HomeMy WebLinkAboutOrdinance 2079
ORDINANCE NO. 2079
AN ORDINANCE OF THE CITY OF NORTH
RICH LAND 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 SEVERABILITY 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 CITY 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. All 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.
D. 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 Objectives. 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 priority. The City shall
invest in instruments providing the highest rate of retum, 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.
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 quarterly 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:
U~A
Tommy Brown
ATTEST:
~þ~~
è{i; Secretary
CITY OF NORTH RICHLAND HILLS
INVESTMENT POLICY
CITY OF NORTH RICHlAND HillS, TEXAS
INVESTMENT POLICY
September 25,1995
TABLE OF CONTENTS
Preface Page
I. Introduction and Objectives 1
II. Scope 1
III Investment Strategy 1
IV. Delegation and Restriction of Investment Authority 3
V. Investment Committee 3
VI. Investments 4
A. Authorized 4
B. Unauthorized 6
VII. Diversification 7
A. Securities Dealers and Banks 7
B. Investments 7
VIII. Safekeeping 8
IX. Collateral ization 9
X. Investment Procedures 10
A. Approval of Broker/Dealers 11
B. Investment Transactions 11
C. Investment Reporting 11
D. Training 12
XI. Prudence 12
XII. Ethics and Conflicts of Interest 13
XIII. Arbitrage 14
XIV. Depositories 14
XV. Investment Policy Adoption 15
APPENDICES
Page
A. City of North Richland Hills Ordinance 2076 17
B. Investment Bid Form and Security Information Worksheet 19
C. Broker/Dealer Questionnaire 21
D. Authorized Securities Dealers 27
E. Primary Dealers 28
F. PSA Master Repurchase Agreement 29
G. Public Funds Investment Act of 1995 35
H. Interlocal Agreements 52
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.
____._______m__
INVESTMENT POLICY
L 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
The City is required under the Public Funds Investment Act of 1995, Section 5, to
adopt a formal written Investment Policy. This policy was adopted in 1987 to meet the
requirements of the Act, and has been revised in 1989 and 1995 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.
III. INVESTMENT STRATEGY
The security and maintenance of principal is the primary objective of the City's
investment strategy. Default risk shall be minimized by adequate collateralization.
Market risk shall be minimized by diversification of investment types and securities
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dealers. Specific objectives for various fund types are detailed below.
A. Consolidated Fund
The consolidated fund is a pooled fund group. The pooled fund consists of cash
from the General Fund, Enterprise Funds (excluding current operating funds of the
City's Golf Course which are maintained by the management company), Special
Revenue Funds, Internal Service Funds and special projects not funded from bond
proceeds. The primary goal of the consolidated investment fund is to ensure
sufficient funds are available at any given time to cover current operating expenses
and payroll obligations. It is the policy of the City to maintain cash balances as low
as practical. All excess funds should be invested in income-generating securities.
The maturity schedule of the portfolio should be structured to meet the City's
projected cash flow requirements. Investments should be concentrated into short
to medium term securities to decrease price volatility. Investments should be
distributed over several maturity dates to decrease interest rate risk. No investment
shall have a maturity in excess of five (5) years. The weighted average maturity of
the portfolio shall not exceed 365 days. The dollar weighted average maturity of
365 days or less will be calculated using the stated final maturity date of each
security.
B. Bond Proceed Funds
Bond proceed funds include proceeds from the sales of General Obligation Bonds,
Water and Sewer Revenue Bonds, %¢ Sales Tax Revenue Bonds, Certificates of
Obligation, Contractual Obligations and proceeds from any other long-term
financing agreement approved by City Council. In order to comply with arbitrage
rebate requirements, the proceeds from various bond issues are maintained in
separate investment accounts in order to properly account for interest earnings.
The primary goal of the investment strategy for bond proceeds is ensuring
preservation and safety of principal while maintaining sufficient liquidity to meet
capital project expenditures. The maturity structure of invested funds should
correspond to projected cash flow requirements. This portfolio should include at
least 10% in highly liquid securities to allow for flexibility to meet unanticipated
project outlays. No securities will be purchased with maturities in excess of 365
days. The weighted average maturity of each bond proceed investment fund shall
not exceed 90 days.
C. Debt Service Fund
The investment structure of the debt service fund shall be determined by the
schedule of interest and principal payments of outstanding bond issues. No
investment in the debt service fund may have a maturity exceeding the next
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principal or interest payment date unless the account is fully funded. If sufficient
liquidity is available to meet the next debt service date, excess funds can be
invested until the following scheduled debt service payment date. Debt Service
Reserve Funds shall be invested using the same requirements stated for Debt
Service Funds.
IV. 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 # 2076 which designates investment officers and provides prudent
investment rules.
