HomeMy WebLinkAboutAgenda CC 01.24.2012 WorkshopNotice of Meeting of the
Governing Body of the
City of Georgetown, Texas
JANUARY 24, 2012
The Georgetown City Council will meet on JANUARY 24, 2012 at 3:00 P.M. at 101 East 7th Street,
Georgetown, Texas 78626
If you need accommodations for a disability, please notify the city in advance.
Policy Development/Review Workshop -
A Discussion regarding charter amendments -- Paul E. Brandenburg, City Manager and Bridget Chapman,
Acting City Attorney
B Review of proposed changes to the City’s investment policy -- Susan Morgan, Finance Director
C Discussion and possible direction to staff regarding Robert's Rules of Order and Parliamentary
Procedures -- Rachel Saucier, Assistant City Secretary and Bridget Chapman, Acting City Attorney
D Residential Rental Property Registration and Inspections -- Laurie Brewer, Deputy City Manager; Dave
Hall, Director of Inspections and Robert Fite, Fire Chief
Executive Session
In compliance with the Open Meetings Act, Chapter 551, Government Code, Vernon's Texas Codes,
Annotated, the items listed below will be discussed in closed session and are subject to action in the regular
session.
E Sec. 551.071: Consultation with Attorney
- Advice from attorney about pending litigation that has been filed against the City or contemplated
litigation and other matters on which the attorney has a duty to advise the City Council, including but
not limited to this week's agenda item
- Update on Rivery Conference Center
- Williams Drive Mediation
F Sec. 551.074: Personnel Matters
- City Secretary Annual Performance Evaluation
Adjournment
Certificate of Posting
I, Jessica Brettle, City Secretary for the City of Georgetown, Texas, do hereby certify that this Notice of
Meeting was posted at City Hall, 113 E. 8th Street, a place readily accessible to the general public at all
times, on the _____ day of _________________, 2012, at __________, and remained so posted for at least
72 continuous hours preceding the scheduled time of said meeting.
__________________________________
Jessica Brettle, City Secretary
City of Georgetown, Texas
January 24, 2012
SUBJECT:
Discussion regarding charter amendments -- Paul E. Brandenburg, City Manager and Bridget Chapman,
Acting City Attorney
ITEM SUMMARY:
FINANCIAL IMPACT:
SUBMITTED BY:
ATTACHMENTS:
Proposed Amendments
Cover Memo
Item # A
PROPOSED CHARTER AMENDMENTS-
SUBSTANTIVE POLICY CHANGES
Section Heading Summary of Proposed Change Source
2.01 Number, Selection,
and Term of Office
Term limits for Councilmembers. No more than two (2) consecutive three (3)
year terms.
Council
2.02 Qualifications Review residency requirements for Council Elections. Council
2.07 City Secretary The City Secretary shall be appointed by the City Manager and report to the City
Manager--not City Council.
Council
3.01 General Election Change annual City Council Elections to take place in November of each year
instead of May pursuant to Senate Bill 100, Eighty-Second Regular Legislature
and Georgetown City Council Resolution No. 110811-AA.
Council
Resolution
5.06 City Attorney The City Attorney shall be appointed by the City Manager and report to the City
Manager--not City Council.
Council
Art.
VIII
Franchise and Public
Utility
There may be several sections to change, based upon Council decisions
concerning authority of the GUS board. Does Council want to retain the
ultimate control over rates, etc?
Staff
Other Items Possibility of amending Charter or establishing an ordinance banning lobbying
by former Councilmembers, and former City employees as well. There is anti-
lobbying legislation at the state and federal level, but there does not appear to be
anything like this in the City’s Charter. While Councilmember's are banned
from working for the City for a period of 2 years after stepping down from the
Council, there is nothing that says they cannot go directly to work for a
company, using their knowledge and connections with the City to try and
acquire lucrative contracts or other favors from the very same entity they used to
govern.
Council
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PROPOSED CHARTER AMENDMENTS-
CHANGES FOR CLARITY AND CONSISTENCY
Section Heading Summary of Proposed Change Source
2.01 Number, Selection,
and Term of Office
First Paragraph. Replace “two (2)” with “three (3)” for consistency with three (3)
year terms.
Second Paragraph. Delete. Incorrect and inconsistent with staggered term
provision.
Fifth Paragraph. The chart is redundant and may be removed.
Staff
2.02 Qualifications Consider clarification of residency provision for district boundaries change. Staff
2.06 Mayor and Mayor Pro
Tem
The term of the Mayor Pro Tem is not, and should be, stated. Staff
2.07 City Secretary Subject to proposed policy revision, suggest that the provisions concerning City
Secretary be consistent with the other Council appointed positions: City
Manager, City Attorney, Municipal Court Judge. Provisions include:
appointment, general qualifications, general duties, residency requirements,
term of service, compensation, assistants, termination.
Staff
2.09 Rules of Procedure Clarify voting requirement. Majority of the Council or vote of a majority of the
members of Council present and qualified to vote.
Staff
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2.10 Procedure to Enact
Legislation
No advance newspaper publication of the Ordinance caption, unless required by
state law.
Elimination of caption reading requirement. Language to allow Council to
request the reading of the caption, but not making it mandatory.
Consider changing requirement for two readings of each ordinance, unless
required by State law.
The premise for making these recommendations is efficiency and prompt final
decisions.
Staff
2.14 Boards, Commissions
and Committees
All appointed Boards, Commissions, and Committees shall be comprised fully
by Citizens of Georgetown unless required differently by state law.(Council)
Clarify what “Citizens of Georgetown” means. (Staff)
Clarify voting requirement. Majority of the Council or vote of a majority of the
members of Council present and qualified to vote. (Staff)
Council and
Staff
2.15 Remuneration to
Mayor and Council
In all cases where action alters existing salaries for Mayor and Councilmembers,
the changes in salaries will begin immediately following the expiration of their
current term insteade of after next election.
Suggest that Council should be allowed to reduce salaries at any time.
Staff
3.05 Notification and
qualification of City
Officers
This sentence does not make sense and should be clarified: "It shall be the duty
of the City Secretary to notify all persons elected or appointed to office of their
election or appointment and all the newly elected or appointed officers may
enter upon their duties. "
Staff
5.01/
5.02
City Manager/Powers
and duties of City
Manager
Subject to proposed policy revisions, suggest that the provisions concerning City
Manager be consistent with the other Council appointed positions: City
Manager, City Attorney, and Municipal Court Judge. Provisions include:
appointment, general qualifications, general duties, residency requirements,
term of service, compensation, assistants, termination.
Staff
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5.06 City Attorney Subject to proposed policy revision, suggest that the provisions concerning City
Attorney be consistent with the other Council appointed positions: City
Manager, City Attorney, and Municipal Court Judge. Provisions include:
appointment, general qualifications, general duties, residency requirements,
term of service, compensation, assistants, termination
Staff
5.08 Judges of the
Municipal Court
Authorize City Council to appoint such other additional, associate municipal
judges as allowed by law instead of current language.
Suggest that the provisions concerning Municipal Judge be consistent with the
other Council appointed positions: City Manager, City Attorney, Municipal
Court Judge. Provisions include: appointment, general qualifications, general
duties, residency requirements, term of service, compensation, assistants,
termination.
Staff
6.11 Purchase Procedure Subject to proposed policy decision, revise to allow City Council to delegate
more authority over contracts to GUS.
Staff
9.16 Ethics Review Consolidate Ethics Ordinance Review and the study of Ethics Statutes into one
work session.
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City of Georgetown, Texas
January 24, 2012
SUBJECT:
Review of proposed changes to the City’s investment policy -- Susan Morgan, Finance Director
ITEM SUMMARY:
The City’s financial investments are guided by the City’s investment policy, which was created in
compliance with Chapter 2256 of the Texas Government Code. This state law requires that a governing body
review its investment policy annually. The City’s policy was last reviewed on December 14, 2010.
The proposed changes to the policy are summarized in the attached memo.
The proposed policy changes have been reviewed with the General Government and Finance Advisory
(GGAF) Subcommittee with those suggestions included in the final proposal.
COMMENTS:
The City’s investment advisor, Susan Anderson, with Valley View Consulting, will be available, along with
staff, to answer questions regarding public funds investing.
FINANCIAL IMPACT:
SUBMITTED BY:
ATTACHMENTS:
Chapter 2256 Texas Government Code
HB No 2226
Memo
Investment Policy Redline
Cover Memo
Item # B
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Page 1 of 3
M E M O R A N D U M
DATE: January 17, 2012
TO: Mayor and Council
Paul Brandenburg, City Manager
Micki Rundell, Chief Financial Officer
FROM: Susan Morgan, CPA, Finance Director
SUBJECT: Proposed Updates to City of Georgetown Investment Policy
The City’s investments are guided by the City’s investment policy, which was created pursuant to
Chapter 2256 of the Texas Government Code, known as the Public Funds Investment Act (PFIA).
The law requires the governing body of local governments to review the policy annually. City staff
and its investment advisory firm, Valley View Consulting, L.L.C., have reviewed the current policy
and made recommended changes to comply with recent updates in the law and make minor
language clarifications. During the 82nd Texas legislature, HB 2226 made several changes to the
PFIA and the needed policy updates have been included. HB 2346 and SB 1543 also modified the
PFIA, but those changes were not applicable to municipal governments.
These proposed changes were reviewed with the General Government and Finance Subcommittee
(GGAF) on January 3, 2012 and modifications suggested by the committee are included in the
policy presented for the January 24, 2012 Georgetown City Council Meeting.
A summary of the changes proposed is outlined below.
Section 1.3 Objectives
The current policy defines yield in terms of the “highest possible rate of return.” Staff recommends
that the language be clarified to better state the City’s yield objective. In the current low interest
rate market, better cash management tools and processes continue to be the most effective
method for improving earnings. For example, beginning in November 2011, the City began taking
advantage of a fee credit option with its depository bank, JP Morgan Chase. By maintaining higher
overnight balances with the bank, the City can reduce banking fees up to the equivalent of 50 basis
points. This is in contrast to the average return of less than 10 basis points from local government
investment pools such as TexPool. GGAF recommended some wording clarifications that have
been incorporated into the proposed changes.
Attachment number 1 \nPage 1 of 3
Item # B
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Page 2 of 3
Section 2.1 Prudence
Additional language is added to clarify what the Investment Officer is and is not responsible for in
complying with the PFIA and the City’s investment policy. The first section is taken directly from
the PFIA and the second section is to clarify that while the Investment Officer is not responsible for
adverse changes in an investment made in compliance with the policy, the Investment Officer must
report those conditions immediately and take appropriate actions. At GGAF’s suggestion, this
section was reviewed and affirmed with the Acting City Attorney.
Section 2.3 Delegation of Authority
This section is updated for changes in position titles. Section 2.3 (4) is updated to reflect
clarifications made by the 82nd legislature defining the start and end dates of the two year
Investment Officer training cycle requirements as the entity’s fiscal year. The two year requirement
of 10 hours of training remains unchanged.
Section 3: Investment Strategies
The term “Certificates of Deposit” is updated throughout this section to the more accurate and
consistent term “financial institution deposits.”
Section 4.1.1 Financial Institution Deposits
The language is updated to reflect changes in the PFIA allowing purchase of financial institution
deposits from approved brokers and deletes the unnecessary language for the CDARS program.
This program is already covered by existing financial institution deposit language.
Section 4.1.4 Money Market Mutual Funds
Section d is deleted to reflect changes in SEC rule 2a (7) language that changes weighted average
maturity (wam) calculations to 2 separate calculations. The remaining sections a through d provide
more stringent requirements than the wam limitations; therefore this section is no longer
necessary.
Section 4.1.5 Repurchase Agreement
This language is updated to reflect changes in the PFIA.
Section 4.2 Credit Rating Review and Effect of Loss of Required Rating
This is a new section added to reflect the new PFIA requirement to monitor the credit rating of
investments and recommends this review be conducted quarterly. The section has also been
clarified to state that an instrument that drops below the minimum rating at any time during the
quarter is considered to have NOT met the minimum rating for investment.
Section 5.1 Authorized Broker/Dealers
Authorized investments could include a financial institution deposit; therefore, this language is
deleted.
