HomeMy WebLinkAboutORD 1897 Amending Chapter 2 Division 3 of the Code Relating to Investment PolicyCity of West University Place
Harris County, Texas
Ordinance No. 1897
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS, AMENDING CHAPTER 2,
ADMINISTRATION AND FINANCE, DIVISION 3, INVESTMENT POLICY,
OF THE CODE OF ORDINANCES OF THE CITY OF WEST
UNIVERSITY PLACE, TEXAS, BY REPEALING SECTIONS 2-156
THROUGH 2-162 OF THE CITY'S CODE OF ORDINANCES AND
CONTAINING FINDINGS AND PROVISIONS RELATING TO THE
SUBJECT.
WHEREAS, pursuant to the provisions of the Texas Public Funds Investment
Act, Texas Government Code, Chapter 2256 as amended, all governmental entities
such as the City of West University Place, Texas are required to annually review their
Investment Policy and adopt any changes thereto by order, ordinance or resolution; and
WHEREAS, by separate resolution adopted on the date of the first reading of this
ordinance, the City Council of the City of West University Place, Texas has reviewed,
revised and adopted a new Investment Policy for the City; and
WHEREAS, it is the intent of the City Council that the newly adopted Investment
Policy supersede and replace the Investment Policy currently codified as Division 3 of
Chapter 2 of the City's Code of Ordinances; and
WHEREAS, to avoid confusion between the currently codified Investment Policy
and the newly adopted Investment Policy, the City Council of the City of West University
Place hereby finds that Division 3 of Chapter 2 of the City's Code of Ordinances should
be repealed.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WEST UNIVERSITY PLACE, TEXAS THAT:
Section 1. Chapter 2, Administration and Finance, Division 3, Investment
Policy, of the Code of Ordinances of the City of West University Place, Texas is
amended by the repeal of the existing Sections 2-156 through 2-162. All other portions
of Chapter 2 of the Code of Ordinances not specifically amended hereby remain in full
force and effect.
Section 2. All ordinances and parts of ordinances in conflict with this
Ordinance are repealed to the extent of the conflict only.
Section 3. If any word, phrase, clause, sentence, paragraph, section or other
part of this Ordinance or the application thereof to any person or circumstance, shall
ever be held to be invalid or unconstitutional by any court of competent jurisdiction,
neither the remainder of this Ordinance, nor the application of such word, phrase,
clause, sentence, paragraph, section or other part of this Ordinance to any other
persons or circumstances, shall be affected thereby.
Section 4. The City Council officially finds, determines and declares that a
sufficient written notice of the date, hour, place and subject of each meeting at which
this Ordinance was discussed, considered or acted upon was given in the manner
required by the Texas Open Meetings Act, as amended, and that each such meeting
has been open to the public as required by law at all times during such discussion,
consideration and action. The City Council ratifies, approves and confirms such notices
and the contents and posting thereof.
Section 5. This Ordinance takes effect immediately upon its passage and
adoption on second reading.
PASSED, APPROVED AND ADOPTED ON FIRST READING on the 27th day of
April, 2009.
Councilmembers Voting Aye: Kelly, Fry, and Cohen
Councilmembers Voting No: None
Councilmembers Absent: Guffey
PASSED, APPROVED AND ADOPTED ON SECOND READING, AND
SIGNED, on the 11th day of May, 2009.
Councilmembers Voting Aye: Kelly, Fry, and Guffey
Councilmembers Voting No: None
;BEST
LI
CouncilmemrWs Absent: Cohen
\L~~ ~,o City Secretary (Seal)
11
Recommended:
City Manager
Signed:
Mayor
Approved as to legal form: / -
City Attorney