief update of the Planning & Zoning Commission's efforts to receive public input and the ._-_....._...._-~...._----"---""....._~.._~._.._~-"-~-~-~._.------_._.~~_.._._~~~-_.._-~.~,- City Council Minutes April 26, 2004 Page 12 process being used to evaluate and review the Recreational Vehicle Ordinance. Mr. Bowen made the following comments: · On January 26th, the City Council sent the RV Ordinance No. 2753 to the Planning & Zoning Commission for further review and discussion. · On February 5th, the Commission met and discussed rules and procedures for public discussion. The Commission decided to hold public hearings on the first Thursday of each month for the purpose of taking citizen input. · On March 4th and April 1 S\ the Commission received input from Staff, City Attorney and seventeen citizens. · For the May 6th meeting, the Commission is scheduled to receive input from the Neighborhood Services Director JoAnn Stout, and continue receiving input from citizens. · The Commission will continue this format of holding public hearings on the first Thursday of the month until the Commission is satisfied that all the issues have been thoroughly discussed. The Commission will then prepare a recommendation to be forwarded to the City Council for consideration. Mr. Bowen ¡:¡dvised City Staff has received a number of inquiries regarding the recreational' vehicle ordinance and he introduced Ms. JoAnn Stout, Neighborhood Services Director, to address some misconceptions. Neighborhood Services Director JoAnn Stout provided answers to frequently asked questions received by staff within the past several weeks. Mr. Bowen advised that the Planning & Zoning Commission would continue to hold meetings on the first Thursday of every month and will continue to work diligently to bring a recommendation to the Council. INFORMATION AND REPORTS Councilman Whitson made the following announcements. Early voting for the City Council election begins on Wednesday, April 28th. Registered voters can vote at City Hall or at the Tarrant County Early Voting Center. Call the City Secretary for more information. King Creole will be playing classic party rock music at The Lotta Night Music Concert Series on Friday, April 30. This free concert begins at 7pm at Green Valley Park. Call the Recreation Center for more information. Registration begins at the Recreation Center for Summer Classes on May 1. Come by or call the Rec Center today to learn more about the classes being offered. May 6 National Day of Prayer City Council Minutes April 26, 2004 Page 13 May 8 Critter Connection North Hills Mall 10:00 a.m. - 6:00 p.m. Kudos Korner - Every Council Meeting, we spotlight our employees for the great things they do. Verenis Olivo, Parks and Recreation Department - A call was received from a Daddy/Daughter Dance participant thanking Olivo for going out of her way to look for tickets, which he had just purchased, that were lost between the building and his home. The participant scoured his car with no luck. Olivo searched the parking lot in extremely bitter cold and wind. Later the tickets were located in the participant's vehicle. The man said Olivo was friendly, kind and helpful and went out of her way to assist him. 18. ADJOURNMENT Mayor Trevino adjourned the meeting at 8:21 p.m. Oscar Trevino - Mayor ATTEST: Patricia Hutson - City Secretary CITY OF NORTH RICHLAND HILLS Department Planning Department Council Meeting Date: 5/10/04 Subject: Consideration of a ReQuest from Phifer/HoQan Realty L.L.C. Agenda Number: PS 2004-11 to Approve The Final Plat of Lots 1, 2, 3, & 4, Block 1 Country Place Estates Addition Located in the 8000 Block of Davis Boulevard (2.231 acres). Case Summary: This final plat includes the retail portion (4 lotS) of the preliminary plat of the Country Place Addition. A final plat for the proposed residential portion was approved in January (ref. PS 2003-52). The applicant proposes office uses for this site. Comprehensive Plan: The Comprehensive Plan indicates retail uses for this site. This proposed use is consistent with the Comprehensive Plan. Thoroughfare Plan: The site fronts Davis Boulevard a six-lane, divided, principal arterial with a 130' R.O.W. One access point to all lots will be provided from Davis Boulevard. Mutual access to all lots will be via a 25 foot mutual access easement extending from the southern edge of lot 1 to northern edge of lot 4 and running the full lengths of lots 2 and 3. Staff Review: The· Development Review Committee has reviewed the plat and has determined the final plat complies with the approved preliminary plat. Attached is a memo from the Public Works department stating that all of staff's comments have been satisfied. ,"-- Planning and Zoning Commission Recommendation: The Planning and Zoning Commission at their meeting on April 16, 2004 recommended approval of PS 2004-11 by a vote of 7-0. Recommendation: To Approve PS 2004-11 the Final Plat of Lots 1, 2, 3, & 4, Block 1 Country Place Estates Addition as recommended by the Planning and Zoning Commission. Review Schedule: Application: 2/10/04 ~ Final Hearing: 5/10/04 Total Review Time: 13 weeks Finance Review Account Number Sufficient Funds AV81laDle Finance Director o o c Z -I ;;0 -< NI~H PS 2004-11 FINAL PLAT COUNTRY PLACE ESTATES LOTS 1, 2, 3, & 4, BLOCK 1 N A Prepared by Planning 04/08/04 PS 2004-11 CONSIDERATION OF A REQUEST FROM PHIFER/HOGAN REAL TV, L.L.C. TO APPROVE THE FINAL PLAT OF LOTS 1, 2, 3, & 4, BLOCK 1 COUNTRY PLACE ESTATES ADDITION LOCATED IN THE 8000 BLOCK OF DAVIS BOULEVARD (2.231 ACRES). APPROVED Dave Green, Director of Planning, presented the case. Several months ago, the Commission approved a preliminary plat for Country Place Estates which took in both a residential area and commercial frontage. The Commission has already seen the final plat for the residential area; this evening the applicant is presenting the final plat for the commercial portion. Public Works has provided a letter stating that all of Staff's concerns have been addressed with the plat. Staff recommends approval. Ken Sapp, seconded by Richard Davis, motioned to approve PS 2004-11. The motion was approved unanimously (7-0). NI~H ?uciic ì;^·Jcrks .'i!jrn¡r.!S7r8t¡Or~ y-' April 7, 2004 MEMO TO: Donna Jackson, Planner FROM: Caroline Waggoner, Engineer Associate p SUBJECT: Country Place Estates Addition; Block 1, Lots 1-4 Final Plat, PS2004-11 Public Works has reviewed the Final Plat submitted to this office on March 26, 2004. All of Public Works' requirements have been met. We recommend placement on the next Planning and Zoning meeting agenda. cc: Lance Barton, P.E., Public Works Assistant Director Dave Green, Zoning Administrator CL W/pwm2004-070 (:.:¡-\;, ,":!(~;': ~~¡ :;...; ; ,'. .".~ ,"<:~ ;1·' ~:-r:':;;J~'::~ n ç '; ''', '~"·_:~~·,·:.:.4U\,j --'.(;( <:~-;qC-;¡ CITY OF NORTH RICHLAND HILLS '-- Department:' Finance / Public Works Council Meeting Date: 5/10/2004 Subject: Award Bid for the 2004 Miscellaneous Street SubQrade Stabilization Project to McClendon Construction in the Amount of $70,979 Agenda Number: PU 2004-023 As part of the approved 2004 Preventive Street Maintenance Program (GN 2004-017), Council appropriated funds for the 2004 Miscellaneous Street Subgrade Stabilization Project. Formal bids were solicited for street excavation with lime stabilization for the following streets: Clark Street Nancy Lane Clay Hibbins Rd Colorado Boulevard / Davis Boulevard Maplewood Avenue / Northeast Loop 820 Keller City Limits / Shady Grove Road Listed below are the bids received for this' project. Base Bid Calendar Days Bid McClendon Construction Brock Paving Industries Sutton & Associates $70,979 $79,581 $95,225 45 40 30 "- McClendon Construction has completed numerous street construction projects for the City in the past. They have always completed projects satisfactorily,:within budget and within the completion days bid. Recommendation: To award the bid for the 2004 Miscellaneous Street Subgrade Stabilization Project to McClendon Construction in the amount of $70,979. Finance Review !lM4 Gt: .~ \4-/ DeDartment Head Sianature Budget Director Source of Funds: Bonds (GO/Rev.) Operating Budget Other ", Finance Director Page 1 of ..L CITY OF NORTH RICHLAND HILLS .,,- Department: Finance I Support Services Council Meeting Date: 5/10/2004 Subject: Award Bid for 2004 Recreation Center Interior Renovation Agenda Number: PU 2004-024 Project to Larrison Construction in the Amount of $68,390 In the 2003/04 approved CIP budget, Council appropriated funds for the 2004 Recreation Center Interior Renovation project. Formal bids were solicited and the results are outlined below. Larrison Construction Artistic Painting Co Ed Parker, Inc. RBI Corporation Webb General Contractors Bustamante Construction Kurosky & Company $68,390 $69,760 $73,177 $77,210 $85,000 $90,000 $98,710 A complete interior renovation of the Recreation Center has nQt taken place since the Center opened in 1987. This project includes repairing and painting all walls, doors, and doorframes in the Recreation Center. The ceiling tiles are discolored, stained, and broken and will also be replaced. '- The low bidder, Larrison Construction, met all the specifications and general conditions of the bid and can complete the project within 45 days. The references checked all responded favorably. The bid amount of $68,390 is also within the approved budget. Recommendation: To award the bid for the 2004 Recreation Center Interior Renovation project to Larrison Construction in the Amount of $68,390. Source of Funds: Bonds (GO/Rev.) Operating Budget Other '- Finance Review \W Budget Director Page 1 of L CITY OF NORTH RICHLAND HILLS "-- Department: Finance Council Meeting Date: 5/10/2004 Subject: Reiect Bid for Food and Beveraae Carts for Iron Horse Golf Course Agenda Number: PU 2004-025 Formal bids were solicited for two beverage carts for Iron Horse Golf Course. Four bids were submitted. Two bids did not meet the minimum specifications and two bids were over the approved budget. Staff is recommending the bids be rejected, the specifications revised and new bids solicited. Recommendation: To -reject all bids received for the beverage carts for Iron Horse Golf Course and authorize Staff to revise the specifications and solicit for new bids. ',,-- '-- Finance Review Source of Funds: Account Number Bonds (GO/Rev.) Sufficient FundsiAvailable Operating Budget Other ~!!r!!!f!2~~ W Page 1 of L .' CITY OF NORTH RICHLAND HILLS Department: Planning Department Council Meeting Date: 5/10/04 '- Subject: Public Hearing to Consider a ReQuest from JB & JB Agenda Number: PZ 2004-06 Development, FLP for a Zoning Change from nAG" Agricultural and "0-1" Office Districts to "R- 2" Residential District Located in the 7900-8000 blocks of Precinct Line Road (35.994 acres) - Ordinance 2783. Case Summary: The applicant is proposing to develop a 125-lot subdivision for the site. The requested "R-2" zoning would require a minimum 9,000 square foot lot with a minimum 2,000 square foot dwelling. A preliminary plat for this site (ref. PS 2004-08 Thornbridge East Phase II, III, and IV) was approved by the Planning and Zoning Commission at their April 15th meeting. Existing Land Use/Site Attributes: small out-buildings. . The site is not platted and vacant except for a few '-- Thoroughfare Plan: The property has frontage along Precinct Line Road, which is designated on the Thoroughfare Plan as a future 7 -lane, undivided, principal arterial with 130' R.O.W. (P7U). The approved preliminary plat provides one access point to Precinct Line Road and a local street network connecting to the existing Thombridge East Addition. Comprehensive Plan: Based on the Comprehensive Plan,a small tributary of Little Bear Creek bisects this site into east and west halves. That portion of the site east of the tributary (approximately 650' of depth from Precinct Line Road) Is proposed for office and neighborhood retail uses. The balance of the site (west of the tributary) is proposed for low density residential uses. The applicant's request for residential zoning on the entire $ite is not completely in compliance with the Comprehensive Plan because it replaces the proposed commercial frontage along Precinct Line Road. The request does, however,reflect a trend toward the downsizing of commercial/industrial areas for low-density residential development. Staff is concemed that a continued pattem of downzoning and downsizing of areas identified for commercial development may result in a cumulative lessening of the community's long-term opportunities for commercial development. The City of Colleyville is currently reviewing a proposed development for office, retail and restaurant uses along Finance Review Source of Funds: Bonds (GO/Rev.) Operating Budget Account NUI11ber Sufficient Fund$ Available Finance Director '-- ~~~ PZ 2004-06 Thombridge CC CITY OF NORTH RICHLAND HILLS Precinct Line Road within ~ mile of this site. "- Adjacent Zoning / Landuse: North: "R-2"/ Single family residences East: City of Colleyville South: "AG" Agricultural/Single family residences West: "R-2-2500"/Single family residences Letter of Protest: Attached is a letter of protest to this rèquest from an adjacent property owner. Planning and Zoning Commission Recommendation: The Planning and Zoning Commission at their meeting on April 15, 2004, recommended approval of PZ 2004-06 by a vote of 7-0. STAFF RECOMMENDATION: To approve the Planning and Zoning Commission recommendation of approval for PZ 2004-06 by approving Ordinance No. 2783. Review Schedule: Application: 2/17/04 Final Hearing: 5/10/04 Total Review Time: 13 weeks* * This request was processed simultaneously with a preliminary plat requiring additional time. ."-..- . '-- 2 4 6 8 10 12 14 16 18 20 T') ~¿,., '4 26 28 30 32 34 36 38 40 42 44 ORDINANCE NO. 2783 ZONING CASE PZ 2004-06 AN ORDINANCE AMENDING THE COMPREHENSIVE PLAN AND THE COMPREHENSIVE ZONING ORDINANCE OF THE CITY OF NORTH RlCHLAND HILLS; AMENDING THE ZONING MAP OF THE CITY OF NORTH RlCHLAND HILLS, TEXAS, AND REZONING A 35.994 ACRE TRACT OF PROPERTY FROM AG (AGRICULTURAL) AND 0-1 (OFFICE) TO R-2 (SINGLE FAMILY RESIDENTIAL) ZONING; ESTABLISHING A PENALTY; PROVIDING FOR PUBLICATION; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, notice of a hearing before the Planning and Zoning Commission was sent to real property owners within 200 feet of the property herein described at least 10 days before such hearing; and, WHEREAS, notice of a public hearing before the City Council was published in a newspaper of general circulation in the City at least 15 days before such hearing; and, WHEREAS, public hearings to zone the property herein described were held before both the Planning and Zoning Commission and the City Council, and the Planning and Zoning Commission has heretofore made a recommendation concerning the zone change; and, WHEREAS, the City Council is of the opinion that the zone change herein effectuated furthers the purpose of zoning as set forth in the Comprehensive Zoning Ordinance and is in the best interest of the citizens ofthe City of North Richland Hills; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS: Section 1: THAT the Comprehensive Plan, the Comprehensive Zoning Ordinance and the zoning map ofthe City of North Richland Hills are hereby amended by rezoning a 35.994 acre tract ofland located in the 7900 and 8000 Blocks of Precinct Line Road in the City of North Richland Hills, Tarrant County, Texas, more particularly described on Exhibit "A" hereto, from AG Agricultural and 0-1 Office to R-2 Single Family Residential zoning. Section 2: Any person, firm or corporation violating any provision of the Comprehensive Zoning Ordinance as amended hereby shall be deemed guilty of a misdemeanor and upon final conviction thereof fined in an amount not to exceed Two Thousand Dollars ($2,000.00). Each day any such violation shall be allowed to continue shall constitute a separate violation and punishable hereunder. Ordina No. 2783 Page 1 2 2 4 6 8 10 12 14 16 18 20 22 '14 26 28 30 32 34 --'-"-'~"._~-----"--'~-""---~-~~--"--"~--"'--~">'~---.>-.-"-,-~----.,,~-.-~.-,,-~.-..,,-.,~-,,,-~~.~--.--_....-~_.__. Section 3: The City Secretary is hereby authorized and directed to cause the publication of the descriptive caption and penalty clauses of this ordinance as an alternative method of publication provided by law. Section 4: This ordinance shall be in full force and effect immediately after passage. AND IT IS SO ORDAINED. PASSED on this 10th day of May, 2004. CITY OF NORTH RICHLAND HILLS By: Oscar Trevino, Mayor ATTEST: Patricia Hutson, City Secretary S TO FORM AND LEGALITY: APPROVED AS TO CONTENT: Department Head Ordina e No. 2783 Pag02 t 2 I , ! EXHIBIT "A" TO ORDINANCE NO. 2783 Page 1 of 6 THORNZ1 FIELD NOTES FOR REZONING AG TO R2 TRACT I BEING A TRACT OF LAND OUT OF THE S. RICHARDSON SURVEY, ABSTRACT NO. 1266 AND THE W.C. NEWTON SURVEY, ABSTRACT NO. 1182, TARRANT COUNTY, TEXAS, AND BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED 145.00 FEET NORTH 89 DEGREES 32 MINUTES 59 SECONDS EAST AND 559.86 FEET NORTH 89 DEGREES 49 MINUTES 34 SECONDS EAST FROM THE SOUTHWEST CORNER OF LOT 11, BLOCK 4, THORNBRIDGE EAST, AN ADDITION TO THE CITY OF NORTH RICH LAND HILLS, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN CABINET A, SLIDE 4133, PLAT RECORDS, TARRANT COUNTY, TEXAS; THENCE NORTH 89 DEGREES 45 MINUTES 22 SECONDS EAST 556.78 FEET ALONG THE SOUTH LINE OF SAID THORNBRIDGE EAST TO THE WEST R.O. W. LINE OF PRECINCT LINE ROAD FOR THE NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 00 DEGREES 18 MINUTES 12 SECONDS EAST 256.04 FEET ALONG SAID R.O.W. TO THE SOUTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 89 DEGREES 57 MINUTES 05 SECONDS WEST 558.26 FEET TO THE SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 00 DEGREES 01 MINUTES 41 SECONDS WEST 253.18 FEET TO THE POINT OF BEGINNING AND CONTAINING 3.259 ACRES OF LAND, MORE OR LESS FIELD NOTES FOR REZONING 01 TO R2 TRACT " BEING A TRACT OF LAND OUT OF THE S. RICHARDSON SURVEY, ABSTRACT NO. 1266 AND THE W.C. NEWTON SURVEY, ABSTRACT NO. 1182, TARRANT COUNTY, TEXAS, AND BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED 742.12 FEET SOUTH 70 DEGREES 17 MINUTES 06 SECONDS EAST FROM THE SOUTHWEST CORNER OF LOT 11, BLOCK 4, THORNBRIDGE EAST, AN ADDITION TO THE CITY OF NORTH RICHLAND HILLS, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN CABINET A, SLIDE 4133, PLAT RECORDS, TARRANT COUNTY, TEXAS; THENCE SOUTH 89 DEGREES 57 MINUTES 05 SECONDS EAST 564.37 FEET TO THE Page 1 EXHIBIT "A" TO ORDINANCE NO. 2783 Page 2 of 6 THORNZ1 WEST R.O.W. LINE OF PRECINCT LINE ROAD FOR THE NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 00 DEGREES 25 MINUTES 57 SECONDS EAST 24.95 FEET ALONG SAID R.O.W.; THENCE SOUTH 00 DEGREES 14 MINUTES 19 SECONDS EAST 154.37 FEET ALONG SAID R.O.W.; THENCE SOUTH 02 DEGREES 51 MINUTES 45 SECONDS WEST 70.60 FEET ALONG SAID R.O.W. TO THE SOUTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE WEST 561.34 FEET TO THE SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 00 DEGREES 04 MINUTES 34 SECONDS WEST 250.31 FEET TO THE POINT OF BEGINNING AND CONTAINING 3.239 ACRES OF LAND, MORE OR LESS Page 2 EXHIBIT "A" TO ORDINANCE NO. 2783 Page 3 of 6 THORNZ2 FIELD NOTES FOR REZONING AG TO R2 TRACT III BEING A TRACT OF LAND OUT OF THE S. RICHARDSON SURVEY, ABSTRACT NO. 1266, TARRANT COUNTY, TEXAS, AND BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED 286.88 FEET SOUTH 00 DEGREES 27 MINUTES 06 SECONDS WEST AND 214.10 FEET SOUTH 00 DEGREES 40 MINUTES 41 SECONDS WEST FROM THE SOUTHWEST CORNER OF LOT 11, BLOCK 4, THORNBRIDGE EAST, AN ADDITION TO THE CITY OF NORTH RICHLAND HILLS, TARRANT COUNTY, TEXAS; THENCE NORTH 89 DEGREES 58 MINUTES 33 SECONDS EAST 295.84 FEET TO THE NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 05 DEGREES 25 MINUTES 50 SECONDS WEST 457.78 FEET TO THE SOUTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 89 DEGREES 02 MINUTES 30 SECONDS WEST 296.34 FEET TO THE SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 05 DEGREES 25 MINUTES 50 SECONDS EAST 462.64 FEET TO THE POINT OF BEGINNING AND CONTAINING 3.111 ACRES OF LAND, MORE OR LESS FIELD NOTES FOR REZONING 01 TO R2 TRACT IV BEING A TRACT OF LAND OUT OF THE S. RICHARDSON SURVEY, ABSTRACT NO. 1266 TARRANT COUNTY, TEXAS, AND BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED 962.52 FEET SOUTH 02 DEGREES 37 MINUTES 24 SECONDS WEST 962.52 FEET FROM THE SOUTHWEST CORNER OF LOT 11, BLOCK 4, THORNBRIDGE EAST, AN ADDITION TO THE CITY OF NORTH RICH LAND HILLS, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN CABINET A, SLIDE 4133, PLAT RECORDS, TARRANT COUNTY, TEXAS; THENCE NORTH 89 DEGREES 02 MINUTES 30 SECONDS EAST 776.08 FEET TO THE NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 01 DEGREES 01 MINUTES 29 SECONDS WEST 207. 70 FEET TO AN INSIDE CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 89 DEGREES 02 MINUTES 09 SECONDS EAST 203.64 FEET TO THE Page 1 "....,._'--~~-~-'_._-_._-_._-----,--~~-~ EXHIBIT "A" TO ORDINANCE NO. 2783 Page 4 of 6 THORNZ2 MOST EASTERLY NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 01 DEGREES 01 MINUTES 02 SECONDS EAST 107.75 FEET TO CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 88 DEGREES 08 MINUTES 31 SECONDS EAST 30.18 FEET TO CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 01 DEGREES 01 MINUTES 02 SECONDS EAST 118.49 FEET TO THE SOUTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 88 DEGREES 58 MINUTES 58 SECONDS WEST 1317.97 FEET TO THE SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 41 DEGREES 42 MINUTES 22 SECONDS EAST 246.25 FEET TO A CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED IN A CURVE TO THE RIGHT WITH A RADIUS OF 58.00 FEET; THENCE NORTHEASTERLY ALONG SAID CURVE TO THE RIGHT 162.22 FEET TO THE END OF SAID CURVE, WHOSE CHORD BEARS 114.28 FEET NORTH 81 DEGREES 58 MINUTES 52 SECONDS EAST; THENCE NORTH 11 DEGREES 24 MINUTES 52 SECONDS EAST 67.35 FEET TO CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 05 DEGREES 25 MINUTES 50 SECONDS EAST 183.70 FEET TO THE POINT OF BEGINNING AND CONTAINING 10.167 ACRES OF LAND, MORE OR LESS Page 2 ">'_n__'~___~_,,___".,,_~~.,,<µ~_-..___~_________ EXHIBIT "A" TO ORDINANCE NO. 2783 Page 5 of 6 THORNZ3 FIELD NOTES FOR REZONING AG TO R2 TRACT V BEING A TRACT OF LAND OUT OF THE R. RICHARDSON SURVEY, ABSTRACT NO. 1266 AND THE W. C. NEWTON SURVEY, ABSTRACT NO. 1182, TARRANT COUNTY, TEXAS, AND BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED 742.12 FEET SOUTH 70 DEGREES 17 MINUTES 06 SECONDS EAST FROM THE SOUTHWEST CORNER OF LOT 11, BLOCK 4, THORNBRIDGE EAST, AN ADDITION TO THE CITY OF NORTH RICHLAND HILLS, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN CABINET A. SLIDE 4133, PLAT RECORDS, TARRANT COUNTY, TEXAS; THENCE NORTH 89 DEGREES 02 MINUTES 11 SECONDS EAST 196.48 FEET TO THE NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 00 DEGREES 55 MINUTES 17 SECONDS EAST 214.40 FEET TO THE SOUTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 89 DEGREES 02 MINUTES 09 SECONDS WEST 203.64 FEET TO THE SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 01 DEGREES 01 MINUTES 29 SECONDS EAST 207.20 FEET TO THE POINT OF BEGINNING AND CONTAINING 0.969 ACRES OF LAND, MORE OR LESS FIELD NOTES FOR REZONING AG TO R2 TRACT VI BEING A TRACT OF LAND OUT OF THE S. RICHARDSON SURVEY, ABSTRACT NO. 1266, TARRANT COUNTY, TEXAS, AND BEING DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHWEST CORNER OF TRACT BEING DESCRIBED, SAID POINT BEING LOCATED 1468.71 FEET SOUTH 16 DEGREES 05 MINUTES 23 SECONDS WEST FROM THE SOUTHWEST CORNER OF LOT 11, BLOCK 4, THORNBRIDGE EAST, AN ADDITION TO THE CITY OF NORTH RICHLAND HILLS, TARRANT COUNTY, TEXAS, ACCORDING TO THE PLAT RECORDED IN CABINET A, SLIDE 4133, PLAT RECORDS, TARRANT COUNTY, TEXAS; THENCE NORTH 88 DEGREES 58 MINUTES 58 SECONDS EAST 802.25 FEET TO THE NORTHEAST CORNER OF TRACT BEING DESCRIBED; THENCE SOUTH 01 DEGREES 01 MINUTES 02 SECONDS EAST 642.96 FEET TO THE SOUTHEAST CORNER OF TRACT BEING DESCRIBED; Page 1 EXHIBIT "A" TO ORDINANCE NO. 2783 Page 6 of 6 THORNZ3 THENCE NORTH 89 DEGREES 23 MINUTES 59 SECONDS WEST 812.05 FEET TO A CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 89 DEGREES 51 MINUTES 10 SECONDS WEST 291.37 FEET TO THE MOST SOUTHERLY SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 60 DEGREES 09 MINUTES 24 SECONDS WEST 230.09 FEET TO THE MOST WESTERLY SOUTHWEST CORNER OF TRACT BEING DESCRIBED; THENCE NORTH 44 DEGREES 06 MINUTES 36 SECONDS EAST 703.14 FEET TO THE POINT OF BEGINNING AND CONTAINING 15.526 ACRES OF LAND, MORE OR LESS Page 2 ~~_>~·""·._""_m·_".._ -'"-~'~_~'~__~_~_K_~ RY D ;! ;!:; :!;: ....... j 1~ I -~ ~ \.'~ J :± ^ I ~ I . I rR 1-1 r.; 1-11 ì ì~ . .. i;( ~ I I I ------- - --- ~ [T I i I- ~ ---- ~ - H I 0 cc: = r ?' --~ ill I I z , ....J ... . l- I I ~\ \ \ \ \\\ Ü ./ Z R\~ ü --, ~_.._-- '--- , -,;. ... S! ¡.!-(Jt"< ! -¡ )¡..ç - I 11. (;::; '-( I 0: F. ..; I I 11-- --,... "'I CITY OF í7 :; ~ " COLLEYVILLE I 1\ \ \ \ \ \\\\ "" 2 ~ :ê .'. .;.: I. .~ ,,':; ..; - i ,;.x·:{ , ~ R :::: >,' ~ .c""· -- -~ .j;):,<.... ~ ~ lQÇKI;JT-- V """:">-,' ....',,,...',"-' K. H . \ .... f:,~ þ' .,¡ 1\ .; -, --"- -, _..".__u.. ---- '\ .... ...'. r . ,. ~ 200' Buffer - ..-.-.- ...