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.
V. INVESTMENT COMMITTEE
There shall be established an investment committee to assist in monitoring the
performance and structure of the City's portfolio. 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 Investment 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 Investment 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.
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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. Advise the Investment Officer as to recommendations regarding investment
strategy and portfolio performance.
D. Approve the purchase of any securities with maturities over two (2) years.
E. 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.
F. Inform the City Council of unaddressed concerns with the management of the City's
investment portfolio.
VI. 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. Direct Obligations of the State of Texas or its Agencies.
3. 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.
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 bistate or national banks or savings and loans
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domiciled 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 have a defined termination
date of less than 90 days secured by obligations of the United States or its
agencies and Instrumentalities pledged with a third party selected by the City.
Repurchase agreements must be purchased through a primary government
securities dealer, as defined by the Federal Reserve, or a bank domiciled in
Texas (see to 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. The 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 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 stated average 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
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.)
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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 AAA or AAAm with 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 $1 per share with the market value per share between
.995 and 1.005.
b. In order to participate in an investment pool, the City Council must approve
by resolution or ordinance a Participation Agreement or Interlocal Agreement
to be executed with the State or Interlocal authority responsible for the
investment pool. This agreement will specify the City's authorized
representatives and the standard delivery instructions for fund transfers and
information reports. (See Appendix H for approved interlocal agreements)
B. Unauthorized Investments
The following investment instruments are specifically not authorized:
1. Obligations whose payment represents the coupon payments on the
outstanding principal balance of the underlying mortgage-backed security
collateral and pays no principal (CMO derived Interest Only Strips).
2. Obligations whose payment represents the principal stream of cash flow
from the underlying mortgage-backed security collateral and bears no interest
(CMO derived Principal Only Strips).
3. Collateralized Mortgage Obligations that have a stated final maturity date
of greater than ten (10) years.
4. Collateralized Mortgage Obligations whose interest rates are determined
by an index that adjusts opposite to the changes in a market index (Inver$e'
Flo~ters).
5. Certificates of Deposit and other investments issued by Savings and
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Loans.
6. Share Certificates and other investments issued by Credit Unions.
7. Guaranteed Investment Contracts.
VII. 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. 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 (i.e. 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 any
one 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 of 1995 (Article 842a-2,
V.AT.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 40%
(2) Certificates of Deposit 40%
(3) U.S. Treasury Notes/Bonds/Bills 100%
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(4) U.S. Agencies and Instrumentalities 50%
(5) Commercial paper 10%
(6) Prime Domestic Banker's Acceptances 10%
(7) State and Local Bonds and Notes 40%
(8) Money Market Mutual Funds 80%
(9) Mutual Funds 15%
(10) Investment Pools 100%
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, the limit on repurchase
agreements may be exceeded for a maximum of five days following the receipt of
bond proceeds.
VIII. 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,
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City funds are not released until the City has received, through the Federal Reserve
wire, the securities purchased.
IX. 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. 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 of 1995, 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 $100,000,
including accrued interest, must be secured by approved collateral for the amount
in excess of F.D.I.C. insurance.
Collateral is valued at current market plus interest accrued through the date of the
valuation. 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
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of the decision to the bank or third party holding the collateral. Substitution is
allowable for 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 # 2076 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.
X. 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.
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
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City.
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 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.
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 three 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 liB" 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.
C. Investment Reporting
The Public Funds Investment Act of 1995 requires the preparation of quarterly
management reports and an annual report of all investment transactions of the
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City to be presented to the City Council. City Ordinance # 2076 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:
- 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
- rate of return
- 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 investment strategy.
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 will also include discussion of
investment controls, security risks, and market risks.
XI. 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
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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.
In 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
interests of the City.
XII. 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.
An investment officer of the City who has a personal business relationship 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
13
under this section must be filed with the Texas Ethics Commission and the governing
body of the City.
XIII. 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 an 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.
XIV. 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.
The consideration the City of North Richland Hills will use to consummate a banking
services contract will include:
14
- 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
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.AT.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 5 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.
XV. 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.
15
APPENDICES
16
APPENDIX A
ORDINANCE NO. 2076
AN ORDINANCE OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS PROVIDING FOR
THE DESIGNATION OF INVESTMENT
OFFICERS: PROVIDING FOR INVESTMENT
RULES AND POLICIES: PROVIDING FOR
MANAGEMENT REPORTS: REPEALING
PREVIOUS ORDINANCES: AND PROVIDING
A SEVERABILITY 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 CITY 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. All 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.
D. 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 Objectives. 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 priority. The City shall
invest in instruments providing the highest rate of retum, 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.