The original language defining Qualified Representative was originally proposed to be deleted by
staff because it is also referenced in the previous paragraph. GGAF recommended leaving this
terminology in the document to provide easier and clearer reference for policy makers.
Section 5.3 Internal Controls
Qualifying language for quotes is added because competitive quotes for Money Market Accounts
or financial institution deposits may not be available.
Attachment number 1 \nPage 2 of 3
Item # B
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Section 5.5 Collateralization
This section is enhanced to include the specific language as required by the Financial Institutions
Reform, Recovery and Enforcement Act (FIRREA). These requirements are already practiced by
the City and its depository, but included here for additional clarity.
Section 6.1 Quarterly Reporting
This section is updated to reflect changes in the PFIA. Local governments are no longer required
to recognize fair market gains or losses on a quarterly basis.
Attachment “A” Approved Broker/Dealer List
Great Pacific Securities is not active in the Texas municipal finance market. The City’s existing list
is more than adequate for its investing needs. A more thorough broker/dealer evaluation will be
undertaken in the future when needed.
Attachment number 1 \nPage 3 of 3
Item # B
City of Georgetown Investment Policy Page 1
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CITY OF GEORGETOWN, TEXAS
INVESTMENT POLICY
As amended December 14, 2010January 24, 2012
SECTION 1: SCOPE & OBJECTIVES
1.1 SCOPE
This Investment Policy applies to all financial assets of the City of Georgetown, Texas, which
includes the City of Georgetown Economic Development Corporation and the Georgetown
Transportation Enhancement Corporation, held in all funds.
1.2 STATEMENT OF CASH MANAGEMENT PHILOSOPHY
The City will maintain a comprehensive cash management program to include the effective
collection of all accounts receivable, the prompt deposit of receipts to the City's bank accounts,
the payment of obligations to comply with State law and in accord with vendor invoices, and the
prudent investment of idle funds in accord with this Policy.
1.3 OBJECTIVES
The City's investment program will be conducted to accomplish the following objectives, listed in
priority order:
1. Safety. The City will give priority to the preservation and safety of the principal
invested. Investments will be made in a manner that will mitigate credit risk and
interest rate risk.
2. Liquidity. The City will maintain the availability of sufficient cash to pay
obligations of the City when they are due.
3. Public Trust. Investment Officers shall seek to act responsibly as custodians of
the public trust. Investment Officers shall avoid transactions that might impair
public confidence in the City’s ability to govern effectively.
4 Yield. The City will invest idle cash at the highest possible rate of returnin a
manner that will maximize earnings to the greatest extent possible, consistent
with State and local laws and the objectives of safety and liquidity listed above.
It is also the objective of the City to diversify its investments to eliminate the risk of loss resulting
from over concentration of assets in a specific maturity, a specific issuer or a specific class of
investments. It is the intent of the City to invest its funds to maturity.
SECTION 2: STANDARD OF CARE
2.1 PRUDENCE
Investments will be made with judgment and care, under circumstances then prevailing, that
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 their capital
and the probable income to be derived. The City Council recognizes that in maintaining a
diversified portfolio occasional measured losses due to market volatility are inevitable and must
Attachment number 2 \nPage 1 of 11
Item # B
City of Georgetown Investment Policy Page 2
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be considered within the context of the overall portfolio's investment return, provided that
adequate diversification has been implemented.
In determining whether an Investment Officer has exercised prudence with respect to an
investment decision, the determination shall be made taking into consideration:
A. The investment of all funds, or funds under the City’s control, over which the Officer had
responsibility rather than a consideration as to the prudence of a single investment.
B. 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 adverse credit risk or
market price changes, provided that these deviations are reported immediately to the City
Manager and/or the Council and that appropriate action is taken to control adverse
developments.
2.2 ETHICS & CONFLICT OF INTEREST
Investment Officers and employees involved in the investment process will refrain from personal
business activity that could conflict with the proper execution of the investment program, or
which could impair their ability to make impartial investment decisions. Investment Officers and
employees will comply with all disclosure and reporting requirements of Section 2256.005 (I) of
the Texas Government Code.
2.3 DELEGATION OF AUTHORITY
The Chief Financial Officer, Assistant Director of FinanceFinance Director and Accounting
ManagerController are the City's Investment Officers. The Chief Financial Officer is responsible
for overall management of the City's investment program and may direct the other Investment
Officers in their duties. Accordingly, the Investment Officers are responsible for day-to-day
administration of the investment program and for the duties listed below:
1. Maintain current information as to available cash balances in City accounts, and
as to the amount of idle cash available for investment;
2. Make investments and maintain written procedures for the operation and internal
control of the investment program consistent with this Policy;
3. Ensure that all investments are adequately secured; and
4. Attend training as required by Section 2256.008 (a) of the Texas Government
Code and ensure that any staff executing transactions covered by this Policy
attend the required training. The investment training shall be attended not less
than once in a two-year period that begins on the first day of the City’s fiscal year
and consists of the two consecutive fiscal years after that date and receive not
less than 10 hours of instruction relating to investment responsibilities under this
Policy. The training must be sponsored by:
Texas Municipal League
Government Finance Officers Association of Texas (GFOAT)
Government Finance Officers Association of US and Canada
Attachment number 2 \nPage 2 of 11
Item # B
City of Georgetown Investment Policy Page 3
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Government Treasurers Organization of Texas (GTOT)
University of North Texas
Texas Tech University Center for Professional Development
Unless authorized by State or local laws as provided above, no person may deposit, withdraw,
transfer or manage in any other manner the funds of the City.
SECTION 3: INVESTMENT STRATEGIES
3.1 OPERATING FUNDS
Operating Funds are defined as cash and investments used for day to day operations that do
not fall into one of the other categories. Operating funds will be invested in a manner suitable
for funds requiring a high degree of liquidity. Investments of Operating Funds shall be limited to
a weighted average maturity no greater than one year, and all investment instruments must
meet credit and safety criteria as required by the Public Funds Investment Act and this Policy.
Involuntary liquidation of Operating Fund investments is unlikely due to their short term nature.
However, should a liquidation of investments prior to maturity be necessary, their short term
nature will make material losses unlikely. Operating Fund investments will be diverse and may
include Certificates of Depositfinancial institution deposits, U.S. treasuries and agencies,
investment pools, and money market mutual funds. Investment of Operating Funds will be
structured to attain the highest possible yield given the liquidity and safety requirements.
3.2 CONTINGENCY RESERVES (or operating reserves)
Contingency Reserves are the minimum fund balance/working capital requirements as defined
by Council in the Annual Operating Plan. Contingency Reserve balances may be used to cover
any cash operating shortfalls due to the timing of bond issues, revenue receipts, etc.
Investments of these funds may exceed 24 months with prior approval of the City Manager if
short term cash flow needs are not evident. Any one investment may not exceed 36 months in
maturity length. The weighted average maturity for these funds may not exceed 24 months.
Involuntary liquidation of Contingency Reserve investments is unlikely due to their nature.
However, should a liquidation of investments prior to maturity be necessary, the comparatively
longer term nature of some of the investments could result in material losses depending on
financial and economic conditions. Contingency Reserve investments will be diverse and may
include C.D.’sfinancial institution deposits, U.S. treasuries and agencies, investment pools, and
money market mutual funds. Investment of Contingency Reserves will be structured to attain
the highest possible yield given the liquidity and safety requirements.
3.3 DEBT
3.3.1 Reserves. Debt reserves are defined as bond reserve funds required to be set
aside in accordance with bond covenants. The City’s bond covenants do not require the
City to maintain any reserve funds. Therefore, the City’s investments are not adversely
affected by any reserve requirement conditions.
3.3.2 Interest & Sinking (or debt service funds). Interest and sinking funds are
defined as those funds accumulated to meet periodic payments required by bond and
note maturity schedules. The investment maturities are limited by pertinent debt service
requirements and tax laws limiting accumulation and earnings for such funds.
Involuntary liquidation of investments is highly unlikely due to the nature of these funds.
Interest and sinking fund investments will be diverse and may include C.D.’s financial
institution deposits, U.S. treasuries and agencies, investment pools, and money market
mutual funds.
Attachment number 2 \nPage 3 of 11
Item # B
City of Georgetown Investment Policy Page 4
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3.4 BOND PROCEEDS (capital improvement funds)
Bond proceed funds are defined as those funds received from the sales of City bonds or notes
and not otherwise set aside for debt service or reserve purposes. These funds typically include
money to fund infrastructure construction or other large projects. The investment maturities are
limited by pertinent project draw requirements and tax laws governing earnings for such funds,
but may not have a weighted average maturity in excess of one year, with no single security
greater than 24 months, unless a flexible repurchase agreement is used in accordance with
Section 4.1.5 of this Policy. Involuntary liquidation of investment is highly unlikely. Bond
proceed investments will be diverse and may include C.D.’s financial institution deposits, U.S.
treasuries and agencies, investment pools, and money market mutual funds.
SECTION 4: AUTHORIZED INVESTMENTS
4.1 ALLOWABLE INVESTMENTS
City funds may be invested in the following instruments:
4.1.1 Financial Institution Deposits. Certificates of Deposit and other evidences of deposit at
a financial institution that, a) has its main office or a branch office in Texas and is guaranteed or
insured by the Federal Deposit Insurance Corporation or its successor, b) is secured by
obligations in a manner and amount provided by law for deposits of the City, or c) is executed
through a depository institution or approved broker that has its main office or a branch office in
Texas that participates in the Certificate of Deposit Account Registry Service (CDARS), or
similar program, and meets the requirements of the Public Funds Investment Act. All
certificates of financial institution deposits in excess of the FDIC insured amount must be
collateralized as described by Section 5.5 COLLATERALIZATION.
4.1.2 U.S. Treasuries and Agencies. Obligations of the United States of America, its agencies
and instrumentalities.
4.1.3 Investment Pools. Investment pools that meet the following criteria:
a. An investment pool must provide an offering circular or other similar disclosure
instruments and provide monthly and transaction reporting as required by
Section 2256.016 of the Texas Government Code.
b. Investment in a new pool will require the approval of the City Council.
c. A public funds investment pool created to function as a money market mutual
fund must (1) mark its portfolio to market daily, (2) include in its investment
objectives the maintenance of a stable net asset value of $1 for each share and
(3) be continuously rated no lower than AAAm or at an equivalent rating by at
least one nationally recognized rating service.
4.1.4. Money Market Mutual Funds. No-load money market mutual funds if the fund:
a. Is regulated by the Securities and Exchange Commission;
b. Marks its portfolio to market daily;
c. Includes in its investment objectives the maintenance of a stable net asset value of $1
for each share;
d. Has a dollar-weighted average stated maturity of 90 days or fewer;
e.d. Is continuously rated no lower than AAA or at an equivalent rating by at least one
nationally recognized rating service.
Attachment number 2 \nPage 4 of 11
Item # B
City of Georgetown Investment Policy Page 5
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4.1.5. Repurchase Agreements. Fully collateralized repurchase agreements that:
a. Have a defined termination date;
b. Are secured by cash or obligations as allowed by the Public Funds Investment
Act and this Policy;
c. Require independent third party safekeeping of all securities prior to the release
of any funds;
d. Are placed through a primary dealer or financial institution doing business in this
State; and
e. Do not create a reverse repurchase agreement by the City.
f. Construction, capital improvement and bond proceed funds may utilize a flexible
repurchase agreement, or similar agreement, that allows expenditure-related
withdrawal of funds, without penalty, with an average life and termination date
limitation based on the anticipated draw schedule.
4.1.6. Other Investments. Other investments as approved by the City Council and not
prohibited by law.
Investment securities purchased prior to this Policy’s revision, that do not meet the revised
requirements of this Policy, are not required to be liquidated. The City shall monitor each
security’s status to determine whether it is in the best interest of the City to hold or liquidate the
security.
4.2 CREDIT RATING REVIEW AND EFFECT OF LOSS OF REQUIRED RATING
Not less than quarterly, the Investment Officers will obtain from a reliable source the current
credit rating for each held investment that has a PFIA-required minimum rating. Any Authorized
Investment that requires a minimum rating and does not qualify at any time during the period, is
considered to the investment does not have the minimum rating. The City shall take all prudent
measures that are consistent with this Policy to liquidate an investment that does not have the
minimum rating.