--- ,.. - '--- '-- _·n_. __..._.. _.._u_ ,- - _.m_ - N NRH A PZ 2004-06 REZONING FROM "AG" AGRICUL TURE & 0-1 OFFICE TO "R-2" SINGLE FAMILY RESIDENTIAL 7.194 ACRES OF THE W.C. NEWTON SURVEY 28.80 ACRES OF THE S. RICHARDSON SURVEY f Prepared by Planning 04-01-04 0 200 400 600 800 1000 1200 Feei NOTICE OF PUBLIC HEARING NORTH RICHLAND HILLS CITY COUNCIL CASE #: PZ 2004-06 JB & JB Development, FLP 7900 Block and 8000 Block Precinct Line Road (Tracts "I-V" more or less 7.194 Acres in the W. C. Newton Survey, Abstract 1182 and more or less 28.80 acres in the S. Richardson Survey) You are receiving this notice because you are a property owner of record within 200 feet of the above property. Purpose of Public HearinQ: A public hearing is being held to consider a request from JB & JB Development, FLP to rezone the above property from "AG" Agriculture and "0-1" Office to "R-2" Residential District. The applicant intends to develop a single-family residential subdivision. Public HearinQ Schedule: Public Hearing Date: CITY COUNCIL MONDAY, MAY 10, 2004 7:00 P.M. CITY COUNCIL CHAMBERS 7301 N. E. LOOP 820 NORTH RICHLAND HILLS, TEXAS Time: Location: Planning Department City of North Richland Hills 7301 Northeast Loop 820 North Richland Hills, Texas 76180 Phone (817) 427-6300 Fax (817) 427-6303 City of Colleyville 5400 Bransford Rd. P.O. Box 185 Cr-1I8yville, TX 76034 Jesse & Carol Nelson 2708 Steeplechase Ct. Hurst, TX 76054-2287 Sylvia Cate RR 3, Box 86 Brownwood, TX 76801-9620 John Wallace 8208 Thornhill Dr. North Richland Hills, TX 76180 Virginia Fenton 9216 Edgemont Dr. North Richland Hills, TX 76180 Sar,dy Liberato 9212 Edgemont Dr. North Richland Hills, TX 76180 Ralph & Dorothy Stephens 9208 Edgemont Dr. North Richland Hills, TX 76180 Gilbert & Gail Lebreton 8129 Hallmark Dr. North Richland Hills, TX 76180 State of Texas P.O. Box 6868 Ft. Worth, TX 76115 S 'ia Sue Cate ¡;" J, Box 86 Brownwood, TX 76801 Wayne & Gail Killough 9204 Edgemont Dr. Fort Worth, TX 76180 Damon & Kathy Hannah 9124 Edgemont Dr. Ft. Worth, TX 76180 Thomas & Sherron Leonard 9211 Edgemont Dr. North Richland Hills, TX 76180 Jesse Cates 9203 Edgemont Dr. Ft. Worth, TX 76180 James Waldon 9120 Edgemont Dr. North Richland Hills, TX 76180 John & Lynn Connolly 9112 Edgemont Dr. North Richland Hills, TX 76180 Dennis & Phyllis McMillin 9104 Edgemont Dr. North Rich/and Hills, TX 76180 James & Kathy Bjurman 8125 Hallmark Dr. North Richland Hills, TX 76180 JB & JB Development 700 W. Harwood Rd., Suite A Hurst, TX 76054 Karen & Samuel Cuellar 8953 Stratford Dr. North Richland Hills, TX 76180 Darrell Bruce 9116 Edgemont Dr. North Richland Hills, TX 76180 M & J Construction Corp. P.O. Box 821516 North Richland Hills, TX 76182 Joe & Colette Rodgers 9207 Edgemont Dr. North Richland Hills, TX 76180 Larry Jackson 8200 Edgemont Ct. North Richland Hills, TX 76180 Darrell & Beverly Bruce 9116 Edgemont Dr. North Richland Hills, TX 76180 Roger & Judith Fulton 9108 Edgemont Dr. North Richland Hills, TX 76180 Andrew & Judith Curtis 9100 Edgemont Dr. North Richland Hills, TX 76180 Mary Sue Warren 120 Oak Leaf Dr. Ft. Worth, TX 76180 Lajoie Family Trust Abel & Marjorie Lajoie 7909 Precinct Line Rd. Ft. Worth, TX 76180 ABN Amro Mortgage Grp 7159 Corklan Dr. Jacksonville, FL 32258 Gilbert & Shelby Montalvo 8949 Kinston Ct. North Richland Hills, TX 76180 Jack & Dana McCarty 81 08 Thornwood Dr. North Richland Hills, TX 76180 Jon & Phyllis Moore 9012 Thornberry Dr. North Richland Hills, TX 76180 Landy & Alysha Compton 8201 Edgemont Ct. North Richland Hills, TX 76180 Donald & Sondra Heaton 8953 Kingston Ct. North Richland Hills, TX 76180 George & Barbara Taylor 8942 Kingston Ct. Ft. Worth, TX 76180 Lucille Stevens T C Stevens Testamentary Tr 9201 Kirk Lane Ft. Worth, TX 76180 Nancy Reiff 8200 Hallmark Dr. North Richland Hills, TX 76180 Phillip & Denise Holmes 8112 Thornwood Dr. North Rich/and Hills, TX 76180 Bruce & Lisa Hildewig 8946 Kingston Ct. Ft. Worth, TX 76180 Sheryl & Peter Dibella 401 Vintage Ct. Colleyville, TX 76034 Tracy Lemoine 8201 Fenwick Dr. North Richland Hills, TX 76180 J~ J E S S N E L SON S T U 0 lOS, IN COP 0 RAT E 0 CT 2708 Steeplechase Ct., Hurst, TX 76054 (817) 656-7679 Fax (817) 656-8185 ~MI~ .~-A. a"".." April 7, 2004 10f 3 Pages Donna Jackson Planning Department City of North Richland Hills 7301 Northeast Loop 820 North Richland Hills, Texas 76180 Re: Case # PZ 2004-06 Dear Donna, This letter is in reference to the rezoning of the parcel of land witch adjoins our property to the south at 8013 Precinct Line Road, North Richland Hills. I have met with your department several times about the use of this land along Precinct line Rd. I was very pleased with the Planning and Zoning Department's recommendations that this strip of land (including ours) be zoned in the future as Neighborhood Retail (NR). We have been hoping to develop our property with this zoning in mind and are really upset about the possibility of the property next door being re-zoned to residential. I am only concerned about the zoning adjacent to Precinct Line Road. This will affect the future plans for our property. We afe requesting that the land adjacent to Precinct Line Road be zoned Neighborhood Retail. I feel, as your planning department has suggested, the highest and best use of this land is NR. I feel changing it to residential is a bad idea for the following reasons: 1. It would isolate OUf property from future retail establishments and shared parking possibilities. 2. It would isolate our property by totally surrounding it by residential zoning i.e. homes to the South and mobile homes to the East and North. This would give us very few options for a viable business in the future when we become ready to develop this land and request your zoning of NR. Re: Case # PZ 2004-06 (continued) 2 of 3 Pages 3. It would restrict the development of our property by blocking the view from the southern approach on Precinct Line Rd. by residential block walls, fences and minimal setbacks. 4. Potential residential back yards backing up to our property on the south would create a problem and financial hardship in that we would have to completely surround our property with an 8' stone or brick wall. It is possible that we would be required to landscape a buffer zone on our side of this fence to accommodate the residences. This would seriously restrict our development plans. 5. The City of Colleyville on the East side of Precinct Line Rd (directly across the street from our property and the JB & JB Development property) is being developed as commercial retail property. New retail developments are being planned. There is a gas station and convenience store across the street. It was a wise decision for the NRH City planners to have suggested an area of NR on the NRH side of Precinct Line to accommodate our future residential neighbors and buffer the traffic, noise and pollution from the highway. Close-to-home retail would improve the quality of life for the future residences being planned adjacent to this NR area. 6. Precinct Line Road has become an extremely busy major North/South artery. The rise in the roadbed of Precinct Line blocks the view of cars tuming into our property. This is a potential hazard area for ingress and egress in the future. One concern, as we try to develop our property, would be to find and alternate way of ingress and egress to the property. If the property to the south of us was zoned NR, we could possibly build and share a common ingress to the retail properties from the new street that will be built for access to the new tract of homes being planned. 7. This new road wìll create a major intersection at Precinct Line Rd. LD Locket Road is being widened on the Colleyville side to accommodate future retail traffic. This intersection is busy now. I can only imagine how busy it will be two years from now! 8. Developing residential units on this commercially active street is an accident waiting to happen. No less than 5 cars have jumped the curb and caused damage to our property over the 22 years that we have owned our land. I could not imagine anyone desiring to live in a residence built right along side of this major road and intersection. As traffic increases, the proposed residential units next to the highway would decline in appeal, value and condition. Re: Case # PZ 2004-06 (continued) 3 of 3 Pages 9. The City of North Richland Hills will lose future sales tax revenue by downgrading a potential Retail zone to residential zoning. 10. By breaking up the planned NR zoned area, the potential for creating a pleasing and viable shopping area decreases. Retail depends on other retail to survive. Lessening the size and scope of the planned retail district will hurt the viability of it, creating economic hardships for those new businesses planning to develop in this location. There is nothing worse than a bunch of failed business trashing up a city. Give this part of our city a better chance to survive economically by zoning all the property adjacent to the highway Neighborhood Retail. 11. There would be no loss to JB & JB Development if you zoned the property NR because the intersection that is being formed by the new road would give them two highly desirable South West and North West corner commercial retail properties to develop. 12. Likewise, a residential tract of homes set back from Precinct Line Rd behind a NR zone would be more desirable tract with neighborhood shopping within walking distance. This would add appeal, quality of life and value to this planned residential tract. We are planning on building an art studio and gallery in the near future. We specialize in museum murals, sculptures, traditional and contemporary artwork. We had always hoped to locate on Precinct Line Road and help promote a viable arts and design district in North Richland Hills. We have always felt that the western heritage and colorful historical past of Precinct Line," The Hanging Tree" and LD Lockett would be an attraction for people to visit and a jewel for the city if developed properly. Also, our property has one of the oldest and grandest post oaks in the county growing on it. Our land and the surrounding lands have a lot of potential for prestige development if it could be planned properly. I think more residential zoning along Precínct Line would be an irreversible mistake. Please adhere to your NR zoning plans for the immediate frontage along Precinct Line Rd. Please consider all of my concerns listed above. ¡ look forward to your decisions concerning this request for zoning changes. Yours truly, Jess Nelson ,~ ~ \ ¡~') . / iQ.t.-Q/~ '-\L./~ J ) PZ 2004-06 PUBLIC HEARING AND CONSIDERATION OF A REQUEST FROM JB & JB DEVELOPMENT, FLP FOR A ZONING CHANGE FROM uAG" AGRICULTURAL AND uO-1" OFFICE DISTRICTS TO uR-2" SINGLE FAMILY RESIDENTIAL DISTRICT LOCATED AT 7900 AND 8000 BLOCK OF PRECINCT LINE ROAD (35.994 ACRES MORE OR LESS). APPROVED Dave Green, Director of Planning, presented the case. The request for rezoning is from "AG" Agricultural and "0-1" Office districts to "R-2" Single Family Residential. This property is located off of Precinct Line Road. The applicant is proposing single family residence with "R-2" size lots which requires a minimum of 9000 sq. ft. size lots and 2000 sq. ft. homes. In terms of the design and zoning, there is residential zoning from the existing drainage area east of Thornbridge Addition to Precinct Line Road. The Comprehensive Plan for this area shows low density single family, but much of the frontage area with a depth of 300 ft. along Precinct Line is shown to be split in half between office use and neighborhood service use. The reason the applicant is before the Commission is because the Little Bear Creek Corridor has a small finger that runs through this area. The applicant is doing a hydrology study which shows a small portion of the Little Bear Creek Corridor will be lost as a natural buffer between residential to the west and retail/commercial uses to the east. This allows the applicant to bring the residential uses further to the east. The only issue Staff has with this request is that proposed commercial areas are shrinking in size. Staff would like everyone involved to be cognizant that this is another request in that particular direction. Staff would prefer to see a continuation of at least some frontage devoted to non-residential uses. Chairman Bowen opened the public hearing. Doug Long, the applicant, came forward. Mr. Long stated that he is aware of Staff's ideas regarding some commercial frontage; however, the residential market is very good right now. These homes will be a minimum of 2400 sq. ft. Roger Fulton, 9108 Edgemont Drive, came forward. Mr. Fulton stated that he is directly behind this development and received a notice in regard to this public meeting. Mr. Fulton explained that he is not aware of what "R-2" means. Regardless, after listening to the gentleman before him, Mr. Fulton was in favor of anything that will keep the area as residential. In regards to the shrinking commercial property, Mr. Fulton is aware of how this is important to the City, but would prefer residential next door to him. In response to Mr. Fulton's comments, Chairman Bowen explained that "R-2" is single family residential with 9000 sq. ft. lot minimum and 2000 sq. ft. living area minimum. John Barfield, owner of the proposed subdivision, came forward. Mr. Barfield stated this subdivision will be "R-2" and, like Forest Glenn East Phase II, very few houses will be less than 3000 sq. ft. Mr. Nelson, 8013 Precinct Line Rd, came forward. Mr. Nelson was concerned about how this rezoning would affect the area surrounding his property. Chairman Bowen stated that the surrounding property will remain "0-1". Mr. Nelson then said that if that was the case, he was in favor of the request. Ted Nehring, seconded by Richard Davis, motioned to approve PZ 2004-06. The motion was approved unanimously (7-0). CITY OF NORTH RICHLAND HILLS Department: Planning Department Council Meeting Date: 5/10104 Subject: Consideration of a Request from Dennis Denson to Approve Agenda Number: PS 2004-10 the Final Plat of Lots 2-A-R & 2-B-R, Block 1 Antinone Addition Being a Replat of Lot 2, Block 1, Antinone Addition Located at 7100 Mid Cities Boulevard. (1.096 acres) Case Summary: The re-plat will create two lots from the existing Lot 2. The owner wants to sell the proposed Lot 2-B-R for investment purposes. The site is currently zoned "C-2" Commercial which has a minimum lot frontage requirement of 50' and no minimum requirements for lot size or depth. Both proposed lots meet 1he minimum standards of the "C- 2" District. Comprehensive Plan: The Comprehensive Plan indicates retail uses for this site. The current zoning of the site is consistent with the Plan. Thoroughfare Plan: The property has frontage on Mid Cities Boulevard a six-lane, divided, principal arterial, with a 110' R.O.W. Neither lot wíll have direct access to Mid Cities Boulevard. Instead, access will be provided by a common access easement extending from an existing access point serving Print Central (immediately east of the site). A center median prevents access from the west-bound lanes of Mid Cities Boulevard to the site. Staff Review: The Development Review. Committee has reviewed this replat and has determined that it complies with both the Zoning and Subdivision Ordinances. Attached is a memo from the Public Works Department stating that all of staff's comments have been satisfied. Planning and Zoning Commission Recommendation: The Planning and Zoning Commission at their meeting on April 16, 2004 recommended approval of PS 2004-10 by a vote of 7-0 with the following stipulation: 1) The addition of a 25 ft. access easement along the north line of Lot 2-AR until it touches Lot 2-BR. The applicant's engineer has revised the plat by adding a 50' wide common access easement extending from the entry point located on Lot 1 across both proposed lots. The additional width of the access easement allows for the westward extension of the existing fire lane in front of Print Central. Finance Review Source of Funds: Bonds (GOIRev.) Operating Budget er Account Number Sufficient Funds AVaIJaOle ~ Finance Director CITY OF NORTH RICHLAND HILLS Recommendation: To Approve PS 2004-10 the Final Plat of Lots 2-A-R & 2-B-R, Block 1 Antinone Addition Being a Replat of Lot 2, Block 1, Antinone Addition as recommended by the Planning and Zoning Commission. Review Schedule: Application: 2/17/04 Final Hearing: 5/10/04 Total Review Time: 12 weeks \""" '--I CITY COUNCIL ACTION ITEM · SUNRISE DR N A NI~H PS 2004-10 FINAL RE-PLAT LOTS 2-A-R AND 2-B-R, BLOCK 1 ANTINONE ADDITION Prepared by Planning 04-08-04 NI~H PUblic \/Vorks ,: ¡l,amin:;~tíation April 8, 2004 MEMO TO: Donna Jackson, Planner FROM: Caroline Waggoner, Engineer Associate c? SUBJECT: Antinone Addition, Block 1, Lots 2-A-R & 2-B-R Final Plat, PS2004-IO Public Works has reviewed the Final Plat submitted to this office on April 8, 2004. All of Public Works' requirements have been met. We recommend placement on the next Planning and Zoning meeting agenda. cc: Lance Barton, P.E., Public Works Assistant Director Dave Green, Zoning Administrator CLW/pwm2004-071 ,¡ c ,:·:r1~~ ~ ~c:;-;; an í'~ -.,; ¡L: .... -:":j" ~,~~.~,., '):3'.::3 - )' -., .-.-- .... ..,...".,,' I. ,'_ ;-..-;,J.'_;'~ : ":':'i, ¡"~ 'Z?,..)·Ù·Oil PS 2004-10 CONSIDERATION OF A REQUEST FROM DENNIS DENSON TO APPROVE THE FINAL OF LOTS 2-AR & 2-BR, BLOCK 1 ANTINONE ADDITION BEING A REPLAT OF LOT 2, BLOCK 1 ANTINONE ADDITION LOCATED AT 7100 MID CITIES BLVD. (1.096 ACRES). APPROVED Dave Green, Director of Planning, presented the case. This property is located along Mid Cities Blvd. and Dick Fisher Drive near the North Richland Hills City Service Area. The appl icant is asking to subdivide one lot into two lots. The properties are zoned "C-2" commercial. The smaller lot that is being proposed does meet the minimum commercial requirements for a lot. Staff recommends approval of this particular plat with the stipulation of a mutual access easement. Mr. Davis stated that he spoke with the applicant's engineer prior to the meeting this evening. The engineer has no problem adding the mutual access easement. Richard Davis, seconded by Brenda Cole, motioned to approve PS 2004-10 adding a 25 ft. access easement along the north line of Lot 2-AR until it touches Lot 2-BR. The motion was approved unanimously (7-0). \ 'i:' \ ,,1, CITY OF NORTH RICHLAND HILLS Department: Finance Council Meeting Date: 5/10/2004 Subject: Investment Policy and Investment Strategies Update Resolution No. 2004-033 Agenda Number: GN 2004-037 The Public Funds Investment Act (PFIA) requires that the governing body of a municipality review and adopt the city's investment policy and investment strategy annually. The City of North Richland Hills' Investment Policy and Investment Strategy Statements are due for review and adoption. Occasional legislative changes in the Public Funds Investment Act as well as changes in the economic environment affecting investment decisions require revisions to the Investment Policy and Investment Strategy Statements. Several revisions have been made to the attached investment documents in order to ensure safety of invested funds as well as to maximize yield within the restrictions of the Public Funds Investment Act and applicable state laws. The Investment Committee has reviewed and recommends the following proposed revised Investment Policy and Investment Strategy Statements with changes indicated in redlined type. Changes are as follows: · The PFIA requires that the objectives of each group of funds be addressed as to suitability, safety of principal, liquidity, marketability, diversification, and yield. In light of recent economic factors, one additional requirement was added to the Investment Strategy Statements for each fund. The new statements limit the maximum allowable investment in commercial paper to 10% per fund and will appear under the heading of Safety of Principal for each fund, beginning on page 2. Thus, each particular fund's portfolio is not subjected to risk higher than that of the portfolio as a whole which carries a limited maximum investment in commercial paper of 10%. · The list of approved securities dealers (Appendix D) and the Glossary (Appendix I) have bßen updated to reflect current available resources for the City's investments. · The Public Funds Investment Act as amended by the 2003 Texas Legislature (Appendix G) has been revised to reflect the changes then implemented. Overall, the revised Investment Policy and Investment Strategy Statements are designed in a manner responsive to the public trust and consistent with state and local law. Recommendation: Staff recommends that the City Council approve GN 2004-037 and Resolution 2004-033 to adopt the attached revised City of North Richland Hills Investment Policy and Investment Strategy Statements effective May 10, 2004. Source of Funds: Bonds (GO/Rev.) Operating Budget Other Finance Review Account Number Nt A Sufficient Funds Available BUdget Director Finance Director Page 1 of RESOLUTION NO. 2004-033 BE IT RESOLVED BY THE CITY COUNCil OF THE CITY OF NORTH RICHlAND HillS, TEXAS, THAT: 1. The City of North Richland Hills acknowledges the high priority of providing the necessary guardianship of public funds in the municipal sector. The City Council expressly intends to set high fiscal standards, delegate treasury and investment duties to appropriate officials, and to review the actual performance at regular intervals. The City Council hereby intends to implement investment requirements set forth in Tex. Rev. Civ. Stat. Ann., Art. 4413 (34c) and 2256. 2. The City Council has reviewed and hereby adopts the City of North Richland Hills' Investment Policy May 10, 2004, including all revisions and changes required under state law or recommended by City staff. This Investment Policy replaces the investment policy dated February 24, 2003. The City Council has also reviewed and approved the City of North Richland Hills' Investment Strategy document, as prepared by the City's Investment Committee. PASSED AND APPROVED this 10th day of May 2004. APPROVED Oscar Trevino, Mayor ATTEST: Patricia Hutson, City Secretary APPROVED AS TO FORM AND lEGALITY: George Staples, City Attorney APPROVED AS TO CONTENT: CITY OF NORTH RICHLAND HILLS INVESTMENT STRATEGY STATEMENT Approved: Febru3ry 24, 2003 Mav 10, 2004 PREFACE It is the policy of the City of North Richland Hills that, giving due regard to the safety and risk of investment, all available funds shall be invested in conformance with State and Federal Regulations, applicable Bond Resolution requirements, adopted Investment Policy and adopted Investment Strategy. In accordance with the Public Funds Investment Act (Texas Government Code Art. 2256), the City of North Richland Hills' investment strategies shall address the following priorities (in order of importance): · Understanding the suitability of the investment to the financial requirements of the City, · Preservation and safety of principal, · Liquidity, · Marketability of the investment prior to maturity, · Diversification of the investment portfolio, and · Yield. Effective investment strategy development coordinates the primary objectives of the City of North Richland Hills' Investment Policy and cash management procedures to enhance interest earnings and reduce investment risk. Aggressive cash management will increase the available "investment period" and subsequently interest earnings. Maturity selections shall be based on cash flow and market conditions to take advantage of various interest rate cycles. The City's investment portfolio shall be designed and managed in a manner responsive to the public trust and consistent with the Investment Policy. Each major fund type has varying cash flow requirements and liquidity needs. Therefore specific strategies shall be implemented considering the fund's unique requirements. The City's Funds shall be analyzed and invested according to the following major fund types: I. Operating Funds II. Capital Improvement Funds III. Debt Service Funds IV. General Fund Balance Reserve V. Revenue Bond Reserves 1 INVESTMENT STRATEGY In order to minimize risk of loss due to interest rate fluctuations, investment maturities will not exceed the anticipated cash flow requirements of the funds. Investment guidelines by fund type are as follows: I. ODeratina Funds The City of North Richland Hills Operating Funds are as follows: General Fund SDecial Revenue Funds Special Investigation Fund Crime Control District Fund Donations Fund Drainage Utility Fund Promotional Fund Parks & Recreation Facilities Development Fund Enterprise Funds Utility Fund Golf Course Fund Aquatic Park Fund Internal Service Funds Building Services Fund Equipment Services Fund Self-Insurance Fund Information Services Fund CaDital Proiects Funds General CIP Fund Street Maintenance Fund Sidewalk Maintenance Fund ComDonent Units Tax Increment Financing District 1 (T.I.F. No.1) Tax Increment Financing District 2 (T.I.F. No.2) Suitability - Any investment eligible in the Investment Policy is suitable for the Operating Funds. Safety of Principal - All investments shall be of high quality securities with no perceived default risk. The maximum allowable investment in commercial paDer shall be limited to 10% of total Operatina Fund investments. Market price fluctuations will occur. By managing the weighted average days to maturity for the operating fund portfolio to less than 270 days and restricting the maximum allowable maturity to three years, the price volatility of the overall portfolio will be minimized. Marketability - Securities with active and efficient secondary markets are necessary in the event of an unanticipated cash requirement. Historical market "spreads" between the bid and offer price of a particular security-type of less than 0.25% will define an efficient secondary market. 2 ~-----.._------~-~--,.,~..__.~.._--_...._._..__._,-------~_.-~------ Liquidity - The Operating Funds require the greatest short-term liquidity of any of the fund types. Short-term constant dollar investment pools and money market mutual funds shall provide daily liquidity and may be utilized as a competitive yield alternative to fixed maturity investments. Diversification - Investment maturities shall be staggered throughout the fiscal year to provide cash flow based on the anticipated operating needs of the City. Market cycle risk will be reduced by diversifying the appropriate maturity structure throughout two years and by diversifying by market sector. Yield - Attaining a competitive market yield for comparable security-types and portfolio restrictions is the desired objective. The yield of an equally weighted, rolling three month Treasury bill portfolio shall be the minimum yield objective. 