17
APPENDIX 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 quarterly 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. 1335 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
RfCHLAND HILLS, TEXAS on this the 25th day of Sept~mber, 1995.
APPROVED:
Mayor
ATTEST:
City Secretary
APPROVED AS TO FORM AND LEGALITY:
Attorney
18
Trade Date:
Trade Time:
Desired Par Value:
Desired Maturity:
Broker
1.
2.
3.
4.
5.
Transaction By:
CITY OF NORTH RICH LAND HILLS
INVESTMENT BID FORM
Purchase
Sell
Yield
Security
YTM
Date
Approved By:
-D: \ 123files \invests\bidform. wk4
19
APPENDIX B
Accepted
CITY OF NORTH RICHLAND HILLS
SECURITY INFORMATION WORKSHEET
.Name of Security:
CUSIP #:
Coupon/Discout Rate:
YieJd to Maturity:
Maturity Date:
Par Value:
Trade Date:
Settle Date:
Principal + Accrued Interest: +
Purchase Price:
Safekeeping Account: 259091
Name of Broker:
Time of Trade:
Date of Trade:
Entered By:
NationsBank Safekeeping: 1-800-525-1085
20
APPENDIX B
APPENDIX C
CITY OF NORTH RICH LAND HILLS
BROKERlDEALER QUESTIONNAIRE AND CERTIFICATION
1. Name offirm
2. Address:
Local:
National:
3. Telephone number Local:
National:
4. Primary representative/manager/partner -in-charge
Name Name
Thk Th~
Telephone no. Telephone no.
5. Is your firm a subsidiary of another firm? If yes, which firm?
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 firm's total volume in U. S. Government and agency securities trading last
year?
Firm-wide $
Your local office $
Number of transactions
Number of transactions
21
APPENDIX C
City of North RicWand Hills
BrokerlDealer 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.
~
llik
Telephone Number
Primary
Alternate
Alternate
(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
Comnùssion? 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 since
22
APPENDIX C
City of North RicWand Hills
BrokerlDealer Questionnaire
15. Is your firm 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) Multistate firms 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 firm 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 traudulent or unfair practices related to the
sale of securities to an institutional client? If so, please describe each such matter briefly. For
purposes of this question, proceedings are "material" if your independent accountant applying
generally accepted accounting principles determines that such proceedings required disclosure
in your financial statements.
23
APPENDIX C
City of North RicWand Hills
BrokerIDealer Questionnaire
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.
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 COIDnÚssion
New York Stock Exchange
Federal Deposit Insurance Corporation
24. Has your firm consistently complied with the Federal Reserve Bank's capital adequacy
guidelines? As oftrus 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.
24
APPENDIX C
City of North Richland Hills
BrokerlDealer 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 infonnation regarding your principal
banking relationship.
Bank Name
Address
Person to Contact
Length of Relationship
Telephone #
27. Do you participate in the SIPC insurance program? Ifnot, explain why not.
28. What portfolio infonnation 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 finn to protect the interests of the public when
dealing with governmental agencies as investors.
25
APPENDIX C
City of North Richland Hills
BrokerlDealer Questionnaire
-CER TIFICA TION-
I hereby certifY that I have personally read the investment policies and objectives of the City of
North Richland Hills and have implemented reasonable procedures and a system of controls
designed to preclude imprudent investment activities arising out of transactions conducted
between our firm and North Richland Hills. All sales personnel will be routinely informed of your
investment objectives, horizon., outlook, strategies and risk constraints whenever we are so
advised. We will notifY you immediately by telephone and in writing in the event of a material
adverse change in our financial condition. We pledge to exercise due diligence in informing you
of all foreseeable risks associated with financial transactions conducted with our firm. I attest to
the accuracy of our responses to your questionnaire.
Signed:
Date:
(Countersigned by company president or person in charge of government securities operations.)
26
APPENDIX D
City of North Richland Hills
Approved Securities Dealers
As of September 5, 1995
Securities Dealers
Coastal Securities, Inc.
First Southwest Company
M.G.S.I. Securities, Inc.
Merrill Lynch, Inc.
NationsBanc Capital Markets, Inc.
Paine Webber, Inc.
Prudential Securities, Inc.
Banking Institutions
Liberty National Bank
NationsBank Texas
Investment Pools
Texpool
L.O.G.I.C.
27
APPENDIX E
PRIMARY SECURITIES DEALERS
This page to be inserted when recieved
28
Public Securities Association
40 Broad Street, New York, NY 10004-2373
Telephone (212) 809-7000
APPENDIX F
PSA
MASTER REPURCHASE AGREEMENT
...
f.
