Res 067-86 5/20/1986RESOLUTION NO. L
RESOLUTION APPOINTING THE CITY MANAGER OR HIS
DESIGNEE AS INVESTMENT OFFICER FOR THE CITY,
AND DIRECTING HIM TO PREPARE RULES GOVERNING
THE INVESTMENT OF LOCAL FUNDS.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS , TEXAS, THAT :
SECTION 1 . As provided in Article 4413 (34c) , Revised Civil
Statutes of Texas, the City Manager, acting in person or through
his designee, is hereby designated as Investment Officer for the
City of Wichita Falls, and he shall be responsible for the invest-
ment of local funds, which are defined as public funds in the
custody of the City that the City has legal authority to invest .
As Investment Officer, he is hereby given express written authority
to deposit, withdraw, invest, transfer or otherwise manage local
funds of the City that are eligible for investment.
SECTION 2 . The Investment Officer is hereby directed to
prepare rules governing the investment of local funds in accordance
with applicable laws of the State of Texas and the current depository
contracts of the City. Such rules shall be submitted to the City
Council for approval .
SECTION 3 . In accordance with Section 6 of said Article
4413 (34c) , the City shall invest such local funds in investments
that yield the highest possible rate of return while providing
necessary protection of the principal consistent with the operating
requirements of the City as determined by the City Council .
SECTION 4 . At least once each year the Investment Officer
shall prepare a written report concerning the City's local funds
investment transactions for the preceding year and describing in
detail the investment position of the City as of the date of the
report. The report shall be signed by the Investment Officer and
shall be delivered to the City Council .
SECTION 5 . The Investment Officer may invest local funds in
time deposits with the Managing Depository and with the Participating
Depositories, in compliance with the depository contracts with
these institutions . When it is proper to do so in order to comply
with Section 3 above, and unless it is expressly prohibited by law
or in contravention of the depository contracts, the Investment
Officer may withdraw funds from the depository that are not
required immediately to pay obligations or are required to be kept
on deposit under the terms of the depository contract, and invest
those funds in direct debt securities of the United States, as
authorized by Article 2561 , Revised Civil Statutes of Texas .
SECTION 6 . When it is proper to do so in order to comply with
Section 3 above, and it is not in contravention of the depository
contracts, the Investment Officer may invest sinking funds for the
redemption and payment of outstanding bonds in bonds of the United
States , war savings certificates, certificates of indebtedness
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issued by the Secretary of the Treasury of the United States, in
bonds of Texas, or any county of this State, or of any incorporated
city or town and in shares or share accounts of building and loan
associations organized under Texas laws, or Federal Savings and
Loan Associations domiciled in this State, where such shares or
share accounts are insured under and by virtue of the Federal
Savings and Loan Insurance Corporation, as authorized by Article
836 , Revised Civil Statutes of Texas . No bonds shall be purchased
which mature subsequent to the maturity of the bonds for which the
sinking fund was created .
PASSED AND APPROVED this the a ` day of (\c,s,11(
1986 .
p
214.1L
M A Y O •
ATTEST:
City Clerk
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