Title
Consider recommendation from the Finance/Administrative Committee 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
RECOMMENDED MOTION:
Move the the board adopt Resolutino and Order No. ____ 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), include clarifying language in the following section:
· Section 10.12 Investment Reporting: added clarifying language regarding market value of securities and obtaining such from reliable independent sources.
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
Controller: Shelly Hendrix
The proposed amendments to the B...
Click here for full text