3 II. Capital Improvement Funds The City of North Richland Hills Capital Improvement Funds are comprised from the monies available from the sale of debt and other sources to finance capital improvement projects. Bond Proceeds are segregated from Operations funds on the General Ledger and in investment accounts for arbitrage compliance purposes. Capital Improvement funds include all funding for the design and construction of municipal improvements, including: streets, drainage, utilities, parks, public safety and the purchase of capital items. Suitability - Any investment eligible in the Investment Policy is suitable for Capital Improvements. Safety of Principal - All investments shall be of high quality securities with no perceived default risk. The maximum allowable investment in commercial paper shall be limited to 10% of total Capital Improvement Fund investments. Market price fluctuations will occur. By managing the various Capital Improvement accounts in anticipation of cash flow requirements, the impact of market risk for the portfolio will be minimized. Marketability - Securities with active and efficient secondary markets are necessary in the event of an unanticipated cash requirement. Historical market "spreads" between the bid and offer price of a particular security-type of less than 0.25% will define an efficient secondary market. Liquidity - The City's funds used for construction and capital improvement programs have reasonably predictable draw down schedules. Therefore, investment maturities shall generally follow the anticipated cash flow requirements. Investment pools and money market mutual funds shall provide readily available funds generally equal to one month's anticipated cash flow needs, or a competitive alternative for short term fixed maturity investments. A singular repurchase agreement may be utilized if disbursements are allowed in the amount necessary to satisfy any expenditure request. This investment structure is commonly referred to as a Flexible Repurchase Agreement. Diversification - Market conditions and arbitrage regulations influence the attractiveness of staggering the maturity of fixed rate investments for bond proceeds and other construction and capital improvement funds. With bond proceeds, if investment rates exceed the applicable arbitrage yield, the City is best served by locking in most investments. If the arbitrage yield can not be exceeded, then concurrent market conditions will determine the attractiveness of diversifying maturities or investing in shorter and larger amounts. At no time will the anticipated expenditure schedule be exceeded in an attempt to increase yield with any City funds. Yield - Achieving a positive spread to the applicable arbitrage yield is the desired objective for bond proceeds. Non-bond proceed construction and capital project funds will target a rolling portfolio of three-month treasury bills as the minimum yield objective. 4 III. Debt Service Funds The City's Debt Service funds include the General Debt Service Fund and the Sales Tax Revenue Debt Service Fund. The General Debt Service Fund is funded from ad valorem tax collections and monthly transfers from various other funds. The Sales Tax Revenue Debt Service Fund is funded solely from monthly transfers from the Park and Recreation Facilities Development Fund. Suitability - Any Investment listed as eligible in the Investment Policy is suitable for the Debt Service Fund. Safety of Principal - All investments shall be of high quality securities with no perceived default risk. The maximum allowable investment in commercial paper shall be limited to 10% of total Debt Service Fund investments. Market price fluctuations will however occur. By managing the Debt Service Fund's portfolio to not exceed the debt service payment schedule, the market risk of the overall portfolio will be minimized. Marketability - Securities with active and efficient secondary markets are not necessary as the event of an unanticipated cash requirement is not probable. Liquidity - Debt service funds have predictable payment schedules. Therefore, investment maturities shall not exceed the anticipated cash flow requirements. Investment pools and money market mutual funds may provide a competitive yield alternative for time deposits and short term fixed maturity investments. A singular repurchase agreement may be utilized if disbursements are allowed in the amount necessary to satisfy any expenditure request. This investment structure is commonly referred to as a Flexible Repurchase Agreement. Diversification - Market conditions influence the attractiveness of fully extending maturities to the next unfunded payment date. Generally, if investment rates are trending down, the City is best served by locking in most investments. If interest rates are flat or trending up, then concurrent market conditions will determine the attractiveness of extending maturity or investing in shorter term alternatives. At no time shall the debt service schedule be exceeded in an attempt to bolster yield. Yield - Attaining a competitive market yield for comparable security-types and portfolio restrictions is the desired objective. The yield of an equally weighted, rolling three month Treasury bill portfolio shall be the minimum yield objective. 5 IV. General Fund Balance Reserve The City's objective regarding the General Fund Balance is to maintain a sufficient fund balance to operate the City for a period of sixty days or 15% of the following year's budgeted expenditures. The amount of funds to be invested in non-liquid other-than- overnight investments shall be limited to not more than 50% of this amount of the General Fund Balance. Suitability - Any investment eligible in the Investment Policy is suitable for General Fund Balance Reserves. Safety of Principal - Generally, the investment quality of all securities allowed as investments in the Operating Funds will be allowable in the General Fund Balance Reserve. All investments shall be of high quality securities with no perceived default risk. The maximum allowable investment in commercial paper shall be limited to 10% of total General Fund Balance Reserve investments. Market price fluctuations will occur. Under no circumstance shall any investment from this portfolio cause the combined portfolio's weighted average maturity to exceed the maximum allowed by the Investment Policy. The maximum allowable maturity is restricted to three years, thereby maximizing yield while minimizing the price volatility of the General Fund Balance Reserve portfolio. Marketability - Securities with active and efficient secondary markets are necessary in the event of an unanticipated cash requirement. Historical market "spreads" between the bid and offer price of a particular security-type of less than 0.25% will define an efficient secondary market. Liquidity - The Fund Balance Reserve requires the liquidity necessary to cover the City's expenditures in the event of a cash shortfall. Short-term constant dollar investment pools and money market mutual funds shall provide daily liquidity and may be utilized as a competitive yield alternative to time deposits and fixed maturity investments. Diversification - Investments that mature shall be reinvested to the maximum allowable maturity. To provide cash flow in the event that cash is needed for the operating needs of the City, investment maturities should be staggered throughout the year. Market cycle risk will be reduced by diversifying the appropriate maturity structure throughout three years and by diversifying by market sector. Yield - Attaining a competitive market yield for comparable security-types and portfolio restrictions is the desired objective. The minimum yield objective shall be the greater of that of the overall portfolio of the City or the yield of an equally weighted, rolling six-month Treasury bill portfolio. 6 V. Revenue Bond Reserves Debt service reserves are required by bond covenants for a particular bond issue. A Debt Service Reserve portfolio shall be established to better comply with bond covenant requirements. Suitability - Any investment eligible in the Investment Policy is suitable for Debt Service Fund Reserves. Safety of Principal - Generally, the investment quality of all securities allowed as investments in the Operating Funds will be allowable in the Debt Service Fund Reserve. All investments shall be of high quality securities with no perceived default risk. The maximum allowable investment in commercial DaDer shall be limited to 10% of total Revenue Bond Reserve investments. Market price fluctuations will occur. Under no circumstance shall any investment from this portfolio cause the combined portfolio's weighted average maturity to exceed the maximum allowed by the Investment Policy. The maximum allowable maturity is restricted to three years, thereby maximizing yield while minimizing the price volatility of the Revenue Bond Reserve portfolio. Marketability - Securities with active and efficient secondary markets are necessary in the event of an unanticipated cash requirement. Historical market "spreads" between the bid and offer price of a particular security type of less than 0.25% will define an efficient secondary market. By utilizing the yield advantages of fixed income securities, maximum yield should be attained while meeting cash requirements. Liquidity - The Debt Service Reserve Funds require the amount of liquidity necessary to convert securities into cash for payment of debts on schedule. Short-term constant dollar investment pools and money market mutual funds shall provide daily liquidity and may be utilized as a competitive yield alternative to fixed maturity investments. Fixed income investments with maturity structures matching scheduled debt payment needs shall provide an additional source for competitive yield within the portfolio. Diversification -Investment maturities shall be scheduled to provide cash flow based on the anticipated debt payments of the City's obligations. Market cycle risk will be reduced by diversifying the appropriate maturity structure throughout three years and by diversifying by market sector. Yield - Attaining a competitive market yield for comparable security-types and portfolio restrictions is the desired objective. The yield of an equally weighted, rolling six-month Treasury bill portfolio shall be the minimum yield objective. 7 CITY OF NORTH RICHLAND HILLS INVESTMENT POLICY February 24, 2003 May 10, 2004 TABLE OF CONTENTS Preface Page I. Introduction and Objectives 1 II. Scope 1 III. Delegation and Restriction of Investment Authority 2 IV. Investment Committee 2 V. Investments 3 A. Authorized 3 B. Unauthorized 5 VI. Diversification 6 A. Securities Dealers and Banks 6 B. Investments 6 VII. Safekeeping 7 VIII. Collateralization 8 IX. Investment Procedures 9 A. Approval of Broker/Dealers 10 B. Investment Transactions 10 C. Investment Reporting 11 D. Training 11 X. Prudence 12 XI. Ethics and Conflicts of Interest 12 XII. Arbitrage 13 XIII. Depositories 13 XIV. Investment Policy Adoption 14 "__~__~_L........-.._______.__ APPENDICES Page A. City of North Richland Hills Ordinance 2079 15 B. Investment Bid Form and Security Information Worksheet 17 C. Broker/Dealer Questionnaire 19 D. Authorized Securities Dealers 25 E. Primary Dealers 26 F. PSA Master Repurchase Agreement 27 G. Public Funds Investment Act of 1997 33 H. Interlocal Agreements 54 I. Glossary 61 PREFACE "A public office is a public trust." Charles Sumner, 1872 If a public office is a public trust, then the trust must be administered properly. Public funds are acquired by governments largely through involuntary payments, particularly through taxation. In a modern democratic society, public officials are obligated to manage these funds in a disciplined manner. In most cases, laws govern the investment process. Laws alone however cannot compel public officials to a series of actions that assure the public's best interests. The actions of public officials responsible for investing public funds must be guided by knowledge, skills, systems, policies, procedures and confidence that can be described only as professional discipline. It is the policy of the City of North Richland Hills that, giving due regard to safety and risk of investments, all available funds shall be invested in conformance with these legal and administrative guidelines, and, to the maximum extent possible, at the highest rates obtainable at the time of the investment. Effective cash management is recognized as essential to good fiscal management. An aggressive cash management and investment policy will be pursued to take advantage of investment interest as a viable and material revenue to all operating and capital funds. Earnings from investments will be used in a manner that will best serve the interest of the City of North Richland Hills. The City's portfolio shall be designed and managed in a manner responsive to the public trust and consistent with state and local law. NI~H I. INTRODUCTION AND OBJECTIVES The purpose of this document is to set forth the specific investment policy and strategy guidelines for the City of North Richland Hills. All investment activity shall be consistent with state law as defined in Government Code 10 (Chapter 2256), known as the Public Funds Investment Act (the Act) and local law and shall be made in accord with the following objectives in order of priority: security of investments and City funds preservation of capital and protection of principal maintenance of sufficient liquidity to meet operating needs - diversification of investments to avoid unreasonable or avoidable risks maximization of the portfolio's yield within the City's investment risk constraints The City is required under the Public Funds Investment Act, Section 5, to adopt a formal written Investment Policy. This policy is to be adopted annually to meet the requirements of the Act, and has been revised periodically to comply with updated state requirements. Cash management is the process of managing monies in order in ensure maximum cash availability and maximum yield on short-term investments of idle cash. An aggressive cash management program and investment policy will be pursued by the Investment Officer to take advantage of investment interest as a viable and material revenue to all operating and capital funds. The City's portfolio shall be designed and managed in a manner responsive to the public trust. Earnings from investments will be used in a manner that will best serve the interests of the City of North Richland Hills. II. SCOPE This "Investment Policy applies to all financial assets of the City of North Richland Hills in all current funds, any funds to be created in the future, and any other funds held in custody by the City, unless expressly prohibited by law or unless it is in contravention of any depository contract between the City and its depository bank. These funds are accounted for in the City's Comprehensive Annual Financial Report and include: General Fund Special Investigation Fund Crime Control District Fund Donations Fund Drainage Utility Fund Parks & Recreation Facilities Development Fund Promotional Fund Utility Fund Golf Course Fund Aquatic Park Fund Self-Insurance Fund Building Services Fund Equipment Services Fund Information Services Fund Grant Fund 1 ___L--_~___ Capital Improvements Funds Street Maintenance Fund Sidewalk Maintenance Fund Debt Service Funds Tax Increment Financing District No.1 Tax Increment Financing District NO.2 III. DELEGATION AND RESTRICTION OF INVESTMENT AUTHORITY This Investment Policy and the outlining of investment practices and authorities is compiled in accordance with state legislation, Article 4413 (34c) which requires the adoption of rules governing investment and designation of an investment officer, and City Ordinance # 2079 which designates investment officers and provides prudent investment rules. Collateral requirements are created in accordance with the Public Funds Collateral Act (2257). Ultimate responsibility and authority for all investment transactions and cash management reside with the City Manager and the City's Finance Director. The Finance Director is also responsible for considering the quality and capability of staff to be involved in investment management and procedures. The Finance Director may delegate responsibility for the day to day investment activities to other qualified staff members. These staff members will be termed Investment Officers of the City. One of these Investment Officers will be designated the Primary Investment Officer by the Finance Director to conduct daily investment activity and prepare required investment reports. Investment Officers will not conduct any investment or banking activities involving City funds until a resolution or ordinance giving them authority to do so has been approved by the City Council of the City of North Richland Hills. All participants in the investment process shall seek to act responsibly as custodians of public trust. IV. INVESTMENT COMMITTEE There shall be established an investment committee to assist in monitoring the performance and structure of the City's portfolio and approved brokers. Members of this committee shall include the Director of Finance (as Chairman) and the Accounting Manager as permanent members. Additional members, numbering no less than three, will be appointed at the discretion of the Finance Director. The Primary Investment Officer will report to and make recommendations to the I nvestment Committee, but will have no vote concerning investment policy or suitability of investments. Any matters presented to the committee requiring a vote of the members shall be passed or denied by a simple majority. The I nvestment Officer or any other member of the committee shall have the power to call meetings of the committee. The committee shall meet no less than quarterly. 2 The Investment Committee shall perform the following functions: A. Approve the process of selecting authorized dealers, brokers, investment advisors, and safekeeping agents/custodians used by the City. B. Review the City's general portfolio activity and performance for compliance to this policy and recommend any changes or amendments to this policy to the City Council. C. Approve the Investment Strategy document, as prepared by the Investment Officer. This document is required by State law to be separate from the Investment Policy. The Investment Strategy will be a guide to the investment of all funds controlled by the City as described in Section II of the Investment Policy. The strategy is intended to adapt to changes in market conditions. D. Advise the Investment Officer as to recommendations regarding investment strategy and portfolio performance. E. Approve the purchase of any securities with maturities over three (3) years. F. Immediately notify the Investment Officer of any information brought to their attention that materially affects the portfolio or the marketability of any investments purchased in accordance with the Investment Policy. G. Oversee the activities of the persons designated to carry out investment transactions and inform the City Council of unaddressed concerns with the management of the City's investment portfolio. V. INVESTMENTS A. Authorized Investments Within the guidelines provided by the Public Funds Investment Act, Government Code 10, Chapter 2256, and further restrictions imposed by local ordinances, the following are acceptable investments of the City of North Richland Hills. 1. Obligations of the United States, its Agencies, and Instrumentalities. 2. Collateralized Mortgage Obligations (CMOs) directly issued by an agency or instrumentality of the United States, the underlying security for which is guaranteed by an agency or instrumentality of the United States. 3. Direct Obligations of the State of Texas or its Agencies. 3 4. Obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as to investment quality of not less than A or its equivalent by a nationally recognized investment rating firm. 5. Certificates of Deposit issued by state or national banks doing business in the State of Texas, guaranteed or insured by the Federal Deposit Insurance Corporation or its successor or secured by obligations described in 1 through 4 above, and that have a market value of not less than the principal amount of the certificates. 6. Fully Collateralized Repurchase Agreements that are structured in compliance with the Public Funds Investment Act. A flexible repurchase agreement can be utilized for the investment of bond proceeds to meet projected cash flow expenditures. Repurchase agreements must be purchased through a primary government securities dealer, as defined by the Federal Reserve, or financial institutions doing business in this state (see Appendix E for a current list of Primary Dealers). Repurchase Agreements will only be executed with counterparties that have signed a PSA Tri-Party Repurchase Agreement with the City. A sample PSA Tri-Party Repurchase Agreement is incorporated in this investment policy as Appendix F. 7. Banker's Acceptances issued by depository institutions of the United States with a maximum maturity of 270 days and a minimum credit rating of A-1 or P-1 by at least one nationally recognized rating agency. Acceptable instruments must be liquidated in full at maturity and be eligible as collateral for borrowing from a Federal Reserve Bank. 8. Commercial Paper issued in the United States by any corporation. Such instruments must have a maturity of less than 270 days and must either be rated A-1 or P-1 by two nationally recognized credit rating agencies or be recognized by one nationally recognized credit agency and be fully secured by an irrevocable letter of credit issued by a national or state bank. 9. Mutual Funds a. No-load Money Market Mutual Funds are acceptable investments provided they are registered and regulated by the Securities and Exchange Commission, have a dollar-weighted stated average maturity of 90 days or less, and maintain a stable net asset value of $1 per share. b. No-load Mutual Funds are acceptable investments provided they are regulated by the Securities and Exchange Commission, have a dollar- weighted average stated maturity of 90 days or less, maintain a stable net asset value of $1 per share, are continuously rated AAA by at least one nationally recognized credit rating agency, and conform to all requirements 4 under the Public Funds Investment Act relating to the eligibility of investment pools to receive and invest funds of investing entities. (See Appendix G for the complete requirements for authorized Mutual Funds under the Act.) 10. Investment Pools a. Investment Pools must provide the Investment Officer with an offering statement that contains specific and detailed information required by the Act. Additionally, the pool should provide transaction confirmations, detailed monthly transaction summaries and monthly performance reports to the Investment Officer. The specific requirements for authorized investment pools are detailed in the Public Funds Investment Act, Subchapter A, Section 2256.016 (See Appendix G, pp. 47 for specifics). Authorized pools must maintain a credit rating of no lower than investment grade by at least one nationally recognized rating service. Investment Pools created to operate as a money market mutual fund must mark investments to market daily and maintain a net asset value of $1 per share with the market value per share between .995 and 1.005. b. In order to participate in an investment pool, the City Council must approve by resolution or ordinance a Participation Agreement or Interlocal Agreement to be executed with the State or Interlocal authority responsible for the investment pool. This agreement will specify the City's authorized representatives and the standard delivery instructions for fund transfers and information reports. (See Appendix H for approved interlocal agreements). B. Unauthorized Investments The following investment instruments are specifically not authorized: 1. Obligations whose payment represents the coupon payments on the outstanding principal balance of the underlying mortgage-backed security collateral and pays no principal (CMO derived Interest Only Strips). 2. Obligations whose payment represents the principal stream of cash flow from the underlying mortgage-backed security collateral and bears no interest (CMO derived Principal Only Strips). 3. Collateralized Mortgage Obligations that have a stated final maturity date of greater than ten (10) years. 4. Collateralized Mortgage Obligations whose interest rates are determined by an index that adjusts opposite to the changes in a market index (Inverse Floaters). 5. Certificates of Deposit and other investments issued by Savings and Loans. 5 6. Share Certificates and other investments issued by Credit Unions. 