4.23 COMPLIANCE WITH STATE LAW
All authorized investments outlined above must meet the requirements of the Public Funds
Investment Act, Section 2256 of the Texas Government Code. No investment may be made in
any instrument except as provided above.
4.34 CASH ON HAND
Cash resources required for the immediate needs of the City and not otherwise available for
longer term investment will be placed in account(s) at the City's Depository/ Depositories. Such
account(s) will earn interest at the highest rate(s) provided in the respective depository
contract(s).
4.45 LENGTH OF INVESTMENTS
The following general constraints will apply. Maturities exceeding 36 months will require
authorization by the City Manager, with no single maturity greater than 60 months. Maturities
Attachment number 2 \nPage 5 of 11
Item # B
City of Georgetown Investment Policy Page 6
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will be staggered to avoid undue concentration of assets in a specific maturity sector and
maturities selected will provide for stability of income and reasonable liquidity.
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SECTION 5: SAFEKEEPING AND CUSTODY
5.1 AUTHORIZED BROKER/DEALERS
Authorized investments in U.S. treasuries and agencies may be purchased only through
brokers/dealers who are licensed and in good standing with the Texas Department of Securities,
the Securities Exchange Commission, the Financial Industry Regulatory Authority, or other
applicable self-regulatory organization. The Investment Officers will maintain a list of
broker/dealers who are authorized to provide investment services. The list is approved and
included in Attachment “A” of this Policy.
Before engaging in investment transactions with a financial institution, broker/dealer, Investment
Pool, or Money Market Mutual Fund, the Investment Officers will have received from said firm a
signed Certification Form. This form will attest that the individual responsible for the City’s
account with that firm has received and reviewed the City’s Investment Policy and that the firm
has implemented reasonable procedures and controls in an effort to preclude imprudent
activities arising out of investment transactions conducted between the City and the firm. The
letter must be signed by a qualified representative as defined by Section 2256.002, of the Texas
Government Code.
“Qualified Representative” means a person who holds a position with a business organization
who is authorized to act on behalf of the business organization and who is one of the following:
(1) a business organization doing business that is regulated by or registered with a securities
commission, a person who is registered under the rules of the Financial Industry Regulatory
Authority;
(2) for a state or federal bank, a savings bank or state or federal credit union, a member of the
loan committee for the bank or branch of the bank or a person authorized by corporate
resolution to act on behalf of and bind the banking institution;
(3) for an investment pool, the person authorized by the elected official or board with authority to
administer the activities of the investment pool to sign the written instrument on behalf of the
investment pool, or
(4) for an investment management firm registered under the Investment Advisers Act of 1940 or,
if not subject of registration under the Act, registered with the State Securities Board, a person
who is an officer or principal of the investment management firm.
5.2 AUTHORIZED FINANCIAL INSTITUTIONS
Certificates of Deposit Financial institution deposits and other evidences of deposit may be
purchased at qualified City Depositories and other financial institutions. Qualifications will be
determined by the Investment Officers. The City must have a written agreement with the
Depository and other financial institutions, and that depository and other financial institutions
must meet all State Laws for deposit of public funds. The City's main operating
Depository/Depositories will be selected as provided by law and the City’s purchasing
procedure.
5.3 INTERNAL CONTROLS
All investment transactions will be documented by the Investment Officers. The Investment
Officers may make investments orally, but will follow promptly with a written confirmation to the
financial institution or broker/ dealer, with a copy of such confirmation retained in the City's files.
Attachment number 2 \nPage 7 of 11
Item # B
City of Georgetown Investment Policy Page 8
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On investments, the Investment Officers will solicit competitive quotes. AWhere appropriate, at
least two (2) quotations will be solicited for each such investment made.
Market value of the portfolio and each investment will be monitored at least quarterly through
industry standard publications/sources for market data such as, but not limited to, The Wall
Street Journal. Market value may also be determined through the City’s investment software
application, which uses industry standard publications/sources for its market data.
5.4 SAFEKEEPING
All securities purchased by the City under this Policy must be designated as assets of the City,
must be conducted on a delivery-versus-payment (DVP) basis, and must be protected through
the use of a third-party custody/safekeeping agent. The City will enter into a formal agreement
with an institution of such size and expertise as is necessary to provide the services needed to
protect and secure the investment assets of the City.
5.5 COLLATERALIZATION
To the extent not insured by federal agencies that secure deposits, City funds (including
financial institution deposits and C.D.’s) must be collateralized or enhanced in compliance with
the Texas Public Funds Collateral Act and pertinent federal banking regulations. The City
reserves the right, in its sole discretion, to accept or reject any form of insurance or
collateralization pledged towards depository deposits. Institutions serving as a depository will
be required to sign a Depository/Collateral Agreement with the City. The collateralized deposit
portion of the Agreement shall define the City’s rights to the collateral in case of default,
bankruptcy, or closing and shall establish a perfected security interest in compliance with
Federal and State regulations, including:
The agreement must be in writing;
The agreement has to be executed by the Depository and the City contemporaneously
with the acquisition of the asset;
The agreement must be approved by the Board of Directors or designated committee of
the Depository and a copy of the meeting minutes must be delivered to the City; and
The agreement must be part of the Depository’s “official record” continuously since its
execution.
Securities pledged as collateral must be retained in an independent third party bank in the City’s
name. The City will be provided the original safekeeping receipt on each pledged security. With
the exception of the Federal Reserve Bank, the City, financial institution, and the safekeeping
bank(s) will operate in accordance with a master safekeeping agreement signed by each of the
parties. The contract and/or agreement governing the collateral pledge must be approved by
the financial institution’s board of directors, loan committee, or other designated committee and
documented as approved in the minutes of the meeting. The City's Investment Officers must
approve in writing the release of collateral prior to its removal from the safekeeping account in
accordance with the terms of depository agreement.
The financial institution(s) with which the City invests and/or maintains deposits will require the
custodian to provide monthly a listing of the collateral pledged to the City marked to current
market prices. The listing will include total pledged securities itemized by name, CUSIP, type
and description of the security; safekeeping receipt number; par value; current market value;
maturity date, if available; and Moody's or Standard & Poor's rating, if available.
Attachment number 2 \nPage 8 of 11
Item # B
City of Georgetown Investment Policy Page 9
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Attachment number 2 \nPage 9 of 11
Item # B
City of Georgetown Investment Policy Page 10
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SECTION 6: REPORTING
6.1 QUARTERLY REPORTING
The Investment Officers shall prepare and submit to the Council a quarterly report on
investment transactions for all funds covered by this Policy. The report will be prepared in
compliance with the Public Funds Investment Act, and generally accepted accounting principles.
The report will cover the investment position of the City at the end of the each fiscal quarter.
The contents will include at a minimum:
1. Beginning, and ending and significant changes in market value of the
portfolio;
2. Beginning and ending market value and book value, maturity date, type of
funds, interest coupon, accrued interest and yield for each separate
security; and
3. A statement as to the compliance with this Policy and State law.
6.2 ANNUAL REPORTING
Within 90 days following the end of the fiscal year, the Investment Officers will present to the
City Council a comprehensive annual report on the investment program and investment activity.
In addition to the information required for quarterly reporting, the annual report will include a
review of the activities and return for the twelve months, suggest Policy revisions and
improvements that might enhance the investment program, and include an investment plan for
the ensuing fiscal year.
6.3 PERFORMANCE STANDARDS
In order to evaluate portfolio performance of funds subject to this Policy, the City establishes
“weighted average yield to maturity” as the standard portfolio performance measurement. The
portfolio’s performance will be compared against appropriately competitive and reasonable
benchmarks, including money market mutual funds or investment pools of similar make-up and
maturities.
6.4 COMPLIANCE
The quarterly reports shall be formally reviewed and a compliance audit of management
controls and adherence to this Policy as it relates to the City’s investments and investing activity
will be performed on an annual basis in conjunction with the City’s annual financial audit. The
results shall be reported to the City Council.
SECTION 7: POLICY REVIEW AND AMENDMENTS
This Investment Policy will be reviewed by the City Council on at least an annual basis as
required by the Public Funds Investment Act and make amendments as necessary. The
Council will review the Policy as part of the annual investment report presented by staff.
Attachment number 2 \nPage 10 of 11
Item # B
City of Georgetown Investment Policy Page 11
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CITY OF GEORGETOWN INVESTMENT POLICY
Attachment “A”
Approved Broker/Dealer List
Bank of America/Merrill Lynch
UBS Paine Webber, Inc.
Duncan Williams
Rice Financial
Morgan Keegan
JPMorgan Chase Securities
Coastal Securities
Great Pacific Securities
These broker/dealers meet the City’s Investment Policy requirements.
Attachment number 2 \nPage 11 of 11
Item # B
GOVERNMENT CODE
TITLE 10. GENERAL GOVERNMENT
SUBTITLE F. STATE AND LOCAL CONTRACTS AND FUND MANAGEMENT
CHAPTER 2256. PUBLIC FUNDS INVESTMENT
SUBCHAPTER A. AUTHORIZED INVESTMENTS FOR GOVERNMENTAL ENTITIES
Sec. 2256.001. SHORT TITLE. This chapter may be cited as the
Public Funds Investment Act.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.002. DEFINITIONS. In this chapter:
(1) "Bond proceeds" means the proceeds from the sale of
bonds, notes, and other obligations issued by an entity, and reserves
and funds maintained by an entity for debt service purposes.
(2) "Book value" means the original acquisition cost of an
investment plus or minus the accrued amortization or accretion.
(3) "Funds" means public funds in the custody of a state
agency or local government that:
(A) are not required by law to be deposited in the
state treasury; and
(B) the investing entity has authority to invest.
(4) "Institution of higher education" has the meaning
assigned by Section 61.003, Education Code.
(5) "Investing entity" and "entity" mean an entity subject
to this chapter and described by Section 2256.003.
(6) "Investment pool" means an entity created under this
code to invest public funds jointly on behalf of the entities that
participate in the pool and whose investment objectives in order of
priority are:
(A) preservation and safety of principal;
(B) liquidity; and
(C) yield.
(7) "Local government" means a municipality, a county, a
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school district, a district or authority created under
Section 52(b)(1) or (2), Article III, or Section 59, Article XVI,
Texas Constitution, a fresh water supply district, a hospital
district, and any political subdivision, authority, public
corporation, body politic, or instrumentality of the State of Texas,
and any nonprofit corporation acting on behalf of any of those
entities.
(8) "Market value" means the current face or par value of
an investment multiplied by the net selling price of the security as
quoted by a recognized market pricing source quoted on the valuation
date.
(9) "Pooled fund group" means an internally created fund
of an investing entity in which one or more institutional accounts of
the investing entity are invested.
(10) "Qualified representative" means a person who holds a
position with a business organization, who is authorized to act on
behalf of the business organization, and who is one of the following:
(A) for a business organization doing business that
is regulated by or registered with a securities commission, a person
who is registered under the rules of the National Association of
Securities Dealers;
(B) for a state or federal bank, a savings bank, or a
state or federal credit union, a member of the loan committee for the
bank or branch of the bank or a person authorized by corporate
resolution to act on behalf of and bind the banking institution;
(C) for an investment pool, the person authorized by
the elected official or board with authority to administer the
activities of the investment pool to sign the written instrument on
behalf of the investment pool; or
(D) for an investment management firm registered
under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et
seq.) or, if not subject to registration under that Act, registered
with the State Securities Board, a person who is an officer or
principal of the investment management firm.
(11) "School district" means a public school district.
(12) "Separately invested asset" means an account or fund
of a state agency or local government that is not invested in a pooled
fund group.
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(13) "State agency" means an office, department,
commission, board, or other agency that is part of any branch of state
government, an institution of higher education, and any nonprofit
corporation acting on behalf of any of those entities.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1421, Sec. 1, eff. Sept. 1, 1997; Acts 1999,
76th Leg., ch. 1454, Sec. 1, eff. Sept. 1, 1999.