Dated as of
-,
Between:
and
1. Applicability
From time to time the parties hereto may enter into transactions in which one party ("Seller") 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 the transfer of funds by Seller. Each such transaction shall be referred to herein as a "Transaction"
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 Seller to Buyer pursuant to Paragraph 4(a)
hereof;
(c) "Buyer'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 Seller's Margin
Amount under subparagraph (q) 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;
(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 ot such
date (unless contrary to market practice tor 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);
8197
29
APPENDIX F
U) "Pricing Rate", the per annum percentage rate for determination of the Price Differential;
(k) "Prime Rate", the prime rate of U.S. money center commercial banks as published in The Wall 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 also shall include Additional Purchased Securities delivered pursuant
to Paragraph 4(a) and shall exclude Securities returned pursuant to Paragraph 4(b);
(0) "Repurchase Date", 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 of the Purchase Price and the Price Differential as of the date of such determination,
increased by any amount determined by the application of the provisions of Paragraph 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. In11iat;on; 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 shall 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, shall 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 less than the aggregate Buyer's Margin Amount for all
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 Qeficit 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 of 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.
30
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).
S. 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
payments to reduce the amount to be transferred to Buyer by Seller upon termination of the Transaction. Buyer
shall 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 Inte~est
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 sha1 be deemed to
have granted to Buyer a security interest in, all of the Purchased Securities with respect to all Transactions
hereunder and all proceeds thereof.
7. Payment and Transfer
Unless 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) shall 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 shall 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 clearing corporation. Title to all Purchased 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 [will]" [may]" be subject to liens granted by Seller to (its clearing bank]" (third
parties]"" and may be used by Seller for 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 tq be used under 17 C.F.R. §403.4(e) if Seller is a government securities brokE'r or dealer other than a financial institution.
··Language to be used under 17 C.F.R. §403.5(d) if Seller is a financial institution.
31
APPENDIX F
9. Substitution
(a) Seller may, subject to agreement with and acceptance by Buyer, substitute other Securities for any
Purchased Securities. Such substitution shall be made by transfer to Buyer of such other Securities and
transfer to Seller of such Purchased Securities. After substitution, the substituted 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 at least equal to 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 contemplated hereunder and to perform its obligations
hereunder and has taken all necessary action to authorize such execution, delivery and performance, (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 disclosed principal), (iii) the person signing this Agreement on its behalf is duly
authorized to do so on its behalf (or on behalf of any such disclosed principal), (iv) it has obtained all authorizations
of any governmental 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 performance of this Agreement
and the Transactions hereunder will not violate any law, ordinance, charter, by-law or rule applicable 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 shall each be deemed to repeat all the foregoing representations made by it.
11. Events of Default
In the event that (i) Seller fails to repurchase or Buyer fails to transfer Purchased Securities upon the
applicable 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
Seller 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, perform 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 repurchase all Purchased Securities in such Transactions shall thereupon
become immediately due and payable, (ii) to 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 pursuant to 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 to the account of
the defaulting party pursuant to subparagraph (e) of this Paragraph) on a 360 day per year basis for the actual
number of days during the period from and including the date of the Event of Default giving rise to such option
to but excfuding 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
nondefaulting party any Purchased Securities subject to such Transactions then in the defaulting party's possession.
(c) In all Transactions in which the defaulting party is acting as Buyer, upon tender 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 Transactions 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
32
APPENDIX F
or (B) 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
to the 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 Buyer shall not increase above the amount of such Repurchase Price
tor such Transaction determined as of the date ot 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 nondefaulting 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 otherwise available
to it under any other agreement or applicable law.
12. Single Agreement
Buyer and Seller acknowledge that, and have entered hereinto 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 default 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 ot payments, deliveries and other transfers
in respect of any other Transactions hereunder, and the obligations to make any such payments, deliveries
and other transfers 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" 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
unenforceability of any such other provision or agreement.
15. Non-assignability; Termination
The rights and obligations ot 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 shall, notwithstanding such notice, remain applicable to any
Transactions then outstanding.
33
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 of 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 shall 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 Transactio~ 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 of the United States 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 ot Title 11 of the United States Code, as amended.
20. Disclosure 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 ot 1970 ("SIPA") do not protect the other party with respect to any
Transaction hereunder;
(b) in the case of Transactions in which one of 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 of 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 Party}
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APPENDIX H
3. That this Resolution and its authorization shall continue
in full force and effect until amended or revoked by the
Participant and until the Trust Ccmpany receives a copy of
any such amendment or revocation, until such time the Trust
Company is entitled to rely on same.
This Resolution is hereby introduced and adopted by the
Participant at its regular meeting held on the 23rd day of January, 1990.
CITY OF NORTH RICHLAND HILLS
By, ~~J ~--- -'
ATl'EST, 9Lð~ ¿'«oJ
54