7. Guaranteed Investment Contracts. VI. DIVERSIFICATION A. Securities Dealers and Banks Diversification of funds and investments must be accompanied by competitive bidding of all investments to assure diversification among securities dealers. Diversification is necessary to reduce the portfolio's credit and market risks, while helping the portfolio attain a market rate of return. The City shall seek to conduct its investment transactions with several competing, reputable investment security dealers and brokers to protect principal while achieving full advantage of the market. To assure diversification of financial institutions, business involving two party transactions (Le. repurchase agreements, BA's, and Commercial Paper) with anyone investment broker should be limited to thirty percent (30%) of the par value of the total portfolio for any reporting period. In this way, a bankruptcy, receivership or legal action would not immobilize the City's ability to meet payroll, operating, or other expenses. It is the policy of the City to diversify its investment portfolio so that reliance on anyone issuer or broker will not place an undue financial burden on the City. B. Investment Type Texas statutes authorize depositories and define allowable investment programs for municipal governments. The Texas City Depository Act (Article 2559-2599a, V.A.T.C.S.) and the Public Funds Investment Act (Article 842a-2, V.A.T.C.S.) are the primary legal influences upon City investment practices. It is the policy of the City to purchase only securities authorized by both the Public Funds Investment Act and Section VI. A. of the City's Investment Policy. Market risk shall be minimized by diversification of investment types. The following limits, by instrument, are established for the City's total portfolio: (1) Repurchase Agreements 50% (2) Certificates of Deposit 30% (3) U.S. Treasury Notes/Bonds/Bills 80% (4) U.S. Agencies and Instrumentalities 75% 6 (5) Commercial paper 10% (6) Prime Domestic Banker's Acceptances 10% (7) State and Local Bonds and Notes 20% (8) Money Market Mutual Funds 80% (9) Mutual Funds 15% (10) Investment Pools 100% The maximum maturity of any given investment in the portfolio shall not exceed a final, stated maturity of 5 years from the date of purchase. Reductions in the size of the portfolio due to cash outflows may cause an investment type to exceed the maximum percentage allowed for that investment type. In such situations, securities will be sold to reduce the percentage to allowable levels only if no loss will be realized from the sale. If a loss will be realized, then the investment may be held to maturity. To allow efficient and effective placement of proceeds from bond sales, a singular repurchase agreement can be utilized for the investment of bond proceeds, which exceeds the diversification limits. VII. SAFEKEEPING The laws of the State of Texas and prudent treasury management require that all purchased securities shall be held in safekeeping by either the City, a City account in a third. party financial institution, or the City's safekeeping account in its designated depository bank. All securities owned by the City shall be held by a third party safekeeping agent, or in the Federal Reserve Bank, except for certificates of deposit that have FDIC insurance provided. For certificates of deposit with FDIC insurance, the City will hold the deposit receipt. Transfers of securities in safekeeping shall be processed with written confirmations. The confirmation will be used for documentation and retention purposes. One of the City's designated investment officers must approve release of collateral prior to its removal from the safekeeping account. It is the policy of the City that all securities rendered for payment will be sent "delivery verses payment" (DVP) through the Federal Reserve System. By so doing, City funds 7 are not released until the City has received, through the Federal Reserve wire, the securities purchased. VIII. COLLATERALlZATION Consistent with the requirements of State law, it is the policy of the City to require full collateralization of all City investments other than obligations of the United States and its agencies and instrumentalities. Collateral on investments shall be maintained by an appropriate third party safekeeping agent, as designated by the City. This policy also applies to any deposits held in an approved depository in excess of the amount protected by FDIC insurance. According to the Public Funds Investment Act, Section 10(2), the City may invest in certificates of deposit that are fully guaranteed by the Federal Deposit Insurance Corporation (FDIC) or are secured by obligations listed in Section VI (A) (1-4) of the Investment Policy. Certificates of deposit plus accrued interest up to $100,000 per bank do not need to be collateralized pursuant to this policy as long as FDIC insurance is provided. Certificates of Deposit in excess of $1 00,000, including accrued interest must be secured by approved collateral for the amount in excess of FDIC insurance. Collateral is valued at current market plus interest accrued through the date of the valuation. Collateral shall be marked to market no less than monthly to determine if adequate collateralization is being maintained. Repurchase agreement collateral must be maintained at the following levels, with respect to repurchase agreement par value plus accrued interest: Maturity of U.S. Treasury Other Collateral Securities Securities 1 year or less 101% 101% 1 year to 5 years 102% 102% Over 5 years 103% 104% Any collateral with a maturity of over 5 years must be approved by the investment committee in writing before the transaction is initiated. Collateralized investments often require substitution of collateral. Any broker or financial institution requesting substitution must contact the Primary Investment Officer, or in his absence any other authorized Investment Officer, for approval and settlement. The substituted collateral's value will be calculated and the substitution approved if its value is equal to or greater than the original collateralization level. The Finance Director, or an authorized designee, must give immediate notification of the decision to the bank or third party holding the collateral. Substitution is allowable for 8 all transactions, but should be limited, if possible, to minimize potential administrative problems and transfer expense. The Finance Director may limit substitution and assess appropriate fees if substitution becomes excessive or abusive. Collateral shall be audited at least annually by the City's independent audit firm, and may be audited by the City at any time during normal business hours of the safekeeping party. The financial institutions with whom the City invests and/or maintains other deposits shall provide, as requested by the City, a listing of the City's certificates of deposit and other deposits at the institution and a listing of collateral pledged to the City marked to current market prices. The listing shall include total pledged securities with the following information: Name Type/description Par value Current market value Maturity date Moody's or Standard & Poor's rating (both if available) Under state law, Article 2560, Section (d) (V.A.T.C.S.) substitution and release of collateral must be approved by the governing body. City of North Richland Hills Ordinance # 2079 Section (3) delegates the investment officers' overall responsibilities to ensure that investment objectives are accomplished, and therefore, the authority to release and substitute collateral as deemed necessary and reasonable within the guidelines of this policy. IX. INVESTMENT PROCEDURES In order to enhance total yield and fulfill the objectives of this policy, the investment profile will be directed towards an active versus a passive portfolio. The risk-return relationship will be controlled through the investment parameters, operating requirements, and guiding policies of the Council. Safety of principal is the foremost objective of this investment policy. Each investment transaction shall seek to avoid capital losses from security defaults or erosion of market value. In order to avoid capital losses occurring from market declines, the City monitors market prices through a private financial firm. This financial firm provides daily updates on financial markets and the value of the City's investments. The City will practice competitive bidding when purchasing all investments to guarantee the highest rate of return. The right is reserved to reject the most financially favorable bid if it is potentially disruptive to the investment strategy or portfolio composition of the City. 9 The investment portfolio is designed with the objective to achieve a rate of return no less than 8 basis points under TexPool. Additional benchmarks used in the evaluation of the performance of the City's portfolio are the three-month and six-month U.S. Treasury Bills, as applicable, given the portfolio's weighted average maturity. A. Approval of Broker/Dealers It is the policy of the City to purchase securities only from those institutions on the City's approved list of broker/dealers and banks. All securities dealers must be registered and certified with the Texas State Securities Commission, National Association of Security Dealers (NASD) and Securities and Exchange Commission (SEC). An institution must complete a broker/dealer questionnaire, sign a certification stating that they have read the City's Investment Policy, be approved by the Investment Committee and added to the list of approved broker/dealers before any business can be transacted with the City. A blank broker/dealer questionnaire is included in Appendix "C." A current list of approved securities dealers and banks is included in Appendix "D." This list may be revised by the Investment Committee as the City's investment needs change. The investment committee shall also be able to limit the number of authorized securities dealers/banks doing business with the City as required. The Investment Committee shall annually review, revise, and adopt a list of qualified brokers that are authorized to engage in investment transactions with the City. All banks authorized to sell securities to the City will be Federal Reserve member banks and must be approved by the Investment Committee. No investments will be placed with Savings and Loan institutions or Credit Unions. B. Investment Transactions All purchases and sales of securities must be on a competitive bid basis. A minimum of thre~ bids must be obtained to ensure a competitive price for the transaction. All investment transactions must be approved by the Accounting Manager, or the Finance Director, or, in their absence, an authorized Investment Officer. Appendix "B" contains the Investment Bid Form and Security Information Worksheet necessary to provide documentation for all investment transactions. All securities purchased shall require delivery on the settlement date to the City or its third party accounts on a DVP (delivery versus payment) basis. By so doing, City funds are not released until the City has received, through the Federal Reserve wire, the securities purchased. 10 C. Investment Reporting The Public Funds Investment Act of 1997 requires the preparation of quarterly management reports and an annual report of all investment transactions of the City to be presented to the City Council. City Ordinance # 2079 section (4) also requires an annual report be presented to the City Council. The Primary Investment Officer will prepare the required quarterly and annual reports for evaluating investment portfolio performance. The reports will be approved and signed by all members of the Investment Committee. The reports will include the following information, as required by the Public Funds Investment Act: - a summary narrative of investment activity and portfolio performance over the period - size and composition of portfolio at the beginning and end of the reporting period - list all investments according to the fund they were purchased from - beginning and ending book and market value for all securities held - beginning and ending book and market value for the total portfolio - all additions and changes to the market value during the period - state the compliance of the portfolio to the investment policy and the Public Funds Investment Act - yield - diversification of funds - total sales, maturities, and purchases - accrued interest - performance compared to an established benchmark These quarterly reports should be used along with the annual report to fully evaluate and explain market trends and adjustment of investment strategies to manage market fluctuations. The annual report will show on a fiscal year basis the results of the overall inve~tment strategy. The quarterly reports will conform to GAAP and be reviewed annually by the City's independent auditor, with results reported to Council. D. Training As required by the Act, all authorized Investment Officers must attend a training course that covers the requirements of the Act within one year of taking office or assuming duties. This training, provided by an independent source selected by the Investment Committee will include discussion of investment controls, security risks, and market risks. An additional 10 hours of investment training is required every two years for investment officers. 11 X. PRUDENCE The standard of prudence to be applied by the investment officer shall be the "prudent investor" rule, which states: "Investments shall be made with judgement and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of capital as well as the probable income to be derived." It should be noted that, in a diversified portfolio, occasional losses are inevitable and must be considered within the context of the overall portfolio's return. I n determining whether an investment officer has exercised prudence with respect to an investment decision, the determination shall take into consideration the investment of all funds, or funds under the City's control, over which the investment officer had responsibility, rather than a consideration as to the prudence of a single investment; and whether the investment decision was consistent with the written investment policy of the City. The investment officer, acting in accordance with written procedures and exercising due diligence, shall not be held personally responsible for a specific security's credit risk or market price changes, provided that these deviations are reported in a timely manner and appropriate action is taken to control adverse developments. The City shall provide for the defense and indemnification of any investment officer or investment committee member who is made party to any suit or proceeding, other than by actions of the City, or against whom a claim is asserted by reasons of their actions taken within the scope of their service as investment officers or appointed members of the investment committee. Such indemnity shall extend to judgements, fines, and amounts paid in settlement, of any such claim, suit or proceeding, including any appeal thereof. This protection shall extend only to members who have acted in good faith and in a manner which they reasonably believe to be in, or not opposed to, the best inter~sts of the City. XI. ETHICS AND CONFLICTS OF INTEREST City staff involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or which could impair the ability to make impartial investment decisions. City staff should disclose to the City Manager any material financial investments in financial institutions that conduct business with the City and they shall further disclose positions that could be related to the performance of the City's portfolio. City staff shall subordinate their personal financial transactions to those of the City, particularly with regard to the timing of purchases and sales. 12 An investment officer of the City who has a personal business relationship, as defined by the Public Funds Investment Act of 1997, Section 2256.005 (I), with an organization seeking to sell an investment to the City shall file a statement disclosing that personal business interest. An investment officer who is related within the second degree of affinity or consanguinity to an individual seeking to sell an investment to the City shall file a statement disclosing that relationship. A disclosure statement required under this section must be filed with the Texas Ethics Commission and the governing body of the City. XII. ARBITRAGE The Tax Reform Act of 1986 provides limitations on the City's yield from investing tax- exempt General Obligation and Revenue bond proceeds and debt service funds. These arbitrage rebate provisions require that the City compute earnings on investments from each issue of bonds on a periodic basis to determine if a rebate is required. To determine the City's arbitrage position, the city is required to calculate the actual yield earned on the investment of the funds and compare it to the yield that would have been earned if the funds had been invested at a rate equal to the yield on the bonds sold by the City. The rebate provisions state that periodically (not less than once every five years, and not later than sixty days after maturity of the bonds), the City is required to pay the U.S. Treasury a rebate of any excess earnings. These restrictions require extreme precision in the monitoring and record keeping of investments, particularly in computing yields to ensure compliance. Failure to comply can dictate that the bonds become taxable, retroactively from the date of issuance. The City's investment position relative to the arbitrage restrictions is to continue pursuing the maximum yield on applicable investments while ensuring the safety of capital and liquidity. It is a fiscally sound position to continue maximization of yield and to rebate excess earnings, if necessary. XIII. DEPOSITORIES The Texas City Depository Act, Article 2559 through 2566a, prescribes procedures for selection of a city depository designating that both general-law and home-rule cities are "authorized to receive applications (as depository) for the custody of city funds from any banking corporation, association, or individual banker doing business within the city." This clause indicates that cities are not required to designate one central depository. The City of North Richland Hills will, through a request for proposals process, designate one or more banks as its primary depository(ies). This centralization is designed to maximize investment capabilities and minimize banking cost. The depository designation does not limit investment activity to one financial institution. 13 The consideration the City of North Richland Hills will use to execute a banking services contract will include: - Full service capabilities - Submission of financial statements and availability schedules _ Collateralization of the total City funds on deposit in the bank - Statement of staff experience and equal opportunity employment practices - Cost of banking services - Credit worthiness Obtaining competitive proposals on the City's depository specifications will be the responsibility of the Finance Director. Selection of the depository shall be based on the institution's offering the most favorable terms and conditions for the handling of City funds (Article 2560, V.A.T.C.S.) and the services available to the City. The maximum term for a depository contract under State law is five years. The City's contract shall not exceed five years. An annual performance review will be conducted by the Investment Committee. Special banking needs may be contracted for by the City outside the depository contract if approved by City Council. If a depository does not meet the city's requirements in the banking services contract, the bank will be required to meet the requirements within six months or lose the depository contract. XIV. INVESTMENT POLICY ADOPTION The investment policy shall be adopted by ordinance or resolution of the City Council. The policy shall be reviewed annually by the Investment Committee and the City Council. Any policy revisions that require enactment due to updates of applicable state or federal laws may be authorized by the City Manager. Any other significant revisions must be approved by the City Council. 14 Appendix A ORDINANCE NO. 2079 AN ORDINANCE OF THE CITY OF NORTH RJCHLAND HILLS, TEXAS PROVIDING FOR THE DESIGNATION OF INVESTMENT OFFICERS: PROVIDING FOR INVESTMENT RULES AND POLICIES: PROVIDING FOR MANAGEMENT REPORTS: REPEALING A PREVIOUS ORDINANCE: AND PROVIDING A SEVERABILl1Y CLAUSE Whereas, the City of North Richland Hills acknowledges the high priority of providing the necessary guardianship of public funds in the municipal sector; and Whereas, the City Council expressly intends to set high fiscal standards, delegate treasury and investment duties to appropriate officials, and to review the actual performance at regular intervals; and Whereas, the City Council hereby intends to implement investment requirements set forth in Tex. Rev. Civ. Stat. Ann., Art. 4413 (34c) and 2256, NOW, THEREFORE, BE IT ORDAINED BY THE cln COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS. Section 1. Investment Rules. That the following policies and guidelines be established as investment rules governing the investment of local funds: A All City funds from various revenue sources shall be billed or requested as early as they are recognized, computed, and determined to be due to the City. B. Funds received by the City shall be deposited into the depository bank at the end of each business day or as early as practical operating circumstances will allow. C. AIl debts owed by the City shall be paid as of the date they come due and not before unless approval is given by the City Manager. 0. Based on cash forecasts, all monies not required immediately to pay obligations . shall be invested in an income producing instrument or account. E. All investment activities and procedures shall be governed by a written investment policy. The Investment Policy is attached to this ordinance. Revisions to the Investment Policy required by updates to state and federal laws may be authorized by the City Manager. Any other significant alterations to the Investment Policy must be approved by the City Council. Section 2. Investment Obiectives. The City's funds shall be invested in appropriate instruments in such a manner to ensure the safety of investments, retention of investment principal, maintenance of sufficient liquidity to cover operating needs, diversity of the portfolio, and maximization of yield. The preceding objectives are listed in order of priortty. The City shaff invest in instruments providing the highest rate of return, as long as such investments do not conflict with the other priorities of the City's investment portfolio or statutes of this state regulating investments of City funds. 15 ~ppendix A Section 3. Designated Officials. The City Council hereby designates the Investment Officers of the City to be the City Manager and Finance Director. The City Manager and Finance Director will have the overall responsibility to ensure that investment objectives are accomplished and that the guidelines of the investment policy are followed. The Finance Director will designate staff members to administer the daily functions of managing the cash and investments of the City. These persons must be authorized as investment officers by a Resolution of the City Council before they are delegated any investment duties. Section 4. Management Reports. At least quarterfy the investment officers shall prepare a written report concerning the City's investment transactions for the preceding quarter. This report will describe in detail the investment position of the City at the end of each quarter. A report on investment activity for the fiscal year shall be presented as the report for the fourth quarter. The reports shall be signed by the City Manager, the Finance Director and all other authorized investment officers and presented to the City Council. Section 5. Repeal of Previous Ordinances. Ordinance No. 2076 is hereby repealed. Section 6. Severability. Provisions of this ordinance shall be, and they are hereby, declared to be severable; and should any portion of it be declared to be invalid for any reason by a court of competent jurisdiction, such holding shall not affect the remaining portions thereof. PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF NORTH RICHLAND HILLS, TEXAS on this the 9th day of October, 1995. APPROVED: ~ ArrEST: ~~ztu ~ Secreta~ -d 16 TRADE DATE I TIME: INVESTMENT ACCOUNT: DESIRED SECURITY: DESIRED PAR VALUE: DESIRED MATURITY: CITY OF NORTH RICHLAND HILLS INVESTMENT BID FORM PURCHASE: SELL: Appendix B BROKER ACCEPTED SECURITY MATURITY COUPON YTM YTC 1. 3. 4. 5. Comments: Transaction By: Approved By: 17 Appendix B CITY OF NORTH RICHLAND HILLS SECURITY INFORMATION WORKSHEET NAME OF SECURITY: CUSIP NUMBER: COUPON / DISC. RATE: YIELD TO MATURITY/CALL: MATURITY/CALL DATE: PAR VALUE: TRADE DATE: SETTLEMENT DATE: - PRINCIPAL +ACCRUED INTEREST: + PURCHASE PRICE SAFEKEEPING ACCOUNT: 259091 NAME OF BROKER: TIME OF TRADE: ENTERED BY: FAX TO: BANK OF AMERICA SAFEKEEPING PH # 1-800-657-9529 FAX # 704-386-0175 APPROVED BY: K:ACC1\INVESTMENTS\8ROKER\SECURITIES WORKSHEET.XLS FUND: \ - 1 _/ 18 Appendix C CITY OF NORTH RICHLAND HILLS BROKER/DEALER QUESTIONNAIRE AND CERTIFICATION 1. Name offinn 2. Address: Local: National: 3. Telephone number Local: National: 4. Primary representative/manager/partner-in-charge Name Name Title Title Telephone no. Telephone no. 5. Is your finn a subsidiary of another firm? If yes, which finn? 6. Are you a primary dealer in U. S. Government securities? [ ] Yes [] No If so, for how long has your firm been a primary dealer? years 7. Is your firm an inventory dealer? Do you take a position in securities which you sell or buy? 8. What was your finn's total volume in U. S. Government and agency securities trading last year? Firm-wide $ Your local office $ Number of transactions Number of transactions 19 _____~_.~___L___..____ Appendix C City of North RicWand Hills Broker/Dealer Questionnaire 9. 'Which instruments are offered regularly by your local desk? [] T -bills [] BAs (domestic) [] Treasury notes/bonds [] Commercial paper [] GNMAs [] Bank CDs [] FHLMCs [] S & L CDs Other Federal Agencies (please specify) Instrumentalities (Please specify) 10. Identify all personnel who will be trading with or quoting securities to our government's employees. Name Title Telephone Number Primary Al ternate Al ternate (Please attach resumés of the personnel listed above.) How long has the primary representative been an institutional governmental securities broker at the firm? 11. Is the firm and the account representative registered with the Texas State Securities Commission? If yes, for how long? Firm Representative 12. Which of the above personnel have read the City's investment policies? 13. Please indicate which agents of your firm's local offices currently are licensed, certified or registered, and by whom. Agent Licensed or registered by 14. Please identify your public-sector clients in our geographical area who are most comparable to our government. Entity Contact Person Telephone no. Client 20 Appendix C City of North Richland Hills Broker/Dealer Questionnaire 15. Is your finn a member ofNASD? Yes No If not, why? 16. Place an "X" by each regulatory agency that your firm is examined by and/or subject to its rules and regulations: FDIC Comptroller of Currency SEC NYSE Federal Reserve System Other: (example: State Regulatory Agency) Multi-state finns please note: It is not necessary to include regulatory agencies which do not have jurisdiction over your firm's activities in the State of Texas. 17. Have you obtained all required licenses to operate as a broker/dealer in the State of Texas? [ ] Yes [ ] No 18 . To the best of your knowledge, has there been any "material" litigation, arbitration, or regulatory proceedings, either pending, adjudicated or settled, that your finn has been subject to within the last five (5) years that involved issues concerning the suitability of the sale_ or purchase of securities to institutional clients or fraudulent or unfair practices related to the sale of securities to an institutional client? If so, please describe each such matter briefly. For purposes ofthis question, proceedings are "material" if your independent accountant applying generally accepted accounting principles determines that such proceedings required disclosure in your [mancial statements. 19. Have any of the employees listed in item ten (10) ever had sanctions imposed due to any of the activities noted in item eighteen (18)? Explain the outcome, case and/or case citation in an attached explanation. 21 Appendix C City of North Richland Hills Broker/Dealer Questionnaire 20. Please include samples of research reports that your firm regularly provides to public-sector clients. 21. Please explain your normal custody and delivery process. Who audits these fiduciary systems? What reports, transactions, confirmations and paper trail will we receive? 22. Enclose a complete schedule of fees and charges for various transactions. 23. Please provide your firm's most recent certified audited financial statements. In addition, for those dealers preparing and submitting financial statements to the following organizations, please provide publicly available financial documents filed with these agencies for the most current reporting period: National Association of Securities Dealers Securities and Exchange Commission New York Stock Exchange Federal Deposit Insurance Corporation 24. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy guidelines? As ofthis date, does your firm comply with the guidelines? Has your capital position ever fallen short? By what factor (1.5x, 2x, etc.) does your firm presently exceed the capital adequacy guidelines? Include certified documentation of your capital adequacy as measured by the Federal Reserve standards. 22 Appendix C City of North Richland Hills Broker/Dealer Questionnaire 25. Describe the capital line and trading limits that support/limit the office that would conduct business with our government. 26, If you are not a bank, please provide the following information regarding your principal banking relationship. Bank Name Address Person to Contact Length of Relationship Telephone # 27. Do you participate in the SIPC insurance program? If not, explain why not. 28. What portfolio information do you require from your clients? 29. How many and what percentage of your transactions failed last month? Last year? 30. Describe the precautions taken by your firm to protect the interests of the public when dealing with governmental agencies as investors. 23 __~___._____-L__.__.,,_~._____'~"-________--__~~______--------.- Appendix C City of North Richland Hills Broker/Dealer Questionnaire -CERTIFICA TION- This certification is executed on behalf of the City of North Richland Hills (the Investor) and (the Business Organization) pursuant to the Public Funds Investment Act, Chapter 2256, Texas Government Code (the Act) in connection with investment transactions conducted between the Investor and the Business Organization. The undersigned Qualified Representative(s) of the Business Organization hereby certifies on behalf of the Business Organization that: 1. The undersigned is a Qualified Representative of the Business Organization offering to enter an investment transaction with the Investor as such terms are used in the Public Funds Investment Act, Chapter 2256, Texas Government Code and 2. The Qualified Representative of the Business Organization has received and reviewed the Investment Policy furnished by the Investor and 3. The Qualified Representative of the Business Organization has implemented reasonable procedures and controls in an effort to preclude investment transactions conducted between the Business Organization and the Investor that are not authorized by the entity's investment policy, except to the extent that this authorization is dependent on an analysis of the makeup of the entity's entire portfolio or requires and interpretation of subjective investment standards. Qualified Representative of the Business Organization Signature Name Title Date 24 Appendix D City of North Richland Hills Approved Securities Dealers As of March 31, 2004 Securities Dealers First Southwest Company First Empire, Inc. Morgan Keegan & Company, Inc. APS Financial Corp. Duncan-Williams, Inc. Coastal Securities Seattle-Northwest Securities Corp. Great Pacific Securities O'Connor & Co. Securities Gilford Securities. Inc. Banc One CaDital Markets. Inc. Southwest Securities. Inc. Multi-Bank Securities. Inc. Wells Farqo Brokeraoe Services. LLC Bankina Institutions First Simmons National Bank Investment Pools T exPool LOGIC MBIA CLASS T exST AR 25 Appendix E PRIMARY SECURITIES DEALERS No primary dealers currently approved. This page to be inserted when received. 26 Public Securities Association 40 Broad Street, New York, NY 10004-2373 Telephone (212) 809-7000 APPENDIX F PSR MASTER REPURCHASE AGREEMENT . '" , . Dated as of Between: . , and 1. Applicability From time to time the parties hereto may enter into transactions in which one party ("Se11er") agrees to transfer to the other ("Buyer") securities or financial instruments ("Securities") against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against tile transfer of funds by Seller. Each such transadion shall be referred to herein as a ';Transadion" and shall be governed by this Agreement. including any supplemental terms or conditions contained in Annex I hereto, unless otherwise agreed in writing. 2. Definitions (a) "Act of Insolvency", with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law. or such party seeking the appointment of a receiver, trustee, custodian or similar official for such party or any substantial part of its property, or (ii) the commencement of any such case or proceeding against such party, or another seeking such an appointment. or the filing against a party of an application for a protective decree under the provisions of the Securities Investor Protection Act of 1970, which (A) is consented to or not timely contested by such party, (B) results in the entry of an order for relief, such an appointment, the issuance of such a protective decree or the entry of an order having a similar effect, or (C) is not dismissed within 15 days, (iii) the making by a party of a general assignment for the benefit of creditors, or (iv) the admission in writing by a party of such party's inability to pay such party's debts as they become due; (b) "Additional Purchased Securities", Securities provided by SeUer to Buyer pursuant to Paragraph 4(a) hereof; (c) "Buyer's Mar'gin Amount". with respect to any Transaction as of any date, the amount obtained by application of a percentage (which may be equal to the percentage that is agreed to as the Seller's Margin Amount under subparagraph (q) of this Paragraph), agreed to by Buyer and Seller prior to entering into the li"ansaction, to the Repurchase Price for such Transaction as of such date; (d) "Confirmation", the meaning specified in Paragraph 3(b) hereof; (e) "Income", with respect to any Security at any time, any principal thereof then payable and all interest. .dividends or other distributions thereon; (f) "Margin Deficit". the meaning specified in Paragraph 4(a) hereof; (g) "Margin Excess", the meaning specified in Paragraph 4(b) hereof; (h) "Market Value", with respect to any Securities as of any date, the price for such Securities on such date obtained from a generally recognized source agreed to by the parties or the most recent closing bid quotation from such a source.. plus accrued Income to the extent not included therein (other than any Income credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof) as of such date (unless contrary to market practice for such Securities); (i) "Price Differential", with respect to any Transaction hereunder as of any date, the aggregate amount obtained by daily application of the Pricing Rate for such Transaction to the Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination (reduced by any amount of such Price Differential previously paid by Seller to Buyer with respect to such Transaction); 27 -~-~--_.I.-.--.~---,-~--~--~'--~-"'- APPENDIX F m "Pricing Rate", the per annum percentage rate íor determination of the Price Differential; . (k) "Prime Rate", the prime rate of U.S. money center commercial banks 2S published in The VIall Street Journal; (I) "Purchase Date", the date on which Purchased Securities are transferred by Seller to Buyer; (m) "Purchase Price", (i) on the Purchase Date, the price at which Purchased Securities are transferred by Seller to Buyer, and (ii) thereafter, such price increased by the amount of any cash transferred by Buyer to - Seller pursuant to Paragraph 4(b) hereof and decreased by the amount of any cash transferred by Seller to Buyer pursuant to Paragraph 4(a) hereof or applied to reduce Seller's obligations under clause (ii) of Paragraph 5 hereof; (n) "Purchased Securities", the Securities transferred by Seller to Buyer in a Transaction hereunder, and any Securities substituted therefor in accordance with Paragraph 9 hereof. The term "Purchased Securities" with respect to any Transaction at any time aJso shall incfude Additional Purchased Securities delivered pursuant to Paragraph 4(a) and shall exclude Securities returned pursuant to Paragraph 4(b): (0) "Repurchase Oate", the date on which Seller is to repurchase the Purchased Securities from Buyer, including any date determined by application of the provisions of Paragraphs 3(c) or 11 hereof; (p) "Repurchase Price", the price at which Purchased Securities are to be transferred from Buyer to Seller upon termination of a Transaction, which will be determined in each case (including Transactions terminable upon demand) as the sum or the Purchase Price and the Price Differential as 01 the date ot such determination, increased by any amount determined by the application of the provisions of Paíagraph 11 hereof: (q) "Seller's Margin Amount". with respect to any Transaction as of any date. the amount obtained by application of a percentage (which may be equal to the percentage that is agreed to as the Buyer's Margin Amount under subparagraph (c) of this Paragraph), agreed to by Buyer and Seller prior to entering into the Transaction, to the Repurchase Price for such Transaction as of such date. 3. Initiation; Confirmation; Termination (a) An agreement to enter into a Transaction may be made orally or in writing at the initiation of either Buyer or Seller. On the Purchase Date for the Transaction, the Purchased Securities shall be transferred to Buyer or its agent against the transfer of the Purchase Price to an account of Seller. (b) Upon agreeing to enter into a Transaction hereunder, Buyer or Seller (or both), as shaH be agreed, shall promptly deliver to the other party a written confirmation of each Transaction (a "Confirmation"). The Confirmation shall describe the Purchased Securities ,(including CUSIP number, if any), identify Buyer and Seller and set forth (i) the Purchase Date, (ii) the Purchase Price, (iii) the Repurchase Date, unless the Transaction is to be terminable on demand. (iv) the Pricing Rate or Repurchase Price applicable to the Transaction, and (v) any additional terms or conditions of the Transaction not inconsistent with this Agreement. The Confirmation, together with this Agreement, shan constitute conclusive evidence of the terms agreed between Buyer and Seller with respect to the Transaction to which the Confirmation relates, unless with respect to the Confirmation specific objection is made promptly after receipt thereof. In the event of any conflict between the terms of such Confirmation and this Agreement, this Agreement shall prevail. (c) In the case of Transactions terminable upon demand, such demand shall be made by Buyer or Seller, no later than such time as is customary in accordance with market practice, by telephone or otherwise on or prior to the business day on which such termination will be effective. On the date specified in such demand, or on the date fixed for termination in the case of Transactions having a fixed term, termination of the Transaction will be effected by transfer to Seller or its agent of the Purchased Securities and any Income in respect thereof received by Buyer (and not previously credited or transferred to, or applied to the obligations of, Seller pursuant to Paragraph 5 hereof) against the transfer of the Repurchase Price to an account of Buyer. 4. MargIn Maintenance (a) If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Buyer is Jess than the aggregate Buyer's Margin Amount for aU such Transactions (a "Margin Deficit"), then Buyer may by notice to Seller require Seller in such Transactions, 'at Seller's option, to transfer to Buyer cash or additional Securities reasonably acceptable to Buyer (''Additional Purchased Securities"). so that the cash and aggregate Market Value of the Purchased Securities, including any such Additional Purchased Securities, will thereupon equal or exceed such aggregate . Buyer's Margin Amount (decreased by the amount of any Margin Qeficït as of such date arising from any Transactions in which such Buyer is acting as Seller). (b) If at any time the aggregate Market Value of all Purchased Securities subject to all Transactions in which a particular party hereto is acting as Seller exceeds the aggregate Seller's Margin Amount for all such Transactions at such time (a "Margin Excess"), then Seller may by notice to Buyer require Buyer in such Transactions, at Buyer's option, to transfer cash or Purchased Securities to Seller, so that the aggregate Market Value of the Purchased Securities, after deduction or any such cash or any Purchased Securities so transferred, will thereupon not exceed such aggregate Seller's Margin Amount (increased by the amount of any Margin Excess as of such date arising from any Transactions in which such Seller is acting as Buyer). (c) Any cash transferred pursuant to this Paragraph shall be attributed to such Transactions as shall be agreed upon by Buyer and Seller. _I 28 ( APPENDIX F (d) Seller and Buyer may agree, with respect to any or all Transactions hereunder, that the respective rights of Buyer or Seller (or both) under subparagraphs (a) and (b) of this Paragraph may be exercised only where a Margin Deficit or Margin Excess exceeds a specified dollar amount or a specified percentage of the Repurchase Prices for such Transactions (which amount or percentage shall be agreed to by Buyer and Seller prior to entering into any such Transactions). (e) Seller and Buyer may agree, with respect to any or all Transactions hereunder. that the respective rights of Buyer and Seller under subparagraphs (a) and (b) of this Paragraph to require the elimination of a Margin Deficit or a Margin Excess, as the case may be, may be exercised whenever such a Margin Deficit or Margin Excess exists with respect to any single Transaction hereunder (calculated without regard to any other Transaction outstanding under this Agreement). 5. Income Payments . . Where a particular Transaction's term extends over an Income payment date on the Securities subject to tliat Transaction, Buyer shall, as the parties may agree with respect to such Transaction (or, in the absence of any agreement, as Buyer shall reasonably determine in its discretion), on the date such Income is payable either (i) transfer to or credit to the account of Seller an amount equal to such Income payment or payments with respect to any Purchased Securities subject to such Transaction or (ii) apply the Income payment or payment;> to reduce the amount to be transferred to Buyer by Seller upon termination of the Transaction. Buyer shalf not be obligated to take any action pursuant to the preceding sentence to the extent that such action would result in the creation of a Margin Deficit. unless prior thereto or simultaneously therewith Seller transfers to Buyer cash or Additional Purchased Securities sufficient to eliminate such Margin Deficit. 6. Security Interest Although the parties intend that all Transactions hereunder be sales and purchases and not loans, in the event any such Transactions are deemed to be loans. Seller shall be deemed to have pledged to Buyer as security for the performance by Seller of its obligations under each such Transaction, and shaH be deemed to have granted to Buyer a security interest in. all of the Purchased Securities with respect to all Transactions hereurider and all proceeds thereof. 7. Payment and Transfer Unfess otherwise mutually agreed, all transfers of funds hereunder shall be in immediately available funds. All Securities transferred by one party hereto to the other party (i) shall be in suitable form for transfer or shall be accompanied by duly executed instruments of transfer or assignment in blank and such other documentation as the party receiving possession may reasonably request, (ii) s~all be transferred on the book-entry system of a Federal Reserve Bank, or (iii) shall be transferred by any other method mutually acceptable to Seller and Buyer. As used herein with respect to Securities, "transfer" is intended to have the same meaning as when used in Section 8-313 of the New York Uniform Commercial Code or. where applicable, in any federal regulation governing transfers of the Securities. 8. Segregation of Purchased Securities To the extent required by applicable law, all Purchased Securities in the possession of Seller shall be segregated from other securities in its possession and shaH be identified as subject to this Agreement Segregation may be accomplished by appropriate identification on the books and records of the holder, including a financial intermediary or a dearing corporation. TrtJe to all PtJrchased Securities shall pass to Buyer and, unless otherwise agreed by Buyer and Seller. nothing in this Agreement shall preclude Buyer from engaging in repurchase transactions with the Purchased Securities or otherwise pledging or hypothecating the Purchased Securities, but no such transaction shall relieve Buyer of its obligations to transfer Purchased Securities to Seller pursuant to Paragraphs 3. 4 or 11 hereof, or of Buyer's obligation to credit or pay Income to. or apply Income to the obligations of, Seller pursuant to Paragraph 5 hereof. . Required Disclosure for Transactions in Which the Seller Retains Custody . of the Purchased Securities Seller is not permitted to substitute other securities for those subject to this Agreement and therefore must keep Buyer.'s securities segregated at all times, unless in this Agreement Buyer grants Seller the right to substitute other securities. If Buyer grants the right to substitute, this means that Buyer's securities will likely be commingled with Seller's own securities during the trading day. Buyer is advised that, during any trading day that Buyer's securities are commingled with Seller's securities. they [willr [may)"" be subject to liens granted by Seller to [its clearing bankr [third parties]"" and may be used by Seller tor deliveries on other securities transactions. Whenever the securities are commingled, Seller's ability to resegregate substitute securities for Buyer will be subject to Seller's ability to satisfy [the clearing" [any)"" lien or to obtain substitute securities. "Language to be used under 17 C.F.R. §403.4{e) if Seller is a government securities broker or deafer other than a financial institution. "Language to be used under 17 C.F.R. §403.5(d if Seller is a financial institution. 29 APPENDIX F 9. Substitution (a) Seller may, subject to agreement with and acceptance by Buyer, substitute other Securities fbr any Purchased Securities. Such substitution shall be made by transfer 10 Buyer of such other Securities and transfer to Seller of such Purchased Securities. After substitution, the substiluted Securities shall be deemed to be Purchased Securities. (b) In Transactions in which the Seller retains custody of Purchased Securities, the parties expressly' agree that Buyer shall be deemed, for purposes of subparagraph (a) of this Paragraph. to have agreed to and accepted in this Agreement substitution by Seller of other Securities for Purchased Securities; provided. however, that such other Securities shall have a Market Value al least equal 10 the Market Value of the Purchased Securities for which they are substituted. 10. Representations ~ Each of Buyer and Seller represents and warrants to the other that (i) it is duly authorized to execute and deliver this Agreement. to enter into the Transactions conlemplated hereunder and to períorm its obligations hereunder and has taken all necessary action to authorize such execution. delivery and períormance. (ii) it will engage in such Transactions as principal (or, if agreed in writing in advance of any Transaction by the other party hereto, as agent for a discfosed principal), (iii) the person signing this Agreement on its behalf is duly authorized to do so on its behalf (or on behalf of 2I1Y such disclosed principal). (iv) it has obtained all authorizations of any govémmental body required in connection with this Agreement and the Transactions hereunder and such authorizations are in full force and effect and (v) the execution, delivery and períormance of this Agreement and the Transactions hereunder will not violate any law, ordinance. charter. by-law or rule applicabte to it or any agreement by which it is bound or by which any of its assets are affected. On the Purchase Date for any Transaction Buyer and Seller shaIl each be de~med to repeat all the foregoing representations made by it. '11. Events of Default In the event that 0) Seller fails to repurchase or Buyer fails to transfer Purchased Securities upon the appTicabJe Repurchase Date, (ii) Seller or Buyer fails, after one business day's notice. to comply with Paragraph 4 hereof, (iii) Buyer fails to comply with Paragraph 5 hereof. (iv) an Act of Insolvency occurs with respect to SeHer or Buyer, (v) any representation made by Seller or Buyer shall have been incorrect or untrue in any material respect when made or repeated or deemed to have been made or repeated. or (vi) Seller or Buyer shall admit to the other its inability to. or its intention not to. períorm any of its obligations hereunder (each an "Event of Default"): (a) At the option of the nondefaulting party. exercised by written notice to the- defaulting party (which option shall be deemed to have been exercised. even if no notice is given, immediately upon the occurrence of an Act of Insolvency). the Repurchase Date for each Transaction hereunder shall be deemed immediately to occur. (b) In all Transactions in which the defaulting party is acting as Seller, if the nondefaulting party exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, (i) the defaulting party's obligations hereunder to répurchase all Purchased Securities in such Transactions shall thereupon become immediately due and payable, (ii) 10 the extent permitted by applicable law, the Repurchase Price with respect to each such Transaction shall be increased by the aggregate amount obtained by daily application of (x) the greater of the Pricing Rate for such Transaction or the Prime Rate to (y) the Repurchase Price for such 'Transaction as of the Repurchase Date as determined pursuanllo subparagraph (a) of this Paragraph (decreased as of any day by (A) any amounts retained by the nondefaulting party with respect to such Repurchase Price pursuant to clause [Iii) of this subparagraph, (B) any proceeds from the sale of Purchased Securities pursuant to subparagraph (d)(i) of this Paragraph. and (C) any amounts credited 10 the account of the defaulting party pursuant to subparagraph (e) of this Paragraph) on a 360 day per year basis for the adual number of -days during the period from and including the date of the Event of Default giving rise to such option to but excluding the date of payment of the Repurchase Price as so increased, (iii) all Income paid after such exercise or deemed exercise shall be retained by the nondefaulting party and applied to the aggregate unpaid Repurchase Prices owed by the defaulting party. and (iv) the defaulting party shall immediately deliver to the nondetaulting party any Purdlased Securities subject to such Transactions then in the defaulting party's possession. (c) In aß Transactions in which the defaulting party is acting as Buyer. upon lender by the nondefaulting party of payment of the aggregate Repurchase Prices for all such Transactions. the defaulting party's right, title and interest in all Purchased Securities subject to such Transactions shall be deemed transferred to the nondefaulting party. and the defaulting party shall deliver all such Purchased Securities to the nondefaulting party. (d) After one business day's notice to the defaulting party (which notice need not be given if an Act of Insolvency shall have occurred, and which may be the notice given under subparagraph (a) of this Paragraph - ; or the notice referred to in clause (ii) of the first sentence of this Paragraph), the nondefaulting party may: (i) as to li'ansactions in which the defaulting party is acting as Seller, (A) immediately sell, in a recognized market at such price or prices as the nondefaulting party may reasonably deem satisfactory, any or all Purchased Securities subject to such Transactions and apply the proceeds thereof to the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder 30 APPENDIX F or (8) in its sole discretion elect, in lieu of selling all or a portion of such Purchased Securities. to give the defaulting party credit for such Purchased Securities in an amount equal to the price therefor on such date, obtained from a generally recognized source or the most recent closing bid quotation from such a source, against the aggregate unpaid Repurchase Prices and any other amounts owing by the defaulting party hereunder; and . . (ii) as to Transactions in which the defaulting party is acting as Buyer, (A) purchase securities ("Replacement Securities") of the same class and amount as any Purchased Securities that are not delivered by the defaulting party to the nondefaulting party as required hereunder or (B) in its sole discretion elect, in lieu of purchasing Replacement Securities. to be deemed to have purchased Replacement Securities at the price therefor on such date. obtained from a generally recognized source or the most recent closing bid quotation from such a source. (e) As to Transactions in which the 'defaulting party is acting as Buyer. the defaulting party shall be liable tp th~ nondefaulting party (i) with respect to Purchased Securities (other than Additional Purchased Securities), for any excess of the price paid (or deemed paid) by the nondefaulting party for Replacement Securities therefor over the Repurchase Price for such Purchased Securities and (ii) with respect to Additional Purchased Securities, for the price paid (or deemed paid) by the nondefaulting party for the Replacement Securities therefor. In addition. the defaulting party shall be liable to the nondefaulting party for interest on such remaining liability'with respect to each such purchase (or deemed purchase) of Replacement Securities from the date of' such purchase (or deemed purchase) until paid in full by Buyer. Such interest shall be at a rate equal to the greater of the Pricing Rate for such Transaction or the Prime Rate. (f) For purposes of this Paragraph 11, the Repurchase Price for each Transaction hereunder in respect of which the defaulting party is acting as 8uyershall not increase above the amount of such Repurchase Price for such Transaction determined as of the date of the exercise or deemed exercise by the nondefaulting party of its option under subparagraph (a) of this Paragraph. (g) The defaulting party shall be liable to the nondefaulting party for the amount of all reasonable legal or other expenses incurred by the nondefaultjng party in connection with or as a consequence of an Event of Default, together with interest thereon at a rate equal to the greater of the Pricing Rate for the relevant Transaction or the Prime Rate. (h) The nondefaulting party shall have. in addition to its rights hereunder. any rights other.vise available to it under any other agreement or applicable law. 12. Single Agreement Buyer and Seller acknowledge tha!, and have enten;d herein to and will enter into each Transaction hereunder in consideration of and in reliance upon the fact that, all Transactions hereunder constitute a single business and contractual relationship and have been made in consideration of each other. Accordingly, each of Buyer and Seller agrees (i) to perform all of its obligations in respect of each Transaction hereunder, and that a default in the performance of any such obligations shall constitute a defauft by it in respect of all Transactions hereunder, (ii) that each of them shall be entitled to set off claims and apply property held by them in respect of any Transaction against obligations owing to them in respect of any other Transactions hereunder and (iii) that payments. deliveries and other transfers made by either of them in respect of any Transaction shall be deemed to have been made in consideration of payments, deliveries and other transfers in respect of any other Transactions hereunder. and the obligations to make any such payments, deliveries and other transf~rs may be applied against each other and netted. 