Sec. 2256.003. AUTHORITY TO INVEST FUNDS; ENTITIES SUBJECT TO
THIS CHAPTER. (a) Each governing body of the following entities may
purchase, sell, and invest its funds and funds under its control in
investments authorized under this subchapter in compliance with
investment policies approved by the governing body and according to
the standard of care prescribed by Section 2256.006:
(1) a local government;
(2) a state agency;
(3) a nonprofit corporation acting on behalf of a local
government or a state agency; or
(4) an investment pool acting on behalf of two or more
local governments, state agencies, or a combination of those entities.
(b) In the exercise of its powers under Subsection (a), the
governing body of an investing entity may contract with an investment
management firm registered under the Investment Advisers Act of 1940
(15 U.S.C. Section 80b-1 et seq.) or with the State Securities Board
to provide for the investment and management of its public funds or
other funds under its control. A contract made under authority of this
subsection may not be for a term longer than two years. A renewal or
extension of the contract must be made by the governing body of the
investing entity by order, ordinance, or resolution.
(c) This chapter does not prohibit an investing entity or
investment officer from using the entity's employees or the services
of a contractor of the entity to aid the investment officer in the
execution of the officer's duties under this chapter.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1999, 76th Leg., ch. 1454, Sec. 2, eff. Sept. 1, 1999.
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Item # B
Sec. 2256.004. APPLICABILITY. (a) This subchapter does not
apply to:
(1) a public retirement system as defined by Section
802.001;
(2) state funds invested as authorized by Section 404.024;
(3) an institution of higher education having total
endowments of at least $95 million in book value on May 1, 1995;
(4) funds invested by the Veterans' Land Board as
authorized by Chapter 161, 162, or 164, Natural Resources Code;
(5) registry funds deposited with the county or district
clerk under Chapter 117, Local Government Code; or
(6) a deferred compensation plan that qualifies under
either Section 401(k) or 457 of the Internal Revenue Code of 1986 (26
U.S.C. Section 1 et seq.), as amended.
(b) This subchapter does not apply to an investment donated to
an investing entity for a particular purpose or under terms of use
specified by the donor.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 505, Sec. 24, eff. Sept. 1, 1997; Acts 1997,
75th Leg., ch. 1421, Sec. 2, eff. Sept. 1, 1997; Acts 1999, 76th Leg.,
ch. 62, Sec. 8.21, eff. Sept. 1, 1999; Acts 1999, 76th Leg., ch. 1454,
Sec. 3, eff. Sept. 1, 1999.
Sec. 2256.005. INVESTMENT POLICIES; INVESTMENT STRATEGIES;
INVESTMENT OFFICER. (a) The governing body of an investing entity
shall adopt by rule, order, ordinance, or resolution, as appropriate,
a written investment policy regarding the investment of its funds and
funds under its control.
(b) The investment policies must:
(1) be written;
(2) primarily emphasize safety of principal and liquidity;
(3) address investment diversification, yield, and
maturity and the quality and capability of investment management; and
(4) include:
(A) a list of the types of authorized investments in
which the investing entity's funds may be invested;
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(B) the maximum allowable stated maturity of any
individual investment owned by the entity;
(C) for pooled fund groups, the maximum dollar-
weighted average maturity allowed based on the stated maturity date
for the portfolio;
(D) methods to monitor the market price of
investments acquired with public funds; and
(E) a requirement for settlement of all transactions,
except investment pool funds and mutual funds, on a delivery versus
payment basis.
(c) The investment policies may provide that bids for
certificates of deposit be solicited:
(1) orally;
(2) in writing;
(3) electronically; or
(4) in any combination of those methods.
(d) As an integral part of an investment policy, the governing
body shall adopt a separate written investment strategy for each of
the funds or group of funds under its control. Each investment
strategy must describe the investment objectives for the particular
fund using the following priorities in order of importance:
(1) understanding of the suitability of the investment to
the financial requirements of the entity;
(2) preservation and safety of principal;
(3) liquidity;
(4) marketability of the investment if the need arises to
liquidate the investment before maturity;
(5) diversification of the investment portfolio; and
(6) yield.
(e) The governing body of an investing entity shall review its
investment policy and investment strategies not less than annually.
The governing body shall adopt a written instrument by rule, order,
ordinance, or resolution stating that it has reviewed the investment
policy and investment strategies and that the written instrument so
adopted shall record any changes made to either the investment policy
or investment strategies.
(f) Each investing entity shall designate, by rule, order,
ordinance, or resolution, as appropriate, one or more officers or
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employees of the state agency, local government, or investment
pool as investment officer to be responsible for the investment of its
funds consistent with the investment policy adopted by the entity. If
the governing body of an investing entity has contracted with another
investing entity to invest its funds, the investment officer of the
other investing entity is considered to be the investment officer of
the first investing entity for purposes of this chapter. Authority
granted to a person to invest an entity's funds is effective until
rescinded by the investing entity, until the expiration of the
officer's term or the termination of the person's employment by the
investing entity, or if an investment management firm, until the
expiration of the contract with the investing entity. In the
administration of the duties of an investment officer, the person
designated as investment officer shall exercise the judgment and care,
under prevailing circumstances, that a prudent person would exercise
in the management of the person's own affairs, but the governing body
of the investing entity retains ultimate responsibility as fiduciaries
of the assets of the entity. Unless authorized by law, a person may
not deposit, withdraw, transfer, or manage in any other manner the
funds of the investing entity.
(g) Subsection (f) does not apply to a state agency, local
government, or investment pool for which an officer of the entity is
assigned by law the function of investing its funds.
Text of subsec. (h) as amended by Acts 1997, 75th Leg., ch. 685, Sec.
1
(h) An officer or employee of a commission created under
Chapter 391, Local Government Code, is ineligible to be an investment
officer for the commission under Subsection (f) if the officer or
employee is an investment officer designated under Subsection (f) for
another local government.
Text of subsec. (h) as amended by Acts 1997, 75th Leg., ch. 1421, Sec.
3
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(h) An officer or employee of a commission created under
Chapter 391, Local Government Code, is ineligible to be designated as
an investment officer under Subsection (f) for any investing entity
other than for that commission.
(i) An investment officer of an entity who has a personal
business relationship with a business organization offering to engage
in an investment transaction with the entity shall file a statement
disclosing that personal business interest. An investment officer who
is related within the second degree by affinity or consanguinity, as
determined under Chapter 573, to an individual seeking to sell an
investment to the investment officer's entity shall file a statement
disclosing that relationship. A statement required under this
subsection must be filed with the Texas Ethics Commission and the
governing body of the entity. For purposes of this subsection, an
investment officer has a personal business relationship with a
business organization if:
(1) the investment officer owns 10 percent or more of the
voting stock or shares of the business organization or owns $5,000 or
more of the fair market value of the business organization;
(2) funds received by the investment officer from the
business organization exceed 10 percent of the investment officer's
gross income for the previous year; or
(3) the investment officer has acquired from the business
organization during the previous year investments with a book value of
$2,500 or more for the personal account of the investment officer.
(j) The governing body of an investing entity may specify in
its investment policy that any investment authorized by this chapter
is not suitable.
(k) A written copy of the investment policy shall be presented
to any person offering to engage in an investment transaction with an
investing entity or to an investment management firm under contract
with an investing entity to invest or manage the entity's investment
portfolio. For purposes of this subsection, a business organization
includes investment pools and an investment management firm under
contract with an investing entity to invest or manage the entity's
investment portfolio. Nothing in this subsection relieves the
investing entity of the responsibility for monitoring the investments
made by the investing entity to determine that they are in compliance
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with the investment policy. The qualified representative of the
business organization offering to engage in an investment transaction
with an investing entity shall execute a written instrument in a form
acceptable to the investing entity and the business organization
substantially to the effect that the business organization has:
(1) received and reviewed the investment policy of the
entity; and
(2) acknowledged that the business organization has
implemented reasonable procedures and controls in an effort to
preclude investment transactions conducted between the entity and the
organization that are not authorized by the entity's investment
policy, except to the extent that this authorization is dependent on
an analysis of the makeup of the entity's entire portfolio or requires
an interpretation of subjective investment standards.
(l) The investment officer of an entity may not acquire or
otherwise obtain any authorized investment described in the investment
policy of the investing entity from a person who has not delivered to
the entity the instrument required by Subsection (k).
(m) An investing entity other than a state agency, in
conjunction with its annual financial audit, shall perform a
compliance audit of management controls on investments and adherence
to the entity's established investment policies.
(n) Except as provided by Subsection (o), at least once every
two years a state agency shall arrange for a compliance audit of
management controls on investments and adherence to the agency's
established investment policies. The compliance audit shall be
performed by the agency's internal auditor or by a private auditor
employed in the manner provided by Section 321.020. Not later than
January 1 of each even-numbered year a state agency shall report the
results of the most recent audit performed under this subsection to
the state auditor. Subject to a risk assessment and to the legislative
audit committee's approval of including a review by the state auditor
in the audit plan under Section 321.013, the state auditor may review
information provided under this section. If review by the state
auditor is approved by the legislative audit committee, the state
auditor may, based on its review, require a state agency to also
report to the state auditor other information the state auditor
determines necessary to assess compliance with laws and policies
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applicable to state agency investments. A report under this
subsection shall be prepared in a manner the state auditor prescribes.
(o) The audit requirements of Subsection (n) do not apply to
assets of a state agency that are invested by the comptroller under
Section 404.024.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 685, Sec. 1, eff. Sept. 1, 1997; Acts 1997,
75th Leg., ch. 1421, Sec. 3, eff. Sept. 1, 1997; Acts 1999, 76th Leg.,
ch. 1454, Sec. 4, eff. Sept. 1, 1999; Acts 2003, 78th Leg., ch. 785,
Sec. 41, eff. Sept. 1, 2003.
Sec. 2256.006. STANDARD OF CARE. (a) Investments shall be
made with judgment and care, under prevailing circumstances, that a
person of prudence, discretion, and intelligence would exercise in the
management of the person's own affairs, not for speculation, but for
investment, considering the probable safety of capital and the
probable income to be derived. Investment of funds shall be governed
by the following investment objectives, in order of priority:
(1) preservation and safety of principal;
(2) liquidity; and
(3) yield.
(b) In determining whether an investment officer has exercised
prudence with respect to an investment decision, the determination
shall be made taking into consideration:
(1) the investment of all funds, or funds under the
entity's control, over which the officer had responsibility rather
than a consideration as to the prudence of a single investment; and
(2) whether the investment decision was consistent with
the written investment policy of the entity.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.007. INVESTMENT TRAINING; STATE AGENCY BOARD MEMBERS
AND OFFICERS. (a) Each member of the governing board of a state
agency and its investment officer shall attend at least one training
session relating to the person's responsibilities under this chapter
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within six months after taking office or assuming duties.
(b) The Texas Higher Education Coordinating Board shall provide
the training under this section.
(c) Training under this section must include education in
investment controls, security risks, strategy risks, market risks,
diversification of investment portfolio, and compliance with this
chapter.
(d) An investment officer shall attend a training session not
less than once in a two-year period and may receive training from any
independent source approved by the governing body of the state agency.
The investment officer shall prepare a report on this subchapter and
deliver the report to the governing body of the state agency not later
than the 180th day after the last day of each regular session of the
legislature.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 73, Sec. 1, eff. May 9, 1997; Acts 1997,
75th Leg., ch. 1421, Sec. 4, eff. Sept. 1, 1997; Acts 1999, 76th Leg.,
ch. 1454, Sec. 5, eff. Sept. 1, 1999.
Sec. 2256.008. INVESTMENT TRAINING; LOCAL
GOVERNMENTS. (a) Except as provided by Subsections (b) and (e), the
treasurer, the chief financial officer if the treasurer is not the
chief financial officer, and the investment officer of a local
government shall:
(1) attend at least one training session from an
independent source approved by the governing body of the local
government or a designated investment committee advising the
investment officer as provided for in the investment policy of the
local government and containing at least 10 hours of instruction
relating to the treasurer's or officer's responsibilities under this
subchapter within 12 months after taking office or assuming duties;
and
(2) except as provided by Subsections (b) and (e), attend
an investment training session not less than once in a two-year period
and receive not less than 10 hours of instruction relating to
investment responsibilities under this subchapter from an independent
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source approved by the governing body of the local
government or a designated investment committee advising the
investment officer as provided for in the investment policy of the
local government.
