Title
Consider EAA staff recommendation to approve amendments 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 Controller 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), generally include clarifying language in various sections, as well as, the following specific section edits:
· Section 10.05 Authorized Investments: modified and added clarifying language for fully collateralized repurchase agreements.
· Section 10.08 Investment Advisors: added clarifying language that prohibits an investment management firm from investing Authority funds in repurchase agreements using a joint account.
· Section 10.10 Safekeeping & Custodial Agreem...
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