13. Notices and Other Communications Unless another address is specified in writing by the respective party to whom any notice or other com- munication is to be given hereunder, all such notices or communications shall be in writing or confirmed in writing and delivered at the respective addresses set forth in Annex 11 attached hereto. . 14. Entire Agreement; Severability This Agreement shall supersede any existing agreements between the parties containing general terms and conditions for repurchase transactions. Each provision and agreement herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceabifity of any such other provision or agreement. 15. Non-assignability; Termination The rights and obligations of the parties under this Agreement and under any Transaction shall not be assigned by either party without the prior written consent of the other party. Subject to the foregoing. this Agreement and any Transactions shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns. This Agreement may be cancelled by either party upon giving written notice to the other, except that this Agreement shan, notwithstanding such notice, remain applicable to any Transadions then outstanding. 31 _.__,~__.___._._J...._____~_. APPENDIX F 16. Governing Law This Agreement shall be governed by the laws of the State of New York without giving effect to the conflict of law principles thereof. 17. No Waivers, Etc. No express or implied waiver of any Event of Default by either party shall constitute a waiver of any other Event of Default and no exercise of any remedy hereunder by any party shall constitute a waiver of its right to exercise any other remedy hereunder. No modification or waiver of any provision of this Agreement and no consent by any party to a departure herefrom shall be effective unless and until such shall be in writing and duly 'executed by both of the parties hereto. Without limitation on any of the foregoing, the failure to give a notic'e pursuant to subparagraphs 4(a) or 4(b) hereof will not constitute a waiver of any right to do so at a later date. '18.' Use 01 Employee Plan Assets (a) If assets of an employee benefit plan subject to any provision of the Employee Retirement Income Security Act of 1974 ("ERISA") are intended to be used by either party hereto (the "Plan Party") in a Transaction, the Plan Party shall so notify the other party prior to the Transaction. The Plan Party shaH represent in writing to the other party that the Transaction does not constitute a prohibited transaction under ERISA or is otherwise exempt therefrom, and the other party may proceed in reliance thereon but shall not be required so to proceed. (b) Subject to the last sentence of subparagraph (a) of this Paragraph, any such Transaction shall proceed only if Seller furnishes or has furnished to Buyer its most recent available audited .statement of its financial condition and its most recent subsequent unaudited statement of its financial condition. (c) By entering into a Transaction pursuant to this Paragraph, Seller shall be deemed (i) to represent to Buyer that since the date of Seller's latest such financial statements, there has been no material adverse change in Seller's financial condition which Seller has not disclosed to Buyer, and (ii) to agree to provide Buyer with future audited and unaudited statements of its financial condition as they are issued. so long as it is a Seller in any outstanding Transaction involving a Plan Party. 19. Intent (a) The parties recognize that each Transaction is a "repurchase agreement" as that term is defined in Section 101 of Title 11 of the United States Code, as amended (except insofar as the type of Securities subject to such Transaction or the term of such Transaction would render such definition inapplicable), and a "securities contract" as that term is defined in Section 741 of TItle 11 ot the United Stales Code, as amended. (b) It is understood that either party's right to liquidate Securities delivered to it in connection with Transactions hereunder or to exercise any other remedies pursuant to Paragraph 11 hereof, is a contractual right to liquidate such Transaction as described in Sections 555 and 559 of TIlle 11 of the United States Code, as amended. 20. DiscJosure Relating to Certain Federal Protections The parties acknowledge that they have been advised that: (a) in the case of Transactions in which one of the parties is a broker or dealer registered with the Securities and Exchange Commission ("SEC") under Section 15 of the Securities Exchange Act of 1934 ("1934 Act"), the Securities Investor Protection Corporation has taken the position that the provisions of the Securities Investor Protection Act of 1970 ("SIPAU) do not protect the other party with respect to any Transaction hereunder; (b) in the case of Transactions in which one ot the parties is a government securities broker or a government securities dealer registered with the SEC under Section 15C of the 1934 Act, SIPA will not provide protection to the other party with respect to any Transaction hereunder; and (c) in the case of Transactions in which one at the parties is a financial institution, funds held by the financial institution pursuant to a Transaction hereunder are not a deposit and therefore are not insured by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation or the National Credit Union Share Insurance Fund, as applicable. {Name of PartyJ [Name of PartyJ By Title Date 32 By Title Date Appendix G TEXAS GOVERNMENT CODE CHAPTER 2256. PUBLIC FUNDS INVESTMENT SUBCHAPTER A. AUTHORIZED INVESTMENTS FOR GOVERNMENTAL ENTITIES Sec. 2256.001. SHORT TITLE This chapter may be cited as the Public Funds Investment Act. Sec. 2256.002. DEFINITIONS. In this chapter: (1) "Bond proceeds" means the proceeds from the sale of bonds, notes, and other obligations issued by an entity, and reserves and funds maintained by an entity for debt service purposes. (2) "Book value" means the original acquisition cost of an investment plus or minus the accrued amortization or accretion. (3) "Funds" means public funds in the custody of a state agency or local government that: (A) are not required by law to be deposited in the state treasury; and (B) the investing entity has authority to invest. (4) "I nstitution of higher education" has the meaning assigned by Section 61.003, Education Code. (5) "Investing entity" and "entity" mean an entity subject to this chapter and described by Section 2256.003. (6) "Investment pool" means an entity created under this code to invest public funds jointly on behalf of the entities that participate in the pool and whose investment objectives in order of priority are: (A) preservation and safety of principal; (B) liquidity; and (C) yield. (7) "Local government" means a municipality, a county, a school district, a district or authority created under Section 52(b)(1) or (2), Article III, or Section 59, 33 ___~___----1-_ Appendix G Article XVI, Texas Constitution, a fresh water supply district, a hospital district, and any political subdivision, authority, public corporation, body, politic, or instrumentality of the State of Texas, and any nonprofit corporation acting on behalf of any of those entities. (8) "Market value" means the current face or par value of an investment multiplied by the net selling price of the security as quoted by a recognized market pricing source premium or discount quoted on the valuation date. (9) "Pooled fund group" means an internally created fund of an investing entity in which one or more institutional accounts of the investing entity are invested. (10)"Qualified representative" means a person who holds a position with a business organization, who is authorized to act on behalf of the business organization, and who is one of the following: (A) for a business organization doing business that is regulated by or registered with a securities commission, a person who is registered under the rules of the National Association of Securities Dealers; (B) for a state or federal bank, a savings bank, or a state or federal credit union, a member of the loan committee for the bank or branch of the bank or a person authorized by corporate resolution to act on behalf of and bind the banking institution; (C) for an investment pool, the person authorized by the elected official or board with authority to administer the activities of the investment pool to sign the written instrument on behalf of the investment pool; or (D) for an investment management firm registered under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.) or, if not subject to registration under that Act, registered with the State Securities Board, a person who is an officer or principal of the investment management firm. (11) "School district" means a public school district. (12) "Separately invested asset," means an account or fund of a state agency or local government that is not invested in a pooled fund group. (13) "State agency" means an office, department, commission, board, or other agency that is part of any branch of state government, an institution of higher education, and any nonprofit corporation acting on behalf of any of those entities. 34 Appendix G Sec. 2256.003. AUTHORITY TO INVEST FUNDS; ENTITIES SUBJECT TO THIS CHAPTER. (a) Each governing body of the following entities may purchase, sell, and invest its funds and funds under its control in investments authorized under this subchapter in compliance with investment policies approved by the governing body and according to the standard of care prescribed by Section 2256.006: (1) a local government; (2) a state agency; (3) a nonprofit corporation acting on behalf of a local government or a state agency; or (4) an investment pool acting on behalf of two or more local governments, state agencies, or a combination of those entities. (b) In the exercise of its powers under Subsection (a), the governing body of an investing entity may contract with an investment management firm registered under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.) or with the State Securities Board to provide for the investment and management of its public funds of other funds under its control. A contract made under authority of this subsection may not be for a term longer than two years. A renewal or extension of the contract must be made by the governing body of the investing entity by order, ordinance, or resolution. (c) This chapter does not prohibit an investing entity or investment officer from using the entity's employees or the services of a contractor of the entity to aid the investment officer in the execution of the officer's duties under this chapter. Sec. 2256.004. APPLICABILITY. (a) This subchapter does not apply to: (1) a public retirement system as defined by Section 802.001; (2) state funds invested as authorized by Section 404.024; (3) an institution of higher education having total endowments of at least $95 million in book value on May 1, 1995; (4) funds invested by the Veterans' Land Board as authorized by Chapter 161,162, or 164, Natural Resources Code; 35 ___L__.______,.______ ..-.--.---.-~--~------------------- Appendix G (5) Registry funds deposited with the county or district clerk under Chapter 117, Local Government Code; or (6) a deferred compensation plan that qualifies under either Section 401 (k) or 457 or the Internal Revenue Code of 1986 (26 U.S.C. Section 1 et seq.), as amended. (b) This subchapter does not apply to an investment donated to an investing entity for a particular purpose or under terms of use specified by the donor. Sec. 2256.005. INVESTMENT POLICIES; INVESTMENT STRATEGIES; INVESTMENT OFFICER. (a) The governing body of an investing entity shall adopt by rule, order, ordinance, or resolution, as appropriate, a written investment policy regarding the investment of its funds and funds under its control. (b) The investment policies must: (1) be written; (2) primarily emphasize safety of principal and liquidity; (3) address investment diversification, yield, and maturity and the quality and capability of investment management; and (4) include: (A) a list of the types of authorized investments in which the investing entity's funds may be invested; (B) the maximum allowable stated maturity of any individual investment owned by the entity; (C) for pooled fund groups, the maximum dollar-weighted average maturity allowed based on the stated maturity date for the portfolio; (D) methods to monitor the market price of investments acquired with public funds; and (E) a requirement for settlement of all transactions, except investment pool funds and mutual funds, on a delivery versus payment basis. (c) The investment policies may provide that bids for certificates of deposit be solicited: (1) orally; 36 Appendix G (2) in writing; (3) electronically; or (4) in any combination of those methods. (d) As an integral part of an investment policy, the governing body shall adopt a separate written investment strategy for each of the funds or group of funds under its control. Each investment strategy must describe the investment objectives for the particular fund using the following priorities in order of importance: (1) understanding of the suitability of the investment to the financial requirements of the entity; (2) preservation and safety of principal; (3) liquidity; (4) marketability of the investment if the need arises to liquidate the investment before maturity; (5) diversification of the investment portfolio; and (5) yield. (e) The governing body of an investing entity shall review its investment policy and investment strategies not less than annually. The governing body shall adopt a written instrument by rule, order, ordinance, or resolution stating that it has reviewed the investment policy and investment strategies and that the written instrument so adopted shall ~ecord any changes made to either the investment policy or investment strategies. (f) Each investing entity shall designate, by rule, order, ordinance, or resolution, as appropriate, one or more officers or employees of the state agency, local government, or investment pool as investment officer or contract with an investment management firm under Section 2256.003(b) to be responsible for the investment of its funds consistent with the investment policy adopted by the entity. If the governing body of an investing entity has contracted with another investing entity to invest its funds, the investment officer of the other investing entity is considered to be the investment officer of the first investing entity for purposes of this chapter. Authority granted to a fiduciary to invest an entity's funds is effective until rescinded by the investing entity, until the expiration of the officer's term or the termination of the person's employment by the investing entity, or if an investment management firm, until the expiration of the contract with the investing entity. In the administration of the duties of an investment officer, the fiduciary designated as investment officer shall exercise the judgment and 37 _----L-_______ Appendix G care, under prevailing circumstances, that a prudent person would exercise in the management of the person's own affairs, but the governing body of the investing entity retains ultimate responsibility as fiduciaries of the assets of the entity. Unless authorized by law, a person may not deposit, withdraw, transfer, or manage in any other manner the funds of the investing entity. (g) Subsection (f) does not apply to a state agency, local government, or investment pool for which an officer of the entity is assigned by law the function of investing its funds. (h) An officer or employee of a commission created under Chapter 391, Local Government Code, is ineligible to be designated as an investment officer under Subsection (f) for any investing entity other than for that commission. (i) An investment officer of an entity who has a personal business relationship with a business organization offering to engage in an investment transaction with the entity shall file a statement disclosing that personal business interest. An investment officer who is relate within the second degree by affinity or consanguinity, as determined under Chapter 573, to an individual seeking to sell an investment to the investment officer's entity shall file a statement disclosing that relationship. A statement required under this subsection must be filed with the Texas Ethics Commission and the governing body of the entity. For purposes of this subsection, an investment officer has a personal business relationship with a business organization if: (1) the investment officer owns 10 percent or more of the voting stock or shares of the business organization or owns $5,000 or more of the fair market value of the business organization; (2) funds received by the investment officer from the business organization exceed 10 percent of the investment officer's gross income for the previous year; or (3) the investment officer has acquired from the business organization during the previous year investments with a book value of $2,500 or more for the personal account of the investment officer. G) The governing body of an investing entity may specify in its investment policy that any investment authorized by this chapter is not suitable. (k) A written copy of the investment policy shall be presented to any person offering to engage in an investment transaction with an investing entity or to an investment management firm under contract with an investing entity to invest or manage the entity's investment portfolio. For purposes of this subsection, a business organization includes investment pools and an investment management firm under contract with an investing entity to invest or manage the entity's investment portfolio. Nothing in this subsection relieves the investing entity of the responsibility for monitoring the investments made by the investing entity to determine that they are in compliance with 38 Appendix G the investment policy. The qualified representative of the business organization offering to engage in an investment transaction with an investing entity shall execute a written instrument in a form acceptable to the investing entity and the business organization substantially to the effect that the business organization has: (1) received and reviewed the investment policy of the entity; and (2) acknowledged that the business organization has implemented reasonable procedures and controls in an effort to preclude investment transactions conducted between the entity and the organization that are not authorized by the entity's investment policy, except to the extent that this authorization is dependent on an analysis of the makeup of the entity's entire portfolio or requires an interpretation of subjective investment standards. (I) The investment officer of an entity may not acquire or otherwise obtain any authorized investment described in the investment policy of the investing entity from a person who has not delivered to the entity the instrument required by Subsection (k). (m) An investing entity other than a state agency, in conjunction with its annual financial audit, shall perform a compliance audit of management controls on investments and adherence to the entity's established investment policies. (n) Except as provided by Subsection (0), at least once every two years a state agency shall arrange for a compliance audit of management controls on investments and adherence to the agency's established investment policies. The compliance audit shall be performed by the agency's internal auditor or by a private auditor employed in the manner provided by Section 321.020. Not later than January 1 of each even- numbered year, a state agency shall report the results of the most recent audit performed under this subsection to the state auditor. A state agency also shall report to the state auditor other information the state auditor determines necessary to assess compliance with laws and policies applicable to state agency investments. A report under this subsection shall be prepared in a manner the state auditor prescribes. (0) The audit requirements of Subsection (n) do not apply to assets of a state agency that are invested by the comptroller under Section 404.024. Sec. 2256.006. STANDARD OF CARE. (a) Investments shall be made with judgment and care, under prevailing circumstances, that a person of prudence, discretion, and intelligence would exercise in the management of the person's own affairs, not for speculation, but for investment, considering the probable safety of capital and the probable income to be derived. Investment of funds shall be governed by the following investment objectives, in order of priority: 39 Appendix G (1) preservation and safety of principal; (2) liquidity; and (3) yield. (b) In determining whether an investment officer has exercised prudence with respect to an investment decision, the determination shall be made taking into consideration: (1) the investment of all funds, or funds under the entity's control, over which the officer had responsibility rather than a consideration as to the prudence of a single investment; and (2) whether the investment decision was consistent with the written investment policy of the entity. Sec. 2256.007. INVESTMENT TRAINING; STATE AGENCY BOARD MEMBERS AND OFFICERS. (a) Each member of the governing board of a state agency and its investment officer shall attend at least one training session relating to the person's responsibilities under this chapter within six months after taking office or assuming duties. (b) The Texas Higher Education Coordinating Board shall provide the training under this section. (c) Training under this section must include education in investment controls, security risks, strategy risks, market risks, diversification of investment portfolio, and compliance with this chapter. (d) An investment officer shall attend a training session not less than once in a two-year period and may receive training from any independent source approved by the governing body of the state agency. The investment officer shall prepare a report on this subchapter and deliver the report to the governing body of the state agency not later than the 180th day after the last day of each regular session of the legislature. Sec. 2256.008. INVESTMENT TRAINING; LOCAL GOVERNMENTS. (a) Except as provided by Subsections (b) and (e), the treasurer, the chief financial officer if the treasurer is not the chief financial officer, and the investment officer of a local government shall: 40 Appendix G (1) attend at least one training session under a curriculum approved by the state auditor and containing at least 10 hours of instruction relating to the treasurer's or officer's responsibilities under this subchapter within 12 months after taking office or assuming duties; and (2) except as provided by Subsection (b), attend an investment training session not less than once in a two-year period and receive not less than 10 hours of instruction relating to investment responsibilities under this subchapter under a curriculum approved by the state auditor and approved by the governing body of the local government or a designated investment committee advising the investment officer as provided for in the investment policy of the local government. (b) An investing entity created under authority of Section 52(b), Article III, or Section 59, Article XVI, Texas Constitution, that has contracted with an investment management firm under Section 2256.003(b) and has fewer than five full-time employees or an investing entity that has contracted with another investing entity to invest the entity's funds may satisfy the training requirement provided by Subsection (a)(2) by having an officer of the governing body attend four hours of appropriate instruction in a two-year period. (c) Training under this section must include education in investment controls, security risks, strategy risks, market risks, diversification of investment portfolio, and compliance with this chapter. (d) Not later than December 31 each year, each individual, association, business, organization, governmental entity, or other person that provides training under this section shall report to the comptroller a list of the governmental entities for which the person provided required training under this section during that calendar year. An individual's reporting requirements under this subsection are satisfied by a report of the indivi~ual's employer or the sponsoring or organizing entity of a training program or seminar. (e) This section does not apply to a district governed by Chapter 36 or 49, Water Code. Sec. 2256.009. AUTHORIZED INVESTMENTS: OBLIGATIONS OF, OR GUARANTEED BY GOVERNMENTAL ENTITIES. (a) Except as provided by Subsection (b), the following are authorized investments under this subchapter: (1) obligations, including letters of credit, of the United States or its agencies and instrumentalities; (2) direct obligations of this state or its agencies and