(b) An investing entity created under authority of Section 52
(b), Article III, or Section 59, Article XVI, Texas Constitution, that
has contracted with an investment management firm under Section
2256.003(b) and has fewer than five full-time employees or an
investing entity that has contracted with another investing entity to
invest the entity's funds may satisfy the training requirement
provided by Subsection (a)(2) by having an officer of the governing
body attend four hours of appropriate instruction in a two-year
period. The treasurer or chief financial officer of an investing
entity created under authority of Section 52(b), Article III, or
Section 59, Article XVI, Texas Constitution, and that has fewer than
five full-time employees is not required to attend training required
by this section unless the person is also the investment officer of
the entity.
(c) Training under this section must include education in
investment controls, security risks, strategy risks, market risks,
diversification of investment portfolio, and compliance with this
chapter.
(d) Not later than December 31 each year, each individual,
association, business, organization, governmental entity, or other
person that provides training under this section shall report to the
comptroller a list of the governmental entities for which the person
provided required training under this section during that calendar
year. An individual's reporting requirements under this subsection are
satisfied by a report of the individual's employer or the sponsoring
or organizing entity of a training program or seminar.
(e) This section does not apply to a district governed by
Chapter 36 or 49, Water Code.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1421, Sec. 5, eff. Sept. 1, 1997; Acts 1999,
76th Leg., ch. 1454, Sec. 6, eff. Sept. 1, 1999; Acts 2001, 77th Leg.,
ch. 69, Sec. 4, eff. May 14, 2001.
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Sec. 2256.009. AUTHORIZED INVESTMENTS: OBLIGATIONS OF, OR
GUARANTEED BY GOVERNMENTAL ENTITIES. (a) Except as provided by
Subsection (b), the following are authorized investments under this
subchapter:
(1) obligations, including letters of credit, of the
United States or its agencies and instrumentalities;
(2) direct obligations of this state or its agencies and
instrumentalities;
(3) collateralized mortgage obligations directly issued by
a federal agency or instrumentality of the United States, the
underlying security for which is guaranteed by an agency or
instrumentality of the United States;
(4) other obligations, the principal and interest of which
are unconditionally guaranteed or insured by, or backed by the full
faith and credit of, this state or the United States or their
respective agencies and instrumentalities;
(5) obligations of states, agencies, counties, cities, and
other political subdivisions of any state rated as to investment
quality by a nationally recognized investment rating firm not less
than A or its equivalent; and
(6) bonds issued, assumed, or guaranteed by the State of
Israel.
(b) The following are not authorized investments under this
section:
(1) obligations whose payment represents the coupon
payments on the outstanding principal balance of the underlying
mortgage-backed security collateral and pays no principal;
(2) obligations whose payment represents the principal
stream of cash flow from the underlying mortgage-backed security
collateral and bears no interest;
(3) collateralized mortgage obligations that have a stated
final maturity date of greater than 10 years; and
(4) collateralized mortgage obligations the interest rate
of which is determined by an index that adjusts opposite to the
changes in a market index.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
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Acts 1999, 76th Leg., ch. 1454, Sec. 7, eff. Sept. 1, 1999; Acts 2001,
77th Leg., ch. 558, Sec. 1, eff. Sept. 1, 2001.
Sec. 2256.010. AUTHORIZED INVESTMENTS: CERTIFICATES OF DEPOSIT
AND SHARE CERTIFICATES. (a) A certificate of deposit or share
certificate is an authorized investment under this subchapter if the
certificate is issued by a depository institution that has its main
office or a branch office in this state and is:
(1) guaranteed or insured by the Federal Deposit Insurance
Corporation or its successor or the National Credit Union Share
Insurance Fund or its successor;
(2) secured by obligations that are described by Section
2256.009(a), including mortgage backed securities directly issued by a
federal agency or instrumentality that have a market value of not less
than the principal amount of the certificates, but excluding those
mortgage backed securities of the nature described by Section 2256.009
(b); or
(3) secured in any other manner and amount provided by law
for deposits of the investing entity.
(b) In addition to the authority to invest funds in
certificates of deposit under Subsection (a), an investment in
certificates of deposit made in accordance with the following
conditions is an authorized investment under this subchapter:
(1) the funds are invested by an investing entity through
a depository institution that has its main office or a branch office
in this state and that is selected by the investing entity;
(2) the depository institution selected by the investing
entity under Subdivision (1) arranges for the deposit of the funds in
certificates of deposit in one or more federally insured depository
institutions, wherever located, for the account of the investing
entity;
(3) the full amount of the principal and accrued interest
of each of the certificates of deposit is insured by the United States
or an instrumentality of the United States;
(4) the depository institution selected by the investing
entity under Subdivision (1) acts as custodian for the investing
entity with respect to the certificates of deposit issued for the
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account of the investing entity; and
(5) at the same time that the funds are deposited and the
certificates of deposit are issued for the account of the investing
entity, the depository institution selected by the investing entity
under Subdivision (1) receives an amount of deposits from customers of
other federally insured depository institutions, wherever located,
that is equal to or greater than the amount of the funds invested by
the investing entity through the depository institution selected under
Subdivision (1).
Amended by Acts 1995, 74th Leg., ch. 32, Sec. 1, eff. April 28, 1995;
Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995; Acts 1997,
75th Leg., ch. 1421, Sec. 6, eff. Sept. 1, 1997.
Amended by:
Acts 2005, 79th Leg., Ch. 128, Sec. 1, eff. September 1, 2005.
Sec. 2256.011. AUTHORIZED INVESTMENTS: REPURCHASE
AGREEMENTS. (a) A fully collateralized repurchase agreement is an
authorized investment under this subchapter if the repurchase
agreement:
(1) has a defined termination date;
(2) is secured by obligations described by Section
2256.009(a)(1); and
(3) requires the securities being purchased by the entity
to be pledged to the entity, held in the entity's name, and deposited
at the time the investment is made with the entity or with a third
party selected and approved by the entity; and
(4) is placed through a primary government securities
dealer, as defined by the Federal Reserve, or a financial institution
doing business in this state.
(b) In this section, "repurchase agreement" means a
simultaneous agreement to buy, hold for a specified time, and sell
back at a future date obligations described by Section 2256.009(a)(1),
at a market value at the time the funds are disbursed of not less than
the principal amount of the funds disbursed. The term includes a
direct security repurchase agreement and a reverse security repurchase
agreement.
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(c) Notwithstanding any other law, the term of any reverse
security repurchase agreement may not exceed 90 days after the date
the reverse security repurchase agreement is delivered.
(d) Money received by an entity under the terms of a reverse
security repurchase agreement shall be used to acquire additional
authorized investments, but the term of the authorized investments
acquired must mature not later than the expiration date stated in the
reverse security repurchase agreement.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.0115. AUTHORIZED INVESTMENTS: SECURITIES LENDING
PROGRAM. (a) A securities lending program is an authorized
investment under this subchapter if it meets the conditions provided
by this section.
(b) To qualify as an authorized investment under this
subchapter:
(1) the value of securities loaned under the program must
be not less than 100 percent collateralized, including accrued income;
(2) a loan made under the program must allow for
termination at any time;
(3) a loan made under the program must be secured by:
(A) pledged securities described by Section 2256.009;
(B) pledged irrevocable letters of credit issued by a
bank that is:
(i) organized and existing under the laws of the
United States or any other state; and
(ii) continuously rated by at least one
nationally recognized investment rating firm at not less than A or its
equivalent; or
(C) cash invested in accordance with Section:
(i) 2256.009;
(ii) 2256.013;
(iii) 2256.014; or
(iv) 2256.016;
(4) the terms of a loan made under the program must
require that the securities being held as collateral be:
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(A) pledged to the investing entity;
(B) held in the investing entity's name; and
(C) deposited at the time the investment is made with
the entity or with a third party selected by or approved by the
investing entity;
(5) a loan made under the program must be placed through:
(A) a primary government securities dealer, as
defined by 5 C.F.R. Section 6801.102(f), as that regulation existed on
September 1, 2003; or
(B) a financial institution doing business in this
state; and
(6) an agreement to lend securities that is executed under
this section must have a term of one year or less.
Added by Acts 2003, 78th Leg., ch. 1227, Sec. 1, eff. Sept. 1, 2003.
Sec. 2256.012. AUTHORIZED INVESTMENTS: BANKER'S ACCEPTANCES. A
bankers' acceptance is an authorized investment under this subchapter
if the bankers' acceptance:
(1) has a stated maturity of 270 days or fewer from the
date of its issuance;
(2) will be, in accordance with its terms, liquidated in
full at maturity;
(3) is eligible for collateral for borrowing from a
Federal Reserve Bank; and
(4) is accepted by a bank organized and existing under the
laws of the United States or any state, if the short-term obligations
of the bank, or of a bank holding company of which the bank is the
largest subsidiary, are rated not less than A-1 or P-1 or an
equivalent rating by at least one nationally recognized credit rating
agency.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.013. AUTHORIZED INVESTMENTS: COMMERCIAL
PAPER. Commercial paper is an authorized investment under this
subchapter if the commercial paper:
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(1) has a stated maturity of 270 days or fewer from the
date of its issuance; and
(2) is rated not less than A-1 or P-1 or an equivalent
rating by at least:
(A) two nationally recognized credit rating agencies;
or
(B) one nationally recognized credit rating agency
and is fully secured by an irrevocable letter of credit issued by a
bank organized and existing under the laws of the United States or any
state.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.014. AUTHORIZED INVESTMENTS: MUTUAL FUNDS. (a) A
no-load money market mutual fund is an authorized investment under
this subchapter if the mutual fund:
(1) is registered with and regulated by the Securities and
Exchange Commission;
(2) provides the investing entity with a prospectus and
other information required by the Securities Exchange Act of 1934 (15
U.S.C. Section 78a et seq.) or the Investment Company Act of 1940 (15
U.S.C. Section 80a-1 et seq.);
(3) has a dollar-weighted average stated maturity of 90
days or fewer; and
(4) includes in its investment objectives the maintenance
of a stable net asset value of $1 for each share.
(b) In addition to a no-load money market mutual fund permitted
as an authorized investment in Subsection (a), a no-load mutual fund
is an authorized investment under this subchapter if the mutual fund:
(1) is registered with the Securities and Exchange
Commission;
(2) has an average weighted maturity of less than two
years;
(3) is invested exclusively in obligations approved by
this subchapter;
(4) is continuously rated as to investment quality by at
least one nationally recognized investment rating firm of not less
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than AAA or its equivalent; and
(5) conforms to the requirements set forth in Sections
2256.016(b) and (c) relating to the eligibility of investment pools to
receive and invest funds of investing entities.
(c) An entity is not authorized by this section to:
(1) invest in the aggregate more than 15 percent of its
monthly average fund balance, excluding bond proceeds and reserves and
other funds held for debt service, in mutual funds described in
Subsection (b);
(2) invest any portion of bond proceeds, reserves and
funds held for debt service, in mutual funds described in Subsection
(b); or
(3) invest its funds or funds under its control, including
bond proceeds and reserves and other funds held for debt service, in
any one mutual fund described in Subsection (a) or (b) in an amount
that exceeds 10 percent of the total assets of the mutual fund.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1421, Sec. 7, eff. Sept. 1, 1997; Acts 1999,
76th Leg., ch. 1454, Sec. 8, eff. Sept. 1, 1999.
Sec. 2256.015. AUTHORIZED INVESTMENTS: GUARANTEED INVESTMENT
CONTRACTS. (a) A guaranteed investment contract is an authorized
investment for bond proceeds under this subchapter if the guaranteed
investment contract:
(1) has a defined termination date;
(2) is secured by obligations described by Section
2256.009(a)(1), excluding those obligations described by Section
2256.009(b), in an amount at least equal to the amount of bond
proceeds invested under the contract; and
(3) is pledged to the entity and deposited with the entity
or with a third party selected and approved by the entity.
(b) Bond proceeds, other than bond proceeds representing
reserves and funds maintained for debt service purposes, may not be
invested under this subchapter in a guaranteed investment contract
with a term of longer than five years from the date of issuance of the
bonds.
