Title
Consider EAA staff recommendation to approve an amendment to Article X of the ByLaws of the Edwards Aquifer Authority pertaining to the EAA Investment Policy and Investment Strategy and designating investment officers.
Body
STAFF RECOMMENDED MOTION:
Move the Finance/Administrative Committee recommend the board adopt a resolution and order of the Edwards Aquifer Authority Board of Directors approving amendments to Article X of the EAA Bylaws pertaining to the EAA Investment Policy and Investment Strategy and recommend the board reflect in the minutes that the named persons occupying the positions of Executive Director - Administration and Financial Services and Senior Director/Chief Financial Officer are the Investment Officers under Article X of the Bylaws.
SUMMARY:
The purpose of this agenda item is for the Finance/Administrative Committee to consider an EAA staff recommendation to approve amendments to Article X of the EAA Bylaws pertaining to the EAA Investment Policy and Investment Strategy, and to designate the EAA's Investment Officers.
Article X - Investment Policy and Investment Strategy Statement
The Texas Public Funds Investment Act requires that the EAA “…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…” The proposed edits to Article X, recommended by the EAA’s investment advisor (Valley View Consulting), include the following specific section edit:
• Section 10.04 Investment Officers: modified an investment officer title/position
Investment Officers
Investment officers for the EAA, as designated in Article X, Section 10.04 of the EAA ByLaws, are as follows:
Executive Director - Administration and Financial Services: Felix Marquez
Senior Director/Chief Financial Officer: Shelly Hendrix
The proposed amendments to the ByLaws and a draft resolution and order, which have been reviewed by legal counsel, are attached.
STRATEGIC PLAN REFERENCE:
This agenda item is required by Texas Government Code, Public Funds Investment, Section 2256.005(e).
FISCAL IMPACT:
None.