instrumentalities; 41 Appendix G (3) collateralized mortgage obligations directly issued by a federal agency or instrumentality of the United States, the underlying security for which is guaranteed by an agency or instrumentality of the United States; (4) other obligations, the principal and interest of which are unconditionally guaranteed or insured by, or backed by the full faith and credit of, this state or the United States or their respective agencies and instrumentalities; (5) obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as to investment quality by a nationally recognized investment rating firm not less than A or its equivalent; and (6) bonds issued, assumed, or guaranteed by the State of Israel. (b) The following are not authorized investments under this section: (1) obligations whose payment represents the coupon payments on the outstanding principal balance of the underlying mortgage-backed security collateral and pays no principal; (2) obligations whose payment represents the principal stream of cash flow from the underlying mortgage-backed security collateral and bears no interest; (3) collateralized mortgage obligations that have a stated final maturity date of greater than 10 years; and (4) collateralized mortgage obligations the interest rate of which is determined by an index that adjusts opposite to the changes in a market index. Sec.2256.010. AUTHORIZED INVESTMENTS: CERTIFICATES OF DEPOSIT. A certificate of deposit is an authorized investment under this subchapter if the certificate of deposit is issued by a state or national bank domiciled in this state or a savings bank domiciled in this state, or state or federal credit union domiciled in this state and is: (1) guaranteed or insured by the Federal Deposit Insurance Corporation, or its successor, or the National Credit Union Share Insurance Fund or its successor; (2) secured by obligations that are described by Section 2256.009(a), including mortgage backed securities directly issued by a federal agency or instrumentality that have a market value of not less than the principal 42 Appendix G amount of the certificates, but excluding those mortgage-backed securities of the nature described by Section 2256.009(b); or (3) secured in any other manner and amount provided by law for deposits of the investing entity. Sec. 2256.011. AUTHORIZED INVESTMENTS: REPURCHASE AGREEMENTS. (a) A fully collateralized repurchase agreement is an authorized investment under this subchapter if the repurchase agreement: (1) has a defined termination date; (2) is secured by obligations described by Section 2256.009(a)(1), and (3) requires the securities being purchased by the entity to be pledged to the entity, held in the entity's name, and deposited at the time the investment is made with the entity or with a third party selected and approved by the entity; and (4) is placed through a primary government securities dealer, as defined by the Federal Reserve, or a financial institution doing business in this state. (b) In this section, "repurchase agreement" means a simultaneous agreement to buy, hold for a specified time, and sell back at a future date obligations described by Section 2256.009(a)(1), at a market value at the time the funds are disbursed of not less than the principal amount of the funds disbursed. The term includes a direct security repurchase agreement and a reverse security repurchase agreement. (c) Notwithstanding any other law, the term of any reverse security repurchase agreement may not exceed 90 days after the date the reverse security repurchase agreement is delivered. (d) Money received by an entity under the terms of a reverse security repurchase agreement shall be used to acquire additional authorized investments, but the term of the authorized investments acquired must mature not later than the expiration date stated in the reverse security repurchase agreement. Sec. 2256.0115. AUTHORIZED INVESTMENTS: SECURITIES LENDING PROGRAM. (a) A securities lendinq Droqram is an authorized investment under this subchaDter if it meets the conditions provided bv this section. 43 Appendix G (b) To qualify as an authorized investment under this subchapter: (1) the value of securities loaned under the proqram must be not less than 100 percent collateralized, includinq accrued income; (2) a loan made under the Droqram must allow for termination at any time; (3) a loan made under the proqram must be secured by: (A) pledqed securities described by Section 2256.009; (B) pledqed irrevocable letters of credit issued by a bank that is: (i) orqanized and existinq under the laws of the United States or any other state; and ij) continuously rated by at least one nationally recoqnized investment ratinq firm at not less than A or its equivalent; or (C) cash invested in accordance with Section: (i) 2256.009; (ij) 2256.013; (iij) 2256.014; or (iv) 2256.016; (4) the terms of a loan made under the Droqram must require that the securities beinq held as collateral be: (A) pledqed to the investinq entity; (B) held in the investinq entity's name; and (C) deposited at the time the investment is made with the entity or with a third party selected by or approved by the investinq entity; (5) a loan made under the proqram must be placed throuqh: (A) a primary qovernment securities dealer, as defined by 5 C.F.R. Section 6801.102(f), as that requlation existed on September 1 ,2003; or (B) a financial institution doinq business in this state; and (6) an aqreement to lend securities that is executed under this section must have a term of one year or less. Sec. 2256.012. AUTHORIZED INVESTMENTS: BANKER'S ACCEPTANCES. A bankers' acceptance is an authorized investment under this subchapter if the bankers' acceptance: (1) has a stated maturity of 270 days or fewer from the date of its issuance; (2) will be, in accordance with its terms, liquidated in full at maturity; (3) is eligible for collateral for borrowing from a Federal Reserve Bank; and (4) is accepted by a bank organized and existing under the laws of the United States or any state, if the short-term obligations of the bank, or of a bank holding company of which the bank is the largest subsidiary, are rated not less than A-1 or P-1 or an equivalent rating by at least one nationally recognized credit rating agency. 44 Appendix G Sec. 2256.013. AUTHORIZED INVESTMENTS: COMMERCIAL PAPER. Commercial paper is an authorized investment under this subchapter if the commercial paper: (1) has a stated maturity of 270 days or fewer from the date of its issuance; and (2) is rated not less than A-1 or P-1 or an equivalent rating by at least: (A) two nationally recognized credit rating agencies; or (B) one nationally recognized credit rating agency and is fully secured by an irrevocable letter of credit issued by a bank organized and existing under the laws of the United States or any state. Sec. 2256.014(a). AUTHORIZED INVESTMENTS: MUTUAL FUNDS. (a) A no-load money market mutual fund is an authorized investment under this subchapter if the mutual fund: (1) is registered with and regulated by the Securities and Exchange Commission; (2) provides the investing entity with a prospectus and other information required by the Securities Exchange Act of 1934 (15 U.S.C. Section 78a et seq.) or the Investment Company Act of 1940 (15 U.S.C. Section 80a- 1 et seq.); (3) has a dollar-weighted average stated maturity of 90 days or fewer; and (4) includes in its investment objectives the maintenance of a stable net asset value of $1 for each share. (b) In addition to a no-load money market mutual fund permitted as an authorized investment in Subsection (a), a no-load mutual fund is an authorized investment under this subchapter if the mutual fund: (1) is registered with the Securities and Exchange Commission; (2) has an average weighted maturity of less than two years; (3) is invested exclusively in obligations approved by this subchapter; (4) is continuously rated as to investment quality by at least one nationally recognized investment rating firm of not less than AAA or its equivalent; and 45 Appendix G (5) conforms to the requirements set forth in Sections 2256.016(b) and (c) relating to the eligibility of investment pools to receive and invest funds of investing entities. (c) An entity is not authorized by this section to: (1) invest in the aggregate more than 15 percent of its monthly average fund balance, excluding bond proceeds and reserves and other funds held for debt service, in mutual funds described in Subsection (b); or (2) invest any portion of bond proceeds, reserves and funds held for debt service, in mutual funds described in Subsection (b); or (3) invest its funds or funds under its control, including bond proceeds and reserves and other funds held for debt service, in anyone mutual fund described in Subsection (a) or (b) in an amount that exceeds 10 percent of the total assets of the mutual fund. Sec. 2256.015. AUTHORIZED INVESTMENTS: GUARANTEED INVESTMENT CONTRACTS. (a) A guaranteed investment contract is an authorized investment for bond proceeds under this subchapter if the guaranteed investment contract: (1) has a defined termination date; (2) is secured by obligations described by Section 2256.009(a)(1), excluding those obligations described by Section 2256.009(b), in an amount at least equal to the amount of bond proceeds invested under the contract; and (3) is pledged to the entity and deposited with the entity or with a third party selected and approved by the entity. (b) Bond proceeds, other than bond proceeds representing reserves and funds maintained for debt service purposes, may not be invested under this subchapter in a guaranteed investment contract with a term of longer than five years from the date of issuance of the bonds. (c) To be eligible as an authorized investment: (1) the governing body of the entity must specifically authorize guaranteed investment contracts as an eligible investment in the order, ordinance, or resolution authorizing the issuance of bonds; 46 Appendix G (2) the entity must receive bids from at least three separate providers with no material financial interest in the bonds from which proceeds were received; (3) the entity must purchase the highest yielding guaranteed investment contract for which a qualifying bid is received; (4) the price of the guaranteed investment contract must take into account the reasonably expected drawdown schedule for the bond proceeds to be invested; and (5) the provider must certify the administrative costs reasonably expected to be paid to third parties in connection with the guaranteed investment contract. Sec. 2256.016. AUTHORIZED INVESTMENTS: INVESTMENT POOLS. (a) An entity may invest its funds and funds under its control through an eligible investment pool if the governing body of the entity by rule, order, ordinance, or resolution, as appropriate, authorizes investment in the particular pool. An investment pool shall invest the funds it receives from entities in authorized investments permitted by this subchapter. (b) To be eligible to receive funds from and invest funds on behalf of an entity under this chapter, an investment pool must furnish to the investment officer or other authorized representative of the entity an offering circular or other similar disclosure instrument that contains, at a minimum, the following information: (1) the types of investments in which money is allowed to be invested; (2) the maximum average dollar-weighted maturity allowed, based on the stated maturity date, of the pool; (3) the maximum stated maturity date any investment security within the portfolio has; (4) the objectives of the pool; (5) the size of the pool; (6) the names of the members of the advisory board of the pool and the dates their terms expire; (7) the custodian bank that will safekeep the pool's assets; 47 Appendix G (8) whether the intent of the pool is to maintain a net asset value of one dollar and the risk of market price fluctuation; (9) whether the only source of payment is the assets of the pool at market value or whether there is a secondary source of payment, such as insurance or guarantees, and a description of the secondary source of payment; (10) the name and address of the independent auditor of the pool; (11) the requirements to be satisfied for an entity to deposit funds in and withdraw funds from the pool and any deadlines or other operating policies required for the entity to invest funds in and withdraw funds from the pool; and (12) the performance history of the pool, including yield, dollar-weighted average maturities, and expense ratios. (c) To maintain eligibility to receive funds from and invest funds on behalf of an entity under this chapter, an investment pool must furnish to the investment officer or other authorized representative of the entity: (1) investment transaction confirmations; and (2) a monthly report that contains, at a minimum, the following information: (A) the types and percentage breakdown of securities in which the pool is invested; (B) the current average dollar-weighted maturity, based on the stated maturity date, of the pool; (C) the current percentage of the pool's portfolio in investments that have stated maturities of more than one year; (D) the book value versus the market value of the pool's portfolio, using amortized cost valuation; (E) the size of the pool; (F) the number of participants in the pool; (G) the custodian bank that is safekeeping the assets of the pool; 48 Appendix G (H) a listing of daily transaction activity of the entity participating in the pool; (I) the yield and expense ratio of the pool; (J) the portfolio managers of the pool; and (K) any changes or addenda to the offering circular. (d) An entity by contract may delegate to an investment pool the authority to hold legal title as custodian of investments purchased with its local funds. (e) In this section, "yield" shall be calculated in accordance with regulations governing the registration of open-end management investment companies under the Investment Company Act of 1940, as promulgated from time to time by the federal Security and Exchange Commission. (f) To be eligible to receive funds from and invest funds on behalf of an entity under this chapter, a public funds investment pool created to function as a money market mutual fund must mark its portfolio to market daily, and, to the extent reasonably possible, stabilize at a $1 net asset value. If the ratio of the market value of the portfolio divided by the book value of the portfolio is less than 0.995 or greater than 1.005, portfolio holdings shall be sold as necessary to maintain the ratio between 0.995 and 1.005. (g) To be eligible to receive funds from and invest funds on behalf of an entity under this chapter, a public funds investment pool must have an advisory board composed: (1) equally of participants in the pool and other persons who do not have a business relationship with the pool and are qualified to advise the pool, for a public funds investment pool created under Chapter 791 and managed by a state agency; or (2) of participants in the pool and other persons who do not have a business relationship with the pool and are qualified to advise the pool, for other investment pools. (h) To maintain eligibility to receive funds from and invest funds on behalf of an entity under this chapter, an investment pool must be continuously rated no lower than AAA or AAA-m or at an equivalent rating by at least one nationally recognized rating service. Sec. 2256.017. EXISTING INVESTMENTS. An entity is not required to liquidate investments that were authorized investments at the time of purchase. 49 Appendix G Sec. 2256.019. RATING OF CERTAIN INVESTMENT POOLS. A public funds investment pool must be continuously rated no lower than AAA or AAA-m or at an equivalent rating by at least one nationally recognized rating service or no lower than investment grade by at least one nationally recognized rating service with a weighted average maturity no greater than 90 days. Sec. 2256.020. AUTHORIZED INVESTMENTS: INSTITUTIONS OF HIGHER EDUCATION. In addition to the authorized investments permitted by this subchapter, an institution of higher education may purchase, sell, and invest its funds and funds under its control in the following: (1) cash management and fixed income funds sponsored by organizations exempt from federal income taxation under Section 501 (f), Internal Revenue Code of 1986 (26 U.S.C. Section 501 (f»; (2) negotiable certificates of deposit issued by a bank that has a certificate of deposit rating of at least 1 or the equivalent by a nationally recognized credit rating agency or that is associated with a holding company having a commercial paper rating of at least A-1, P-1, or the equivalent by a nationally recognized credit rating agency; and (3) corporate bonds, debentures, or similar debt obligations rated by a nationally recognized investment rating firm in one of the two highest long-term rating categories, without regard to gradations within those categories. Sec. 2256.0201. AUTHORIZED INVESTMENTS; MUNICIPAL UTILITY. (a) A municipality that owns a municipal electric utility that is engaged in the distribution and sãle of electric energy or natural gas to the public may enter into a hedging contract and related security and insurance agreements in relation to fuel oil, natural gas, and electric energy to protect against loss due to price fluctuations. A hedging transaction must comply with the regulations of the Commodity Futures Trading Commission and the Securities and Exchange Commission. If there is a conflict between the municipal charter of the municipality and this chapter, this chapter prevails. (b) A payment by a municipally owned electric or gas utility under a hedging contract or related agreement in relation to fuel supplies or fuel reserves is a fuel expense, and the utility may credit any amounts it receives under the contract or agreement against fuel expenses. 50 Appendix G (c) The governing body of a municipally owned electric or gas utility or the body vested with power to manage and operate the municipally owned electric or gas utility may set policy regarding hedging transactions. (d) In this section, "hedging" means the buying and selling of fuel oil, natural gas, and electric energy futures or options or similar contracts on those commodity futures as a protection against loss due to price fluctuation. Sec. 2256.021. EFFECT OF LOSS OF REQUIRED RATING. An investment that requires a minimum rating under this subchapter does not qualify as an authorized investment during the period the investment does not have the minimum rating. An entity shall take all prudent measures that are consistent with its investment policy to liquidate an investment that does not have the minimum rating. Sec. 2256.022. EXPANSION OF INVESTMENT AUTHORITY. Expansion of investment authority granted by this chapter shall require a risk assessment by the state auditor or performed at the direction of the state auditor, subject to the leqislative audit committee's approval of includinq the review in the audit plan under Section 321.013. Section 2256.023. INTERNAL MANAGEMENT REPORTS. (a) Not less than quarterly, the investment officer shall prepare and submit to the governing body of the entity a written report of investment transactions for all funds covered by this chapter for the preceding reporting period. (b) The report must: (1) describe in detail the investment position of the entity on the date of the report; (2) be prepared jointly by all investment officers of the entity; (3) be signed by each investment officer of the entity; (4) contain a summary statement, prepared in compliance with generally accepted accounting principles, of each pooled fund group that states the: (A) beginning market value for the reporting period; (B) additions and changes to the market value during the period; (C) ending market value for the period; and 51 Appendix G (D) fully accrued interest for the reporting period; (5) state the book value and market value of each separately invested asset at the beginning and end of the reporting period by the type of asset and fund type invested; (6) state the maturity date of each separately invested asset that has a maturity date; (7) state the account or fund or pooled group fund in the state agency or local government for which each individual investment was acquired; and (8) state the compliance of the investment portfolio of the state agency or local government as it relates to: (A) the investment strategy expressed in the agency's or local government's investment policy; and (B) relevant provisions of this chapter. (c) The report shall be presented not less than quarterly to the governing body and the chief executive officer of the entity within a reasonable time after the end of the period. (d) If an entity invests in other than money market mutual funds, investment pools or accounts offered by its depository bank in the form of certificates of deposit, or money market accounts or similar accounts, the reports prepared by the investment officers under this section shall be formally reviewed at least annually by an independent auditor, and the result of the review shall be reported to the governing body by that auditor. 52 Appendix G Sec. 2256.024. SUBCHAPTER CUMULATIVE. (a) The authority granted by this subchapter is in addition to that granted by other law. Except as provided by Subsection (b), this subchapter does not: (1) prohibit an investment specifically authorized by other law; or (2) authorize an investment specifically prohibited by other law. (b) Except with respect to those investing entities described in Subsection (c), a security described in Section 2256.009(b) is not an authorized investment for a state agency, a local government, or another investing entity, notwithstanding any other provision of this chapter or other law to the contrary. (c) Mortgage pass-through certificates and individual mortgage loans that may constitute an investment described in Section 2256.009(b) are authorized investments with respect to the housing bond programs operated by: (1) the Texas Department of Housing and Community Affairs or a nonprofit corporation created to act on its behalf; (2) an entity created under Chapter 392, Local Government Code; or (3) an entity created under Chapter 394, Local Government Code. Sec. 2256.025. SELECTION OF AUTHORIZED BROKERS. The governing body of an entity subject to this subchapter or the designated investment committee of the entity shall, at least annually, review, revise, and adopt a list of qualified brokers that are authorized to engage in investment transactions with the entity. Sec. 2256.026. STATUTORY COMPLIANCE. All investments made by entities must comply with this subchapter and all federal, state, and local statutes, rules, or regulations. SUBCHAPTER B. MISCELLANEOUS PROVISIONS Sec. 2256.051. ELECTRONIC FUNDS TRANSFER. Any local government may use electronic means to transfer or invest all funds collected or controlled by the local government. Sec. 2256.052. PRIVATE AUDITOR. Notwithstanding any other law, a state agency shall employ a private auditor if authorized by the legislative audit committee either on the committee's initiative or on request of the governing body of the agency. 53 "______.___"__.._~_.___._~_~~..__.m..____.___~_.~____._~.______..____.______~__."....,_.__..___________.___~_...___._...__ -_.."""_..__.---~--- Appendix G Sec. 2256.053. PAYMENT FOR SECURITIES PURCHASED BY STATE. The comptroller or the disbursing officer of an agency that has the power to invest assets directly may pay for authorized securities purchased from or through a member in good standing of the National Association of Securities Dealers or from or through a national or state bank on receiving an invoice from the seller of the securities showing that the securities have been purchased by the board or agency and that the amount to be paid for the securities is just, due, and unpaid. A purchase of securities may not be made at a price that exceeds the existing market value of the securities. Sec. 2256.054. DELIVERY OF SECURITIES PURCHASED BY STATE. A security purchased under this chapter may be delivered to the comptroller, a bank, or the board or agency investing its funds. The delivery shall be made under normal and recognized practices in the securities and banking industries, including the book entry procedure of the Federal Reserve Bank. Sec. 2256.055. DEPOSIT OF SECURITIES PURCHASED BY STATE. At the direction of the comptroller or the agency, a security purchased under this chapter may be deposited in trust with a bank or federal reserve bank or branch designated by the comptroller, whether in or outside the state. The deposit shall be held in the entity's name as evidenced by a trust receipt of the bank with which the securities are deposited. \ Sec. 2256.056. COMPLIANCE WITH OTHER LAWS. Notwithstanding any other law, a municipality with a population of less than 50,000 may not issue for any purpose or cause to be issued in its behalf any installment sale obligation or lease-purchase obligation having the principal amount of $1 million or more without complying with the provisions of Section 3.002, Chapter 53, Acts of the 70th Legislature, 2nd Called Session, 1987 (Article 717k-8, Vernon's Texas Civil Statutes), regardless of whether the obligation was issued individually or in a series of related transactions, or whether the obligation was issued with no recourse to the local government. 54 Appendix H PESOLl~ION NO. 90-04 WHEREAS, the City of Nor-J1 Richland Hills lS an agency o:!::" political subdivision of the State of Tey-as (the "Partici:pa...l1t") and is empowered to delegate to a public funds investment FOOl the authority to invest funds and to act as custcè.i.an of investIœnts purchased with local investment funds; and WHEREAS, it is in the œst interest a: the Participant and its inhabitants to invest local funds in L,vestœnts t.1¡a-:: vie2.è. t.1¡e hiGhest possible rate of ret~~ wTIile provi~;g ~ecessa.ry sa:ekeepl~g ar.¿ prote~tic~ of the principal; ar.d WHER£tI..$, the Treasurer or t.1¡e Stë.. te of Te:<2s ac"':iz:g b- a..,,:¿ t.:-:rcuçh the Texas TreasUI:".f SafekeepL,g Tn:st CCIl:fè.1:::.... (":..:--:e "':::-,:s': CU'"t"-êI..::./") h2.5 created "TexPool", a public fur.è.s b',-es-:::æ::t FCC:' to e:fec:"'::':ë:te "t-1¡e ÇC22..S cf providing invesi::rœnts at the Ì'1ighes"': pcssi::J2..e yiel:::: and rr.a..::...:-."':2.':"",,:i...":ç c~:'ete safety of the flmds of the Pæ:-'-..icip.a.r.t, NOW 'TI-:EREFORE, œ it reso 2.. ve¿ 2.S fo llcw-s : 1 . Tha:t accour.t ~ ": Invest:rœnt local fur.d.s the City of Nore, Ric:-2a..'1è.. Fi l1s es....."'r.lish an its nar::e wit...':. t.'"