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(c) To be eligible as an authorized investment:
(1) the governing body of the entity must specifically
authorize guaranteed investment contracts as an eligible investment in
the order, ordinance, or resolution authorizing the issuance of bonds;
(2) the entity must receive bids from at least three
separate providers with no material financial interest in the bonds
from which proceeds were received;
(3) the entity must purchase the highest yielding
guaranteed investment contract for which a qualifying bid is received;
(4) the price of the guaranteed investment contract must
take into account the reasonably expected drawdown schedule for the
bond proceeds to be invested; and
(5) the provider must certify the administrative costs
reasonably expected to be paid to third parties in connection with the
guaranteed investment contract.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1421, Sec. 8, eff. Sept. 1, 1997; Acts 1999,
76th Leg., ch. 1454, Sec. 9, 10, eff. Sept. 1, 1999.
Sec. 2256.016. AUTHORIZED INVESTMENTS: INVESTMENT
POOLS. (a) An entity may invest its funds and funds under its
control through an eligible investment pool if the governing body of
the entity by rule, order, ordinance, or resolution, as appropriate,
authorizes investment in the particular pool. An investment pool shall
invest the funds it receives from entities in authorized investments
permitted by this subchapter.
(b) To be eligible to receive funds from and invest funds on
behalf of an entity under this chapter, an investment pool must
furnish to the investment officer or other authorized representative
of the entity an offering circular or other similar disclosure
instrument that contains, at a minimum, the following information:
(1) the types of investments in which money is allowed to
be invested;
(2) the maximum average dollar-weighted maturity allowed,
based on the stated maturity date, of the pool;
(3) the maximum stated maturity date any investment
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security within the portfolio has;
(4) the objectives of the pool;
(5) the size of the pool;
(6) the names of the members of the advisory board of the
pool and the dates their terms expire;
(7) the custodian bank that will safekeep the pool's
assets;
(8) whether the intent of the pool is to maintain a net
asset value of one dollar and the risk of market price fluctuation;
(9) whether the only source of payment is the assets of
the pool at market value or whether there is a secondary source of
payment, such as insurance or guarantees, and a description of the
secondary source of payment;
(10) the name and address of the independent auditor of
the pool;
(11) the requirements to be satisfied for an entity to
deposit funds in and withdraw funds from the pool and any deadlines or
other operating policies required for the entity to invest funds in
and withdraw funds from the pool; and
(12) the performance history of the pool, including yield,
average dollar-weighted maturities, and expense ratios.
(c) To maintain eligibility to receive funds from and invest
funds on behalf of an entity under this chapter, an investment pool
must furnish to the investment officer or other authorized
representative of the entity:
(1) investment transaction confirmations; and
(2) a monthly report that contains, at a minimum, the
following information:
(A) the types and percentage breakdown of securities
in which the pool is invested;
(B) the current average dollar-weighted maturity,
based on the stated maturity date, of the pool;
(C) the current percentage of the pool's portfolio in
investments that have stated maturities of more than one year;
(D) the book value versus the market value of the
pool's portfolio, using amortized cost valuation;
(E) the size of the pool;
(F) the number of participants in the pool;
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(G) the custodian bank that is safekeeping the assets
of the pool;
(H) a listing of daily transaction activity of the
entity participating in the pool;
(I) the yield and expense ratio of the pool;
(J) the portfolio managers of the pool; and
(K) any changes or addenda to the offering circular.
(d) An entity by contract may delegate to an investment pool
the authority to hold legal title as custodian of investments
purchased with its local funds.
(e) In this section, "yield" shall be calculated in accordance
with regulations governing the registration of open-end management
investment companies under the Investment Company Act of 1940, as
promulgated from time to time by the federal Securities and Exchange
Commission.
(f) To be eligible to receive funds from and invest funds on
behalf of an entity under this chapter, a public funds investment pool
created to function as a money market mutual fund must mark its
portfolio to market daily, and, to the extent reasonably possible,
stabilize at a $1 net asset value. If the ratio of the market value of
the portfolio divided by the book value of the portfolio is less than
0.995 or greater than 1.005, portfolio holdings shall be sold as
necessary to maintain the ratio between 0.995 and 1.005.
(g) To be eligible to receive funds from and invest funds on
behalf of an entity under this chapter, a public funds investment pool
must have an advisory board composed:
(1) equally of participants in the pool and other persons
who do not have a business relationship with the pool and are
qualified to advise the pool, for a public funds investment pool
created under Chapter 791 and managed by a state agency; or
(2) of participants in the pool and other persons who do
not have a business relationship with the pool and are qualified to
advise the pool, for other investment pools.
(h) To maintain eligibility to receive funds from and invest
funds on behalf of an entity under this chapter, an investment pool
must be continuously rated no lower than AAA or AAA-m or at an
equivalent rating by at least one nationally recognized rating
service.
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Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1421, Sec. 9, eff. Sept. 1, 1997.
Sec. 2256.017. EXISTING INVESTMENTS. An entity is not required
to liquidate investments that were authorized investments at the time
of purchase.
Added by Acts 1995, 74th Leg., ch. 76, Sec. 5.46(a), eff. Sept. 1,
1995; Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Amended by Acts 1997, 75th Leg., ch. 1421, Sec. 10, eff. Sept. 1,
1997.
Sec. 2256.019. RATING OF CERTAIN INVESTMENT POOLS. A public
funds investment pool must be continuously rated no lower than AAA or
AAA-m or at an equivalent rating by at least one nationally recognized
rating service or no lower than investment grade by at least one
nationally recognized rating service with a weighted average maturity
no greater than 90 days.
Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Amended by Acts 1997, 75th Leg., ch. 1421, Sec. 11, eff. Sept. 1,
1997.
Sec. 2256.020. AUTHORIZED INVESTMENTS: INSTITUTIONS OF HIGHER
EDUCATION. In addition to the authorized investments permitted by
this subchapter, an institution of higher education may purchase,
sell, and invest its funds and funds under its control in the
following:
(1) cash management and fixed income funds sponsored by
organizations exempt from federal income taxation under Section 501
(f), Internal Revenue Code of 1986 (26 U.S.C. Section 501(f));
(2) negotiable certificates of deposit issued by a bank
that has a certificate of deposit rating of at least 1 or the
equivalent by a nationally recognized credit rating agency or that is
associated with a holding company having a commercial paper rating of
at least A-1, P-1, or the equivalent by a nationally recognized credit
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rating agency; and
(3) corporate bonds, debentures, or similar debt
obligations rated by a nationally recognized investment rating firm in
one of the two highest long-term rating categories, without regard to
gradations within those categories.
Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.0201. AUTHORIZED INVESTMENTS; MUNICIPAL
UTILITY. (a) A municipality that owns a municipal electric utility
that is engaged in the distribution and sale of electric energy or
natural gas to the public may enter into a hedging contract and
related security and insurance agreements in relation to fuel oil,
natural gas, coal, nuclear fuel, and electric energy to protect
against loss due to price fluctuations. A hedging transaction must
comply with the regulations of the Commodity Futures Trading
Commission and the Securities and Exchange Commission. If there is a
conflict between the municipal charter of the municipality and this
chapter, this chapter prevails.
(b) A payment by a municipally owned electric or gas utility
under a hedging contract or related agreement in relation to fuel
supplies or fuel reserves is a fuel expense, and the utility may
credit any amounts it receives under the contract or agreement against
fuel expenses.
(c) The governing body of a municipally owned electric or gas
utility or the body vested with power to manage and operate the
municipally owned electric or gas utility may set policy regarding
hedging transactions.
(d) In this section, "hedging" means the buying and selling of
fuel oil, natural gas, coal, nuclear fuel, and electric energy futures
or options or similar contracts on those commodities and related
transportation costs as a protection against loss due to price
fluctuation.
Added by Acts 1999, 76th Leg., ch. 405, Sec. 48, eff. Sept. 1, 1999.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 7, Sec. 1, eff. April 13, 2007.
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Sec. 2256.0202. AUTHORIZED INVESTMENTS: MUNICIPAL FUNDS FROM
MANAGEMENT AND DEVELOPMENT OF MINERAL RIGHTS. (a) In addition to
other investments authorized under this subchapter, a municipality may
invest funds received by the municipality from a lease or contract for
the management and development of land owned by the municipality and
leased for oil, gas, or other mineral development in any investment
authorized to be made by a trustee under Subtitle B, Title 9, Property
Code (Texas Trust Code).
(b) Funds invested by a municipality under this section shall
be segregated and accounted for separately from other funds of the
municipality.
Added by Acts 2009, 81st Leg., R.S., Ch. 1371, Sec. 1, eff. September
1, 2009.
Sec. 2256.0205. AUTHORIZED INVESTMENTS; DECOMMISSIONING
TRUST. (a) In this section:
(1) "Decommissioning trust" means a trust created to
provide the Nuclear Regulatory Commission assurance that funds will be
available for decommissioning purposes as required under 10 C.F.R.
Part 50 or other similar regulation.
(2) "Funds" includes any money held in a decommissioning
trust regardless of whether the money is considered to be public funds
under this subchapter.
(b) In addition to other investments authorized under this
subchapter, a municipality that owns a municipal electric utility that
is engaged in the distribution and sale of electric energy or natural
gas to the public may invest funds held in a decommissioning trust in
any investment authorized by Subtitle B, Title 9, Property Code.
Added by Acts 2005, 79th Leg., Ch. 121, Sec. 1, eff. September 1,
2005.
Sec. 2256.021. EFFECT OF LOSS OF REQUIRED RATING. An
investment that requires a minimum rating under this subchapter does
not qualify as an authorized investment during the period the
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Item # B
investment does not have the minimum rating. An entity shall
take all prudent measures that are consistent with its investment
policy to liquidate an investment that does not have the minimum
rating.
Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.022. EXPANSION OF INVESTMENT AUTHORITY. Expansion of
investment authority granted by this chapter shall require a risk
assessment by the state auditor or performed at the direction of the
state auditor, subject to the legislative audit committee's approval
of including the review in the audit plan under Section 321.013.
Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Amended by Acts 2003, 78th Leg., ch. 785, Sec. 42, eff. Sept. 1, 2003.
Sec. 2256.023. INTERNAL MANAGEMENT REPORTS. (a) Not less than
quarterly, the investment officer shall prepare and submit to the
governing body of the entity a written report of investment
transactions for all funds covered by this chapter for the preceding
reporting period.
(b) The report must:
(1) describe in detail the investment position of the
entity on the date of the report;
(2) be prepared jointly by all investment officers of the
entity;
(3) be signed by each investment officer of the entity;
(4) contain a summary statement, prepared in compliance
with generally accepted accounting principles, of each pooled fund
group that states the:
(A) beginning market value for the reporting period;
(B) additions and changes to the market value during
the period;
(C) ending market value for the period; and
(D) fully accrued interest for the reporting period;
(5) state the book value and market value of each
separately invested asset at the beginning and end of the reporting
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Item # B
period by the type of asset and fund type invested;
(6) state the maturity date of each separately invested
asset that has a maturity date;
(7) state the account or fund or pooled group fund in the
state agency or local government for which each individual investment
was acquired; and
(8) state the compliance of the investment portfolio of
the state agency or local government as it relates to:
(A) the investment strategy expressed in the agency's
or local government's investment policy; and
(B) relevant provisions of this chapter.
(c) The report shall be presented not less than quarterly to
the governing body and the chief executive officer of the entity
within a reasonable time after the end of the period.
(d) If an entity invests in other than money market mutual
funds, investment pools or accounts offered by its depository bank in
the form of certificates of deposit, or money market accounts or
similar accounts, the reports prepared by the investment officers
under this section shall be formally reviewed at least annually by an
independent auditor, and the result of the review shall be reported to
the governing body by that auditor.
Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Amended by Acts 1997, 75th Leg., ch. 1421, Sec. 12, eff. Sept. 1,
1997.
Sec. 2256.024. SUBCHAPTER CUMULATIVE. (a) The authority
granted by this subchapter is in addition to that granted by other
law. Except as provided by Subsection (b), this subchapter does not:
(1) prohibit an investment specifically authorized by
other law; or
(2) authorize an investment specifically prohibited by
other law.
(b) Except with respect to those investing entities described
in Subsection (c), a security described in Section 2256.009(b) is not
an authorized investment for a state agency, a local government, or
another investing entity, notwithstanding any other provision of this
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Attachment number 3 \nPage 26 of 29
Item # B
chapter or other law to the contrary.
