HomeMy WebLinkAboutOrdinance 1335
ORDINANCE NO. 1335
AN ORDINANCE OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS PROVIDING FOR
THE DESIGNATION OF AN INVESTMENT
OFFICER: PROVIDING FOR INVESTMENT
RULES: PROVIDING FOR MANAGEMENT
REPORTS: PROVIDING A SEVERABILITY
CLAUSE: AND DECLARING AN EMERGENCY
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),
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.
Section 2. Investment Rate of Return. The City's funds shall be invested
in instruments or accounts that yield the highest possible rate of return that
comply with the statutes of this state regulating investments of City funds.
Section 3. Designated Officials. The City Council hereby designates the
"investment officers" to be the City Manager with overall responsibilities to
insure that investment objectives are accomplished and the Finance/Treasurer
Director with the specific day-to-day assignment of managing the local funds of
the City of North Richland Hills.
Section 4. Management Reports. At least each year the investment
officers shall prepare a written report concerning the City's investment
transactions for the preceding year and describing in detail the investment
position of the City as of year end. The report shall be signed by both the
City Manager and the Finance/Treasurer Director and presented to the City
Council.
Section 5. 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 13th day of January, 1986.
AP~~
Mayor
ATTEST:
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