HomeMy WebLinkAboutResolution 2016-026RESOLUTION NO. 2016 -026
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NORTH
RICHLAND HILLS, TEXAS, APPROVING THE TERMS AND
CONDITIONS OF THE AGREEMENT BETWEEN PFM ASSET
MANAGEMENT, L.L.0 AND THE CITY OF NORTH RICHLAND HILLS
FOR INVESTMENT ADVISORY SERVICES; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City of North Richland Hills is a home rule city acting under its charter
adopted by the electorate pursuant to Article XI, Section 5, of the Texas
Constitution and Chapter 9 of the Local Government Code; and
WHEREAS, Chapter 2256 of the Texas Government Code, commonly known as the
"Public Funds Investment Act" provides for the investment of public funds;
and
WHEREAS, it is in the best interest of the City to invest local funds in investments that
provide for the preservation and safety of principal, liquidity, and yield
consistent with the Public Funds Investment Act; and
WHEREAS, the City has traditionally utilized an investment advisory service to manage
its investment portfolio to increase the performance of the City's
investments; and
WHEREAS, PFM Asset Management, L.L.C., wishes to continue providing non -
discretionary management of the City's investment portfolio; and
WHEREAS, the City desires to retain PFM Asset Management, L.L.C. for such
services;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
NORTH RICHLAND HILLS, TEXAS THAT:
SECTION 1. The City Council of the City of North Richland Hills, Texas hereby agrees
to renew the Investment Advisory Agreement between the City of North
Richland Hills and PFM Asset Management, L.L.C.
SECTION 2. This resolution shall become effective immediately upon passage.
PASSED AND APPROVED this the 12th day of September, 2016.
CITY • • ORTH - C , LAND HILLS
By:
Resolution No. 2016 -026
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Oscar Trevino, Mayor
ATTEST:
Alicia Richardson, City Secreta
PROVED S Ts FORM A/ 0.LEGALITY:
JAI. IL/ 4 r/iI�9
Cara L. White, Ass' -tant City Attorney
APPROVED AS TO CONTENT:
Kent Austin, Director of Finance
Resolution No. 2016 -026
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