(c) Mortgage pass-through certificates and individual mortgage
loans that may constitute an investment described in Section 2256.009
(b) are authorized investments with respect to the housing bond
programs operated by:
(1) the Texas Department of Housing and Community Affairs
or a nonprofit corporation created to act on its behalf;
(2) an entity created under Chapter 392, Local Government
Code; or
(3) an entity created under Chapter 394, Local Government
Code.
Added by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.025. SELECTION OF AUTHORIZED BROKERS. The governing
body of an entity subject to this subchapter or the designated
investment committee of the entity shall, at least annually, review,
revise, and adopt a list of qualified brokers that are authorized to
engage in investment transactions with the entity.
Added by Acts 1997, 75th Leg., ch. 1421, Sec. 13, eff. Sept. 1, 1997.
Sec. 2256.026. STATUTORY COMPLIANCE. All investments made by
entities must comply with this subchapter and all federal, state, and
local statutes, rules, or regulations.
Added by Acts 1997, 75th Leg., ch. 1421, Sec. 13, eff. Sept. 1, 1997.
SUBCHAPTER B. MISCELLANEOUS PROVISIONS
Sec. 2256.051. ELECTRONIC FUNDS TRANSFER. Any local government
may use electronic means to transfer or invest all funds collected or
controlled by the local government.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.052. PRIVATE AUDITOR. Notwithstanding any other law,
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Item # B
a state agency shall employ a private auditor if authorized by
the legislative audit committee either on the committee's initiative
or on request of the governing body of the agency.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995.
Sec. 2256.053. PAYMENT FOR SECURITIES PURCHASED BY STATE. The
comptroller or the disbursing officer of an agency that has the power
to invest assets directly may pay for authorized securities purchased
from or through a member in good standing of the National Association
of Securities Dealers or from or through a national or state bank on
receiving an invoice from the seller of the securities showing that
the securities have been purchased by the board or agency and that the
amount to be paid for the securities is just, due, and unpaid. A
purchase of securities may not be made at a price that exceeds the
existing market value of the securities.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1423, Sec. 8.67, eff. Sept. 1, 1997.
Sec. 2256.054. DELIVERY OF SECURITIES PURCHASED BY STATE. A
security purchased under this chapter may be delivered to the
comptroller, a bank, or the board or agency investing its funds. The
delivery shall be made under normal and recognized practices in the
securities and banking industries, including the book entry procedure
of the Federal Reserve Bank.
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1423, Sec. 8.68, eff. Sept. 1, 1997.
Sec. 2256.055. DEPOSIT OF SECURITIES PURCHASED BY STATE. At
the direction of the comptroller or the agency, a security purchased
under this chapter may be deposited in trust with a bank or federal
reserve bank or branch designated by the comptroller, whether in or
outside the state. The deposit shall be held in the entity's name as
evidenced by a trust receipt of the bank with which the securities are
deposited.
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Item # B
Amended by Acts 1995, 74th Leg., ch. 402, Sec. 1, eff. Sept. 1, 1995;
Acts 1997, 75th Leg., ch. 1423, Sec. 8.69, eff. Sept. 1, 1997.
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Item # B
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City of Georgetown, Texas
January 24, 2012
SUBJECT:
Discussion and possible direction to staff regarding Robert's Rules of Order and Parliamentary Procedures --
Rachel Saucier, Assistant City Secretary and Bridget Chapman, Acting City Attorney
ITEM SUMMARY:
At the October 25, 2011 Council Meeting the City Council considered an Agenda Item introduced by
Council Member Sattler to establish Robert's Rules of Order as a procedural guide for both City Council and
Boards and Commissions meetings. During discussion of the item Council Member Sattler noted that the
City Charter does not include a procedural guide for the Council and the Boards and Commissions
meetings. Council Member Sattler suggested using Robert’s Rules of Order as a guide for meeting
procedures that are not currently addressed in the City Code or City Charter. The City Manager suggested
that Staff compile relevant information and report back to Council for further discussion and action.
This presentation will include the City Charter and City Code provisions regarding current meeting
procedures, a summary of Robert’s Rules of Order meeting procedures, and the highlighting of the
differences for Council consideration, discussion, and direction.
FINANCIAL IMPACT:
None
SUBMITTED BY:
ATTACHMENTS:
Home Rule Charter - Section 2.09
Code of Ordinances - Chapter 2.24
Current Motions Chart - Sec. 2.24.120
Robert's Rules Motions Chart
Cover Memo
Item # C
HOME RULE CHARTER
ARTICLE II. - THE COUNCIL
SECTION 2.09. - Rules of procedure.
The Council shall by ordinance determine its own rules and order of
business. The Mayor and a majority of the members of Council shall
constitute a quorum, and in the Mayor's absence, a majority plus one of the
members of Council shall constitute a quorum. Legislation may not be
enacted unless it is adopted by a vote of not less than a majority of the
members of the Council. Should the Council be reduced to less than a
majority plus one of the members of Council by death, resignation,
nonresidence or for any other reason, the remaining members of the Council
shall constitute a quorum for the purpose of filling vacancies. Should the
Council be reduced to less than a majority plus one of the members of
Council by death, resignation, nonresidence, or for any other reason, the
remaining members of the Council shall constitute a quorum for the purpose
of filling vacancies and for the purpose of taking an emergency action to
protect the life, health, safety, property and welfare of the public. Such
emergency action shall take effect only upon the unanimous approval of the
then remaining members of the Council. The Council may adopt such rules,
and prescribe such penalties as it may see fit to enforce the attendance of its
members at all regular and called meetings of the Council or its committees.
Minutes of all meetings of the Council shall be taken and recorded in the
form and manner required by state law, and such minutes shall constitute a
public record.
(Res. No. 050603-B, 5-3-03; Ord. No. 880170 § 5 (part), 5-10-88; Ord. No.
86-12, Amend. No. 10, 2-25-86)
Attachment number 1 \nPage 1 of 1
Item # C
CODE OF ORDINANCES
Title 2 - ADMINISTRATION
CHAPTER 2.24. - CITY COUNCIL MEETING RULES AND PROCEDURES
Sec. 2.24.010. - Meetings.
Sec. 2.24.020. - Agenda—Placing items on the agenda.
Sec. 2.24.030. - Agenda—Consent agenda.
Sec. 2.24.040. - Agenda—Agenda packets.
Sec. 2.24.050. - Agenda—Notice of meetings.
Sec. 2.24.060. - Agenda—Public notices.
Sec. 2.24.070. - Chairperson.
Sec. 2.24.080. - Call to order.
Sec. 2.24.090. - General rules—Quorum.
Sec. 2.24.100. - General rules—Compelling attendance.
Sec. 2.24.110. - General rules—Right of floor.
Sec. 2.24.120. - Parliamentary procedure.
Sec. 2.24.130. - Code of conduct—Councilmembers.
Sec. 2.24.140. - Code of conduct—Citizens.
Sec. 2.24.150. - Decorum and debate.
Sec. 2.24.160. - Consideration of ordinances, resolutions and motions—Motion to
reconsider.
Sec. 2.24.170. - Consideration of ordinances, resolutions and motions—Voting
required.
Sec. 2.24.180. - Consideration of ordinances, resolutions and motions—Motion to
reconsider.
Sec. 2.24.190. - Suspension of rules.
Attachment number 2 \nPage 1 of 8
Item # C
Sec. 2.24.010. - Meetings.
Three types of meetings are recognized:
A. Regular Meetings. Regular meetings will be held on the second and fourth Tuesday
nights of each month. The meeting will be held at City Hall in the Council Chambers
commencing at 7:00 p.m., unless otherwise posted. The Council may reschedule or
cancel meetings in order to avoid conflicts, holidays and vacation periods.
B. Workshop Meetings. The purpose of such meetings shall be to discuss in depth or
explore matters of interest to the City, a meeting with one of the City's appointed
committees, or the Council alone may wish to explore a matter in detail. The purpose of
workshop meetings is to explore or discuss problems without taking specific action. The
general public can, of course, attend such meetings if they wish, but they may not
participate in the proceedings unless invited to do so. Occasionally, public hearings may
be held at workshop meetings for the convenience of the public.
C. Special Meetings. Special meetings may be called at any time by the City Secretary
upon the request of the Mayor, the City Manager or three Councilmembers. Notice of
special meetings shall be given to all members of the Council who are not absent from
the City; provided, however, that any member of the Council who did not receive notice
of a special meeting may, either before or after such special meeting is held, waive such
notice. It shall not be necessary to give notice to a Councilmember of a special meeting
held at a time when such Councilmember is absent from the City, and it shall not be
necessary for such absent Councilmember to waive such notice.
(Ord. 890458 § 2 (1))
Sec. 2.24.020. - Agenda—Placing items on the agenda.
The stipulations set forth in this section and Sections 2.24.030 through 2.24.060 relate to
the agenda for meetings of the Council:
A. The Mayor, any City Councilmember, or the City Manager may request an item to be
placed on the agenda. Any Councilmember requesting an agenda item shall be
responsible for the preparation of an appropriate agenda item cover sheet and for
presentation of the item at the meeting. Any necessary staff assistance shall be requested
through the City Manager's office. Agenda items, including any supporting materials to
be included in the agenda packets, must be received by the City Secretary's office at City
Hall by 5:00 p.m. on Tuesday of the week preceding the meeting at which the item is to
be considered.
B. Any member of the City staff wishing to have an item placed on the agenda shall
submit that item to the City Manager's office for approval. The City Manager may
establish procedures for submission of routine items without his approval.
(Ord. 2000-36 § 2; Ord. 890458 § 2 (2)(part)(A))
Attachment number 2 \nPage 2 of 8
Item # C
Sec. 2.24.030. - Agenda—Consent agenda.
Routine matters may be placed on a consent agenda which will be treated as one agenda
item. Each item included on the consent agenda must be numbered separately and be
reasonably explained. Questions and explanation of consent agenda items will be
permitted, but there will be no general discussion or debate. Council will vote on the
consent agenda as one item; passage of the consent agenda will be passage of each item
included thereon. Failure to pass the consent agenda will not defeat each item included
thereon, in such event, each item will be considered individually. Before the consent
agenda is voted upon, any item included shall be removed upon the request of any
Councilmember. Any item removed from the consent agenda upon request will be
handled separately in the same manner as an agenda item.
(Ord. 890458 § 2 (2)(B))
Sec. 2.24.040. - Agenda—Agenda packets.
The agenda packets for all regular meetings will be made available to Councilmembers
and for public review at the Georgetown Public Library at 5:00 p.m. on Friday afternoon
preceding the meetings. Incomplete items contained in the agenda packets are subject to
being deferred to the next regular meeting.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (2)(C))
Sec. 2.24.050. - Agenda—Notice of meetings.
The agenda for all meetings shall be posted by the City Secretary or his/her designee on
the City's official bulletin board and notice of all meetings shall be given by the City
Secretary pursuant to the requirements of the Texas Open Meetings Law. (Article 6252-
17, V.T.C.S.)
(Ord. 890458 § 2 (2)(D))
Sec. 2.24.060. - Agenda—Public notices.
The City Secretary's office will assume responsibility for issuing to newspapers, radio
and television stations a copy of the agenda advising them that the regular meeting will
be held on the following Tuesday night. Notice of the Council meetings will appear in the
news media and on the City website at least one day before any regular meeting. The City
Secretary's office will also assume the responsibility for compliance with the Open
Meetings Act. The agenda for regular Council meetings will be provided to the news
media and placed on the City website at least 24 hours before the scheduled regular
meeting.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (2)(E))
Sec. 2.24.070. - Chairperson.
The Mayor, or in his or her absence, the Mayor Pro Tem, shall preside as Chairperson at
all meetings of the Council. In the absence of both the Mayor and Mayor Pro Tem, the
Council shall elect a temporary Chairperson.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (3)(A))
Attachment number 2 \nPage 3 of 8
Item # C
Sec. 2.24.080. - Call to order.
The meetings of the Council shall be called to order by the Mayor, or in his or her
absence, by the Mayor Pro Tem. In the absence of both the Mayor and the Mayor Pro
Tem, the meeting shall be called to order by the City Secretary, and a temporary
Chairperson shall be elected as provided in Section 2.24.070.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (3)(B))
Sec. 2.24.090. - General rules—Quorum.