-:e Trust CC1c'i;-a..":::! I s Pt:.blic F\:..,ds Pecl nTexPcol" for t.'e pu.......""POse of transr.it"t:ing for L'1Vestrr:€..T'lt by t.':.e Trus-:: Ccmpar:.y in TexPccl. 2. That the follc:-vr.:....~.g L'":dividt.:a.ls wT:ose sig::atu.res appear œlow are officers or e."7Tployees of t.Ì1e Participan"': anè.. are each hereby authorized to transmit funds to tr.e T::"'.1S-:: Cr..,¡,.pany for investment in TexPool and are each furt.'1er aut.'1orized to withdraw ftmds frem time to time, to issue letters of instruction, and to take all other actions dee.'11ed necessa...ry or appropriate for the investrœnt of local funds: Narœ: Lee Maness Signature: ~ Title: Director 0: Fir:ar:ce ?11~ Name: Jim Ccok Title: Asst. Director of Fir:ance Signature: 9Þ'--- ~- Name: Carœlia Fisher Title: Senior Staff Accountant Signature: ~~~ _~ .:¡.:¡ -~--~-_._'----~-_.._-._--~-----'--'----'~~---~"--- CITY OF NORTH RIGHLAND HILLS Appendix H $ Council Meeting Date: 3/25/~ Department: Finance - Subject: AI Jthnri7ina P::!riir.ir::!tinn in thp. I nr.::!1 Gnvp.rnmF'nt Agenda Number: Investment Cooperative (LOGIC), Resolution No. 96-19 ~ N qR-~Fì Fundamental goals of the City's investment policy include diversification and liquidity within a prudent framework of safety and market rate of return. In an effort to enhance these efforts, the Investment Committee has recommended that the City invest a portion of available short term funds with Local Government Investment Cooperative (LOGIC). The City currently utilizes Texpool as the primary investment tool of the portfolio matching this short term criteria. The intent of the Committee is that a portion of the portfolio currently invested in Texpool would be transferred to LOGIC, an investment pool of political subdivisions of the State of Texas, administered by Southwest Securities. . LOGIC has a rating of AAA,and all funds invested can be withdrawn on a daily basis. As of March 1, 1996, a total of seventy-six cities: counties and school districts had ever S725 rr:ilj¡cn invested at LOGIC. To invest in LOGIC, the City must enter into an interlocal agreement with the other participants of the Investment Cooperative. Recommendation: It is recommended that Resolution No. 96- 19 be approved. l,ré~~5 q~ D£;A:-'~m?~ ,,0 ~1Z1/7ß FROM·Æá J¿ . {.;USJE:CT: '/LJ #q~~ /~ '". -L. ; '~0UNCiL ACTION: t,;Otv7MCNTS: APPROVED 0 CI:"',I¡:Pl\v'l[i) Finance Review Source of Funds: Bonds (GO/Rev.) Operating Budget _ Other~ ~ o partment Head Signature CfTY COUNCIL ACT/ON ITEM 56 " FlMnO' J Page 1 of Appendix H Resolutior: 9ó-l~ Local Government Investment CooperatiY'e Resolution ) '_.i RESOLUTION APPROVING k~1) AUTB:ORlIDiG ÐŒCUTIO~- OF A.."{ rNTERLOCAL AGREE.;\;fE1\fT FOR PA...~TICIPATION IN A PUBUC FUNDS INVESThfENT COOPERATIVE (THE "COOPERATIVE"), DE.SIGNATI}¡G TdE BOA...W OF DIREcrORS OF THE COOPE..~.A 1TVE AS A.;.Vi AGE."iCY A..1'.t"D INSTRUME.~-rALITY TO Su"PEI<VISE r:s COOP=R.A.TIVE:, APPROVIN G INVESThŒl'·rr POLICIES OF TdE COO P=:"''<..A. TTV'E, APPOn--."TING AITrdORlZED REPRESa-rATIVES Þ...;.~TI DESrGNA~G INVESTh5~-r Or r lCE.P-S vr:....::E.~.EAS, the Int.::1oc:ll Coope:2~cn A:t, C::2.p(.:: 791 cf t~~ T~ Govc:rnme::1t Cod~, as a.ffic::lèed (t,e: "Int.::lcx:al Ac:"), pe:¡:Ú!.S a.:1y "loc:ù gCV~.r.1~:::" to contract wit.~ one: or mar: othe:: "lCCll gavc:."'7lmc:.'1ts" to pe=:'Or::1 "gov=-"'7l::1c:.~:.al fu::c:ion.s and ~,..<" · u·...c',,¿:..."'· ."............ 0: P bu",.. ¡:".....l~ (.,~ S..,..:.· ~ ,-- .....::- "- ..... I:......~1~' se.: ".......-....., .a._ .4"0 lI1v-...~.._..... 1 U ..... 1:......~ ~ _...... pr_-:l.S..::.S a.:_ '-___4e:::: l.:. tL._ .~....~ Act); v.,:=-=RE...-\S, t~-: I.r:~:!oc:;l A.:: a~:""or="-) :...~~ ::r:::-::..:::::z :;~=: :..c ~v in~:-ICC3l - . , 0'...... ...,,,,..,.., ....,~,. ...;..~ aO'.....,.....;..... _: t;".. S--:,· C; ---....,~ ....;,...;..... ..:...... ----:-.... : C.......,-...- -, ::10'¡,_:nc::.. ~ C:J..__c.. ""._. 0-......-- 1,,/. -.- -.- ¡, 1_",_, "'.__. ....._ .......;..~.- C, ..~...;'-- II. ~ :;:, .. of the: Gove~mc:nt Cod:=, "W1--:E..'tŒAS, th:= Ac: pc:::ri:.s t..~~ c:Jn::ac:i::g par:i:=.s to a..-¡y b:==loc:ù ag:-'::::,::1c::lt to cre:at:: an adII".l.....ï.s:::a:ive ag::lcy to supervise t':= pe:far.T,a.I1~ of suc.~ i:.t.::'loc:al ag-re::mc:."1t and to employ pe:-AfU1eI and c:.'1gag= i:l ot,::- aLimi.....is::arivc aeiviri:=.s and prov1¿~ othc:' ad:nini.s::arive: se:vic::.s n=::::~] to C:X:::::!J~ the ~:ms of such in.:=rlCCll ag~:nent; "W~:Z.E.A.S. t,~ P.Jolic Funds !nv:=.s:'71e::t Ac:, Chapt.::- 225ó of th~ T~ Gove~me:nt Coé~, as a.'7.~nè¿ (the "PFLA. "), a~Ülor..z:=.s th~ ::¡riti:=.s described 1.'1 Subse:::ion (a) of the PF"LA.. to 1.'1v:=.s: t":e:;': f.;nè,S in a.'1 e:ligible: public fun~ i.-lV:=.st,:TIc:::t pool, a.,¿ t,~ U:t=:J.C-s to . become: and n:::uin an c:!igible: public funds lnvc:strnc::¡: pool, unèe:: t,~ t:..-:-:1S and ~n¿i::ions sc:! f9rth in PFIA; ~~, City of No=th Richland Hills (the -Govc:rnmc::1t Entity-) dc:sir-....s to e:nter into that c:rta.in Interlocal Agrc:::mc:.'1t (the - Agre:mc:nt-), a copy of which is pr=,se:1terl with this R~lution and is inC::JI'porared he.~i.'1 by referenccy and to become: a p4rticipant in a public funds lnvc:stmc:.'1t pool c..:::a~ thereunder a.nd under PRAt to be known as Local Government Inv:=.strnc:lt Coope:4tÌve: (the: ·Coope:4tlve:"); Vt-HE.:z.EAS, the: Govemment E::tity is a Govc:.'11me:nt E:1tit)' as def¡.,c:d L'1 the: Agreement; and -1- Resolutioa 5-: Appendix H W¿r=REAS tlh... Go,·....-,,....,....,, hMt;t}' ~...r:_..r t . . .....0..-.-... ,'- 't__.................... ~....J." L,;,--.:).....--.j, J..O r"-'::!J(!'ao ...~'":'11n's.~r1 .. .........::......~ ~..I.........- ~c..:.....cn Coope:a!1ve to be pe:fome.d by a boa:d of èi:~:c:s (:.~:;: .;:¡~"--1.) w~;"'h Sha.!J administ"a.:i ve agency cr~t.::d L:nce: the Ir:œrlocal Ac:; 2.::d -,,-,~..... ._v. .. or "1: b-an . ~~S the. Gove::1me~: E'1ti~ d~ÌIes to d~ignate l';e Boa:d as its agency and Instrumentality Mth aut.1ont"y to st.:wems.:: r1t"':¡orm~¡ce oft..,.. Aco-~~-..,· "~"'loY "'p-""Mn"l ,,~- .... ;t!_.....-...., .........t' l"'-...J".H"" '- and engage in other adr:i,r1.Ïstrarive ac:iviri~ ar:c provide o~'e: ac::7i:..is::-a:i·...e s.:::-..ic~ n~~ to ex~uœ the: :.ems or t.'1e Agr~:;¡e:::; \Vb"'>=RE..\S, each cap:t:71i7::=.d ~:m usd in tIIis R~a[:.rrior: 2.....:d ne: cÒe:-.I,rr.s.c: defined ha.s the same: me:l."'..ing a.s.sigr.ed to it in the Ag:~:ï:enr; NOW, r~-=Œ.FO.KE, B:::: IT R.=.sOL '" ED: 1. The Ag~::1c::nt is he:--=by approved a::d a;::o;:~ a::¿, t;;-cr: ~::::-..:ion t.~c:.:-::::of by a.'1 Aut.":cnz-:! R~~nt::.:ivc: (define::: below) a..::¿ ~ipt cf l';e:: GOV~-:1:::c:.."1t Entity's application to jOl..'1 th::: Coope.:-a.tive by l':::: Adci"'jst:"'a~r. t.':e Gov::TI::1e:¡t E.'1tty sh.all be:::oï.1e a Pa:::c:¡:¡a::t Ï.:1 t..1e Cocoe.:-a.:iv= for t..:';e DL::::-C~ of i::v~ti::C' i:.:> av-ailable . ... .. .. :;:, fu:ld.s th~:~in f:or7l t:r:1e to ~:::~ i..1 a.c::;~-¡c:: \J.~:,1 it:; t=:::-::. 2. --r-~_ &.,-...1 ;.. ¡.."'....,,'-' ¿...r:J~""...-J ..,~ .,~ -co.....,,...... .,~...: ;~s-'....,..~~!;-y 0: .h.. J.;~_ "*-- w ...-...--¡ -..ò·o."--- ~ w.... .:.Q_.......} ~.._ ..... ............_..."'"'-... 4 ........ Gov~~:n~:1t S~~~'¡J 2--:':: :.~:: E-c~c! S::2l.! :::2'",= t.~~ a:..::.~c:-:=V :.:J s:.:~r~ e<:::arü:a.I1C: of .. 4 ... ... L1e Ag~::1e::t a..~¿ ~~~ Coc?=~::v:=, ~::-:~lcy pe:"3c:--w-::=! a..-:¿ ~g::.g~ i.~ ot,~: ae:::LList:4:lv:: a.c:iviries a..'1d provi¿e ct."::=: 2¿ci'1Ïs:..-a:iv: se:vice.s n~~J to ~::::.¡t:: t.'1: :.e:;ns of tr~ Ag~:ne:..'1t. 3. 1":-:: i.nv=.st.'7:e..'1~ polic:=.s of t.'1e Cocpe:-aciv~, as ~~ fCr"_' in t.'1c ¿OC'.lmc:1t e..~d!.1¿ L'1v~::;:e::= ?cEcie.:, as S:';::1Z7..a:i:~ L'"'! the L'1fc~::on Stl~::1:':"l:7 and as r:12.y be amc:1écd from tir::c to ti:::::: by l":e Bca:é, a..~ hc:--=by a¿opc.cd as i.-:v=.stl"nen: policies of the Government E:l:i:y \!,,-:~, r-~~ to r.:or:ey Lï.v~~ in. t.ic Coope..-ative:, a..'1d any ex.isring Lnv=.st.71e::.t polici~ of the:: Gove::::;¡ent E'1t:ty in c:J:1ilic: t.i.e:::ewith 5.h.a.11 not apply to investments in the Coc~.:-a.ciY:. 4. The following offic::.."S, omcia1s or employ~ of the Govc:.--;tmc:..1t Entity an: hereby designated as - Author.zd R::pr:se:¡tarives- wit.l.J.., the meaning of the Agre::ment, with full pow:: a.,d aUliority to: exo:ute lie Agr::=mc:.."1t, an appliC2.tion to join the Cooperative and any ot.'e: docume:1ts r:quircd to be:::ome a Parric:ipant; dc:po~t money to a.,d withdr.aw money from t.;'e Government EntÜy's Coope:ative:: account from time to time in ac::ord2..'1c: wi:.;' t.ie Agr~:;¡e::.t an¿ t.ie Infomat:!on Statement; and tak: a.11 ochc:.:- a.crions d~med no:es~.r)· or appropriate for the:: i.'1v=.st:ne::nt of funds of the Governme:1t Entity: -2· _J RaolutiOQ 53 Appendix H Signatu;:::: ~~ / --" Prin t.:.d Nam t:: Bret Starr Title: Accountant Signatur:: Ql1t!JaÚJ) 0J1.tJJ I LJI--') Printed Name: Jackie Theriot Title: Accounting Manager Signatur::: Printed Name: ,:~-- . ~.://Î, . ,-- /' /£~" \. ..- //'}:'///- - -.-- C::arles Ha:-:-is Title: Fi~2~ce Di~~=~~~ L'1 ~r6r:~ ',,'Ü.'1 Coor:~::lt:'¡e p:X¿:.l~, a.-: A~~":c:-=~ R=?r=r_-:::::J.:iv: s.':.::..!1 promptly nodfj the Coc~~tive 1.'1 \:Ir':"iè..'1g of a.'1y c:-.ar.g~ 1.'1 who 13 ~""ri.'1g ~ AuthorU::d R:pr:se."'1 tati vc:s. S. In a.édirion to the for-..goi.,g Author.z::d R-'7~..~tarivc:s, each Inv~:r.ïe:nt Offi~ of the C~p:.-:arive 4ryointed by the Bc3.rd £:om time to time 13 hc.."'¿'y ddgn.:rt:d as an lnvestrnc..."t oEi~ of t.":e: Gove.."':1me::1t E.'1riry and, ~ suÒ, 3l-.all have re.sporuibiliry for investbg the ~,h.a..~ of Coope:::ùive ~t3 r:=pr:s.::1t:...'1g fund.3 of the: Govc::nmt:.'1t Entity. Each d~sitory and custod~an appointed by the Board from time to time ar: her:by d~ign.at=:d as a. d~sitorj arid custoc!Ian of the Govc."':1m~t E.'1tiry for purpc~ of holding the s.1:J..-: of Cooye...~tive ~ts repr-~:1t.ing fu::ds of t.'e Govc..'11mc.'1t E:1tty. PASSED A..~ APPROVED thi.s 25 day of March J 19..9.5. A TrEST: By: 9.6&-A/~ £-'C L' Jeanette Rewis, City Secr¿tary Printed name and title B~~~ To y Brown, Mayor Printed Name and Title SEAL -J. laoJu&ioa 59 AppendixH Additional Party Agreement The Government Entity of the S tate of Texas named below, acting by and throug' the undersigned Authorized Representative, hereby agrees to become a party to that certa..itr'" Interloca1 Agreement to which this page is attached, and thereby become a Participant in the Local Government Investment Cooperative, subject to all of the terms and provisions of such Agreement. The undersigned hereby represents that it is a Government Entity as defIned in such Agreement. Execuw! this 25tl'tiayof March , 191.§. r.;~v nf Nnr~h Ri~~l~~~ H;ll~ . Name of Government Entity By: Tcu:mv B=Ow"tl, Mavor P:int~ Nan::: and Title ACCEPTED: L=1l G~, ent Investment Cooperative By: ~cL~5f¿u /¡þ~ LOG C Administrator PATRICK SHINKLE, V.P. Printed Name and Title -10- J Incerlexal A¡reemcl1t 60 Appendix I GLOSSARY Agencies: Organizations formed by the Federal Government but not directly controlled by the Government. Each agency is authorized to issue its own securities, which are comparable to Treasury Notes, Bills, and Bonds. Book Value: The value of a security as stated in the City's general ledger. This is generally the purchase price plus any amortized discount or less any amortized premium. Bullet Agency: An agency security that contains no call provision. Interest is paid until the investment matures. Callable: Describes a fixed income security containing a provision that allows the issuer to redeem the security for a fixed price on a certain date or a range of dates. Bonds are usually called when interest rates fall so significantly that the issuer can save money by issuing new bonds at lower rates. Certificate of Deposit (CD): A time deposit issued by a bank that guarantees a specified interest rate for a specified time for the amount of the certificate. Commercial Paper: Short-term unsecured promissory notes issued by large corporations with maturities ranging from two to 270 days. CUSIP: Committee on Uniform Securities Identification Procedures. This committee assigns identifying numbers and codes for all securities. The identifying number itself is often referred to a its "CUSIP." Discount: The difference between the amount paid below a security's par value and the security's par value. Discount Notes: Short-term securities issued by government agencies that are sold at a discounted price and redeemed at full value upon maturity. The difference between the purchase price and maturity value is the investment's interest income. Federal Funds Rate: Interest rate charged by banks with excess reserves at a Federal Reserve district bank to banks needing overnight loans to meet reserve requirements. It is the most sensitive indicator of the direction of interest rates, since it is set daily by the market. FFCB: (Federal Farm Credit Bank) a U. S. Government Agency that issues securities. FHLB: (Federal Home Loan Bank) a U. S. Government Agency that issues securities. FHLMC: (Federal Home Loan Mortgage Corporation, or Freddie Mac) a U. S. Government Agency that issues securities. 61 ____~_I......--....---_..- Appendix I FNMA: (Federal National Mortgage Association, or Fannie Mae) aU. S. Government Agency that issues securities. Flex Repos: A Flexible Repurchase agreement is a type of structured Repo that allows portions of the invested amount to be withdrawn under specified conditions before the maturity of the Repo. This type of transaction is useful for the investment of construction funds, where the size and timing of payments are somewhat predictable. Inverted Yield Curve: An unusual situation where short-term interest rates are higher than long-term rates. This usually occurs when a surge in demand for short-term credit drives up short-term rates on T -bills and money-market funds, while long-term rates move up more slowly. LOGIC: (Local Government Investment Cooperative) a privately managed investment pool administered by Southwest Securities Capital Corporation with a structure similar to Texpool. Market Value: The value of a security if it was sold for cash at a given date. Maturity Value: The amount received for an investment at its maturity, not including coupon interest. Also known as par value. MBIA CLASS: MBIA Cooperative Liquid Assets Securities System (CLASS), one of MBIA's local qovernment investment pools desiQned to make the job of manaQinQ Dublic funds safer and easier. CLASS enables local Qovernments to pool funds with other units of Qovernment, QivinQ them the opportunity to obtain safety of principal, daily liquidity. and comDetitive rates on overniQht investments. Net Asset Value: A term used to indicate the market value of one dollar invested in the portfolio at a given date. This measure shows the aggregate value of the portfolio instead of comparing the gain or loss of any given investment in the portfolio. Public Funds Investment Act: Also known as Chapter 2256 of the Texas Government Code. This law is the primary legislation regarding the proper investment guidelines for political subdivisions in the State of Texas. A copy of this act is included in the appendices of the City's Investment Policy. Purchased Interest: An additional amount paid for a fixed income security when the investment is purchased in the secondary market on a date other than the coupon payment date. The additional amount paid represents the seller's accrued interest on the investment since the last coupon date. The buyer recovers any purchased interest and realizes interest income for the period he owns the investment on the next coupon payment date. Premium: The amount paid above a fixed income security's par (maturity) value. Repurchase Agreements (Repos): Agreements where the City purchases an investment with an agreement to resell the investment to the same firm at a specific date for a specific 62 Appendix I price. The difference between the purchase price and the sale price represents interest earned on the transaction. Repos can be established for any given size and maturity. Return on Investment (ROI): The amount of money earned on a given amount of investments for a specified period of time. TexPool: An investment pool administered by Lehman Brothers and Federated Investors. Funds from political subdivisions of Texas are deposited with TexPool and invested as a single portfolio to earn higher levels of interest income. TexSTAR: The Texas Short Term Asset Reserve Fund (TexSTAR) is administered by First Southwest Asset Manaqement, Inc. and JPMorqan Chase. The purDose of TexSTAR is to offer a safe, efficient, and liquid investment alternative to local qovernments, in the State of Texas so that they may benefit from and realize a hiqher investment return by utilizinq economies of scale and professional investment expertise. Treasury Bills (T -Bills): Short term securities sold by the federal government. They have a maturity of one year or under, and are similar to discount notes. Treasury Notes: Securities issued by the federal government with maturities between 1 and 10 years. Interest is paid in semi-annual coupons until maturity. Unrealized Gain (Loss): The difference between the price paid for an investment plus or minus any unamortized discount or premium and the proceeds that would be realized if the investment were to be sold on a specific date. Weighted Average Maturity (WAM): A measure of the average length until maturity for the investment portfolio based on the number of days until maturity for each investment weighted by the dollar value of each investment. Yield Curve: A graphical representation of the principal that the market for investments with longer maturities demand a higher yield due to greater uncertainty in the financial environment than do shorter term investments. The yield curve is typically upward sloping but varies greatly in shape and steepness based on economic and political factors. Yield to Call (YTC): The percentage rate of a bond or note if the investor buys and holds the security until the call date. This yield is valid only if the security is called prior to maturity. Generally, bonds are callable over several years and normally are called at a slight premium. The calculation of yield to call is based on coupon rate, length of time to call, and market price. Yield to Maturity (YTM): The percentage rate of return paid on a bond, note, or other fixed income security if the investor buys and holds it to its maturity date. The calculation for YTM is based on the coupon rate, length oftime to maturity, and market price (purchase price). It assumes that coupon interest paid over the life of the bond will be reinvested at the same rate. 63 CITY OF NORTH RICHLAND HILLS "- Department: Public Works Council Meeting Date: 5/10/04 Subject: Award of Bid to McClendon Construction Company, Inc. Agenda Number: PW 2004-011 In the amount of $1,103,233.04 for the Glenview Drive (Honey Lane to Flory Street) and Flory Street (Glenview Drive to Manor Drive) Street Improvement Projects Glenview Drive (Honey Lane to Flory Street) and Flory Street (Glenview Drive to Manor Drive) are Capital Improvement Projects from the 2003 Bond Program. The projects consist of the reconstruction of each street with concrete pavement, storm drain and utility improvements. In addition, the Glenview Drive project includes crosswalks, street lights and sidewalks. Bids were received on April 16, 2004 from seven contractors. The three low bidders are shown below with a base bid and three alternate bids. Alternate #3 Alternate #1 Alternate #2 (street light Bidder Base Bid (crosswalks) (street lights) maintenance) Total McClendon Construction Co. $1,030,378.23 $ 9,240.00 $ 63,614.81 $ 42,200.00 $1,145,433.04 Jackson Construction $1,049,296.60 $12,782.00 $ 87,075.85 $ 36,300.00 $1,185,454.45 McMahon Contractina $1,093,600.80 $20,512.80 $ 83,830.20 $ 25,900.00 $1,223,843.80 Base Bid The base bid includes the reconstruction of each street with concrete pavement, storm drain systems and sidewalks. The base bid included both streets together as one project. If the quantities are separated for each street, then both streets are under their respective budgets. The low base bid was submitted by McClendon Construction Company, Inc. in the amount of $1,030,378.23. The portion of the base bid associated with Glenview Drive is $773,421.98 and $256,956.25 for Flory Lane. Alternate Bids The alternate bids consist of three additional items. Alternate Bid #1 is for crosswalks. The crosswalks are proposed for each side street along the length of the Glenview Drive project. The crosswalks proposed in this alternate will be identical to those being used on other recent paving projects. ',-- Source of Funds: Bonds (GO/Rev.) Operating Budget Other ~rv\J~ C~~ ~ Department Head Signature Finance Review Account Number ST0301, ST0304 Sufficient Funds AvallaDle Finance Director '- 1 CITY OF NORTH RICHLAND HILLS Alternate Bid #2 is for street lights. These lights are of the same design as those that were installed on North Tarrant Parkway. The lights will be installed on the north side of Glenview Drive on approximately 150 feet centers. Existing overhead power lines prohibit the installation of street lights on the south side of Glenview Drive. Staff is currently working with Oncor to see if there are opportunities to install street lights on both sides of Glenview Drive and Rufe Snow Drive. If staff can develop a plan that Oncor will approve and street lights can be installed on both sides, then staff will bring a future Change Order to Council for consideration. The price bid for this alternate only considers street lights on the north side of Glenview Drive. Alternate Bid #3 is a pay item for the maintenance of the proposed street lights on Glenview Drive and the proposed street lights on Rufe Snow Drive (Glenview Drive to Karen Drive). Staff is not recommending that this alternate be selected. Even though staff believes that "outsourcing" this maintenance activity at this time is more economical and provides the City better service, the unknown concerning what Oncor will allow the City to do could impact the number of street lights and the maintenance cost. We are also looking at the feasibility of putting the maintenance of all new street lights under one maintenance contractor versus several. Staff would recommend that the maintenance of the proposed street lights be addressed after the City finds out from Oncor if street lights can be installed 'along both sides of the street. The bid alternates consisted of: #1 Crosswalks #2 Street Lights #3 Street Light Maintenance $ 9,240.00 $ 63,614.81 $ 42,200.00 The City has the option of choosing which (if any) bid items to include. Staff is recommending that bid alternates #1 and #2 be included. The first two alternates would allow some of the streetscape "features" to be added to the southern part of the City. The third bid alternate will allow for the maintenance of the proposed street lights on Glenview Drive and Rufe Snow Drive. Staff is recommending that this alternate not be selected at this time. Sufficient funds are available in the 2003/04 CIP Budget for the base bid and all alternate bids. Recommendation: To award the bid to McClendon Construction Company, Inc. for the Glenview Drive (Honey Lane to Flory Street) and Flory Street (Glenview Drive to Manor Drive) Street Improvement project in the amount of $1,103,233.04 (base bid and bid alternates #1 and #2). CITY COUNCIL ACTION ITEM Page_of _ --l r 10Jun0317:48:52Tuelday GIS No:tlnanc.-0176-030604 AML:clp map.aml PLOT:glenvlew tr honey to tlory l.pIAND/OR.rll e::: CD 3b ~ ø I Z ~ Ift:EY-DR.... IIRI£V-DR--j;-BRt.Ev-œ L~"·"'-"-'-,--,,-----L'''''-Sh~~ ~ ¡ ~-DR~ ~ riI ŒVONSI'ft:-DR.. 1 r~ CT ""I Ifl:E:LBJRC-CT-f fT1'JQU.. CT w.t(;R-DR _ L~ j;;: '""I- ~ nu.,~~ .......'~ ~ CT n-~-L",,' ~ ~ <> I .J (.(þ; AŒRHN-~ 1\!V./fW-GR ." W ~ ~ I VI GROSS -51;< ~ I I I· N@RTH ~ o ONr;YX-OR-H / / DR-H-~g ~ (j<S' ~ I g ú,v # ~-JNI€ - -LU-~ ""I. iö.' :;1\-'-' þ'" ~ 65 ~~1.- I,' d'- MARE-ST- - -O::'~ ~ ,} G I èn~iew D.Î'. ~I .£RRELL-TF I or~":v 5 t~.. tó "..,.." li_~ Hone.y~a.:n . 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ANDIOR .rtl ...J tl.l.:SŒ-<rf IUVERA-m-:=-H f I5CUAl..-RDCE-ml oooœEÐ<-LN-~ %. ~ ~ < ~ pARKROGE-m- RIVER-LN ~ I < [)AN(JND-RDGE-J ...J I PlEASANT-RIDGE-DR a::: CD :J: <D Z ¡-ER£y-m-+-EßI£y-m 7 ~ rASOR-sr-f-TA8m-ST~TASæ-ST_____~ < ,., z V. ... TORIA-A -. VEw-m Eft£Y-DR ~çr¡ CT I ~ ~T-TNGI-U cr ~ ~CT :e ~ Î .i œ£N~ I [i 5~ '-< ~ ~ Æ>~ I Z I u ::D a::: VlC'TCRA-A ~ ; ~ I SHAlNA-m-Bl:A RIVIERA DR/ ~A-m I CD :I: r¡- ~ » ~ z -< ~ ~ ~ ~ ~ ~ J.: \ ~ \ \ >¿ ~ ~ \ ~ \ ~ \ V ~()"Y-LW ""--'~~\#' CYlN)A-9.E-GR-!!: ,- I BRILEY SHAlm-OR ~RlVERA-m I < cr w ~ Ol:IVER-OR GEORGIA-A œG:EVEw CT f; s;! 1!1 ¡< '" '" DR ERlE-Y-OR- LU Z <: -J- c::J TURl'ER-TER W<E-- OR ~I UJe-~ s-aR- U1 ~-4rr>,r;./ ..~ ~ ~\ (I >'/ ¡r ~ I w GlENVIEW DR ~ ~ GI:'NVIEW..1DR I ~ a VI a:: CROSS-Sl':' I ~ , ~ g ~ ~ ... § ~~,>-' /"" ~ ~~~~~). ø-ci:.J.. §. /. ~i> ~ ~'" ... /'} ~) /) .0.·,·" Florv'f/St Ø-fF" fA· _, ~ .'}". Ma nlo r,,-D r . to Glenvie'w Dr., ~ ' J Q ,. ~ J ~ IIANœ-OR ~ ; Co> HARÑo~-Æ> ~ o ~ o r;YX-m-N ¿ / ONYX-m-N~i5 fJ J , ~-VAH'E-ST-LLJ-& ..; u.z ;' ::>tfJ d" MARE--ST-O=:-.1 LL ::D a::: 'IE CT Scale: ,. .. 800' Flory St. Manor Dr.to Glenview Dr. > <: N E s N@RTH RICH LAND HILLS Department 01 Information Servlcu - Geographic Inlormation Sy.tem. !GISI GIS lie: c:ipl_-.!oc _tie: OP STREETS 61 Announcements and Information May 10, 2004 Council Member Tim Welch: Announcements Early voting for the City Council election ends on Tuesday, May 11. Regular voting will be on Saturday, May 15th. Log onto the City's web site or call the city secretary to find your polling location. Crazy 'bout Patsy will be playing Patsy Cline favorites at The Lotta Night Music Concert Series on Friday, May 14. This free concert begins at 7pm at Green Valley Park. Call the Recreation Center for more information. NRH20Water Park opens on Saturday, May 22. Come see the new Splashatory ride along with your other favorite rides.. Information Mav 22 Critter Connection North Hills Mall 10:00 a.m. - 6:00 p.m. Kudos Korner Every Council Meeting, we spotlight our employees for the great things they do. James White and Felisino Yanes, Street Division, Public Works Department - A phone call was received from a NRH resident complimenting White and Yanes for their exceptional work in cleaning debris from the street right-of-way. They were hard workers and very professional and exceeded the resident's expectations.