Four Councilmembers plus the Mayor or five Councilmembers shall constitute a quorum
for the transaction of business.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (4)(A))
Sec. 2.24.100. - General rules—Compelling attendance.
Notification should be made to Mayor or City Manager if a Councilmember is unable to
attend.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (4)(B))
Sec. 2.24.110. - General rules—Right of floor.
Any member desiring to speak shall be recognized by the Chairperson, and shall confine
his or her remarks to the subject under consideration or to be considered. No member
shall be allowed to speak more than once on any one subject until every member wishing
to speak has spoken.
(Ord. 890458 § 2 (4)(C))
Sec. 2.24.120. - Parliamentary procedure.
Any Councilmember may call for the question of the issue, and upon seconding by
another Councilmember, the motion for calling the question of the issue shall
immediately be put to vote. Passage of the motion to address the previous question shall
terminate debate on the motion, amendment or amended motion, and the matter shall
move on immediately.
Attachment number 2 \nPage 4 of 8
Item # C
Table 2.24.120
PARLIAMENTARY QUESTIONS, MOTIONS AND THEIR PRECEDENCE
Debatable Amendable A
Majority
Vote
2/3
Vote
Second
Required
1. To Adjourn NO NO YES NO NO, Unless other
business is
pending
2. To Take a Recess NO YES YES NO NO
3. For the Previous
Question
NO NO YES NO YES
4. To Continue to a
Time Certain
YES YES YES NO YES
5. To Commit, Refer
or Recommit
YES YES YES NO YES
6. To Amend YES YES YES NO YES
7. To Amend an
Amendment
YES NO YES NO YES
8. To Offer a
Substitute
Amendment
YES YES YES NO YES
9. To Amend a
Substitute
Amendment
YES NO YES NO YES
10. To Table NO NO YES NO YES
11. Bring From Table YES NO YES NO YES
12. Reconsider Prior
Action
YES YES YES NO YES
13. Motion to Suspend
Rules
YES YES NO YES YES
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (5))
Attachment number 2 \nPage 5 of 8
Item # C
Sec. 2.24.130. - Code of conduct—Councilmembers.
During Council meetings, Councilmembers shall preserve order and decorum and shall,
neither by conversation or otherwise, delay or interrupt the proceedings nor refuse to
obey the orders of the Mayor or presiding officer or the rules of the Council.
(Ord. 890458 § 2 (6)(A))
Sec. 2.24.140. - Code of conduct—Citizens.
Citizens are welcome and invited to attend all meetings of the Council and will be
admitted to the Council Chamber up to the fire safety capacity of the room. Citizens
wishing to address the Council must sign up to speak in accordance with the policy of the
Council concerning citizen participation and general public comment at public meetings.
Citizens shall be allowed a maximum of three minutes to speak, but may take up to a
maximum of six minutes, if another citizen who has signed up to speak yields his/her
time to that citizen speaker. Persons who disrupt the meeting may be asked to leave and
be removed.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (6)(B))
Sec. 2.24.150. - Decorum and debate.
A. No member shall speak more than five minutes n any subject or amendment, which
time maybe used in any combination of separate speech or comments totaling five
minutes. Councilmembers may yield a portion of their time to another. The Mayor shall
not be obligated to recognize any Councilmember for a second comment on the subject or
amendment until every Councilmember wishing to speak has been allowed a first
comment. Any member wishing to speak more than five minutes on any question or
amendment thereto shall be permitted to do so without objection upon motion supported
by majority plus one of the Council. No member shall be permitted to interrupt another.
B. The Mayor and Councilmembers shall treat each other with dignity, respect and
civility.
C. If a member is speaking out of turn or otherwise transgressing the rules of the Council,
the presiding officer shall, or any Councilmember may, call him/her to order, in which
case he/she shall immediately refrain from such transgression, unless permitted to
explain. The Council shall, is appealed to, decide the case without debate. If the decision
is in favor of the member called to order, he/she may proceed, but not otherwise.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (7))
Attachment number 2 \nPage 6 of 8
Item # C
Sec. 2.24.160. - Consideration of ordinances, resolutions and motions—Motion to
reconsider.
A. An affirmative vote of a majority of the Council present and qualified to vote is
necessary to repeal any ordinance or take any official action in the name of the City,
except as otherwise provided in the Charter, other City ordinances, or the laws of the
State of Texas.
B. When considering planning, zoning and development applications, the failure of a
positive motion to receive an affirmative vote by the required number of
Councilmembers (majority, ¾ vote, or supermajority) shall be deemed to be a denial of
the application by the City Council, unless a subsequent positive motion is affirmatively
passed during discussion of the agenda item on the day of the failed motion, or such
subsequent meeting of the City Council, if the item is deferred for further consideration.
(Ord. No. 2000-51, § 2; Ord. 2000-47 § 2)
Editor's note—
Ord. 2000-47 § 2, adopted Sept. 26, 2000, amended § 2.24.160 in its entirety to read as
herein set out. Formerly, § 2.24.160 pertained to consideration of ordinances, resolutions
and motions— majority vote required, and derived from Ord. 890458, § 2(8)(a).
Sec. 2.24.170. - Consideration of ordinances, resolutions and motions—Voting
required.
A. No member shall be excused from voting, except as provided in this Section.
B. Members shall abstain from voting on matters involving the consideration of his/her
own official conduct, or where his/her personal interests are involved. Any member
prohibited from voting by this section shall:
1. File a Conflict of Interest Affidavit with the City Secretary stating the nature of the
conflict;
2. Upon commencement of consideration of the matter, announce that he/she is excused
from voting on the matter; and
3. Shall not enter into discussion or debate on the matter.
C. Any member who reasonably believes that his/her voting on a matter would create an
appearance of impropriety shall be excused from voting. Such member shall state
publicly the reason(s) she/he believes voting would be improper.
D. Any Councilmember excused from voting shall be treated as if that member was
absent.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (8)(B))
Attachment number 2 \nPage 7 of 8
Item # C
Sec. 2.24.180. - Consideration of ordinances, resolutions and motions—Motion to
reconsider.
When a question has once been determined by the Council, the same question shall not
again be considered until 90 days thereafter, and then only by motion to reconsider made
by a member who voted with the prevailing side of such question and in accordance with
Section 2.24.020.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2(8)(D))
Editor's note—
Ord. No. 2000-47, § 2, adopted September 26, 2000, did not specifically repeal §
2.24.180; however, at the direction of the city attorney, said section has been removed.
Formerly, § 2.24.180 pertained to the consideration of ordinances, resolutions and
motions—abstention, and derived from Ord. 890458 § 2(8)(C). Subsequently, §§
2.24.190 and 2.24.200 has been renumbered as §§ 2.24.180 and 2.24.190. The historical
notation has been retained for reference purposes.
Sec. 2.24.190. - Suspension of rules.
Any one or all of the provisions of this chapter may be suspended by a vote of a majority
plus one of the members of the Council present, except such provisions that embody
provisions of the Charter, identically or substantially.
(Ord. No. 2000-47, § 2; Ord. 890458 § 2(9))
Editor's note—
See note at § 2.24.180
Attachment number 2 \nPage 8 of 8
Item # C
Sec. 2.24.120. - Parliamentary procedure.
Any Councilmember may call for the question of the issue, and upon seconding by
another Councilmember, the motion for calling the question of the issue shall
immediately be put to vote. Passage of the motion to address the previous question shall
terminate debate on the motion, amendment or amended motion, and the matter shall
move on immediately.
Table 2.24.120
PARLIAMENTARY QUESTIONS, MOTIONS AND THEIR PRECEDENCE
Debatable Amendable A
Majority
Vote
2/3
Vote
Second
Required
1. To Adjourn NO NO YES NO NO, Unless other
business is
pending
2. To Take a Recess NO YES YES NO NO
3. For the Previous
Question
NO NO YES NO YES
4. To Continue to a
Time Certain
YES YES YES NO YES
5. To Commit, Refer
or Recommit
YES YES YES NO YES
6. To Amend YES YES YES NO YES
7. To Amend an
Amendment
YES NO YES NO YES
8. To Offer a
Substitute
Amendment
YES YES YES NO YES
9. To Amend a
Substitute
Amendment
YES NO YES NO YES
10. To Table NO NO YES NO YES
11. Bring From Table YES NO YES NO YES
12. Reconsider Prior
Action
YES YES YES NO YES
13. Motion to Suspend
Rules
YES YES NO YES YES
(Ord. No. 2000-47, § 2; Ord. 890458 § 2 (5))
Attachment number 3 \nPage 1 of 1
Item # C
To Do This:You Say This:
May You Interrupt
the Speaker?
Do You Need
a Second?
Is it
Debatable?
Can it be
Amended?
What Vote is
Needed?
1 1. Close meeting I move that we adjourn.No Yes No No Majority
2 Take break I move to recess for… No Yes No Yes Majority
3
Take care of situations
relating to welfare of the
assembly or any of its
members.
EX: sound, temperature
I rise to a question of
privilege.
Yes, if
urgent
No No No
None, Chair
Rules
4
Direct attention to follow
agenda
I call for the orders of
the day.Yes No No No None
5
Postpone the subject under
discussion
I move to lay the
question on the table.No Yes No No Majority
6 End debate & amendments
I move the previous
question.No Yes No No 2/3rds
7 Limit or extend discussion
I move that debate be
limited to…No Yes No Yes 2/3rds
8
Postpone to a certain time
(not beyond next regular
meeting)
I move to postpone the
question until…No Yes Yes Yes Majority
9
Commit orsend to committee
for study of something
I move to refer the
matter to a committee.
OR I move to commit
the motion to a
committee… (include
committee name,
expectations, when to No Yes Yes Yes Majority
10 Modify wording of motion
I move to amend the
motion by…(adding,
striking out, or No Yes Yes Yes Majority
11 Kill main motion
I move to postpone
indefinitely No Yes Yes No Majority
12 Introduce business
I move to … OR I move
that …No Yes Yes Yes Majority
13 Object to procedure
Point of order . OR I
rise to a point of order. Yes No No No None
14 Protest ruling of chairman
I appeal the chair's
decision.Yes Yes Yes No Majority
15 Request information
Point of information.
OR I rise to a point of
information.Yes No No No None
16 Request Parliamentary Help
Parliamentary inquiry.
OR I rise to a
parliamentary question. Yes No No None
17
Ask for a vote by actual
count to verify a voice vote
Division. OR I call for a
division of the house. No No No No None
18 Suspend rules temporarily
I move to suspend the
rules so that…No Yes No No 2/3rds
19 Retract your motion
I wish to withdraw my
motion. OR I request
that my motion be No No No No None
20
Take up a matter previously
tabled
I move to take from the
table …No Yes No No Majority
21 Cancel previous action
I move to rescind the
motion to…No Yes Yes Yes 2/3rds
22 Reconsider Motion
I move to reconsider the
vote…No Yes Varies No Majority
The following motions are listed in order of priority
The following motions have no order of priority
Robert's Rules of Order Motions Chart
Attachment number 4 \nPage 1 of 1
Item # C
City of Georgetown, Texas
January 24, 2012
SUBJECT:
Residential Rental Property Registration and Inspections -- Laurie Brewer, Deputy City Manager; Dave Hall,
Director of Inspections and Robert Fite, Fire Chief
ITEM SUMMARY:
FINANCIAL IMPACT:
SUBMITTED BY:
Cover Memo
Item # D
City of Georgetown, Texas
January 24, 2012
SUBJECT:
Sec. 551.071: Consultation with Attorney
- Advice from attorney about pending litigation that has been filed against the City or contemplated litigation
and other matters on which the attorney has a duty to advise the City Council, including but not limited to
this week's agenda item
- Update on Rivery Conference Center
- Williams Drive Mediation
ITEM SUMMARY:
FINANCIAL IMPACT:
SUBMITTED BY:
Cover Memo
Item # E
City of Georgetown, Texas
January 24, 2012
SUBJECT:
Sec. 551.074: Personnel Matters
- City Secretary Annual Performance Evaluation
ITEM SUMMARY:
FINANCIAL IMPACT:
SUBMITTED BY:
Cover Memo
Item # F