Title
Consider recommendation from the Finance/Administrative Committee to reapprove Article IX of the Bylaws of the Edwards Aquifer Authority pertaining to the EAA Investment Policy and Investment Strategy.
Body
RECOMMENDED MOTION:
Move the board adopt Resolution and Order No. 11-19-949 of the Edwards Aquifer Authority Board of Directors reapproving Article IX of the EAA Bylaws pertaining to the EAA Investment Policy and Investment Strategy.
SUMMARY:
The purpose of this agenda item is for the board to consider a Finance/Administrative Committee recommendation to reapprove Article IX of the EAA Bylaws, the EAA Investment Policy and Investment Strategy. Attached to this summary is Article IX with proposed edits and a resolution and order to reapprove, both of which have been approved by legal counsel. The proposed edits to Article IX include the following items while the balance of the edits represent corrections to typographical errors:
· Section 9.01 Introduction and Scope: removed references to Chapter 36 of the Texas Water Code as Chapter 36 is no longer applicable to the EAA.
· Section 9.05 Authorized Investments, section (g): included four decimal places behind the dollar value as the current law states that values be stated to at least four decimal places.
· Section 9.09 Selection of Authorized Brokers: removed Mutual Securities as the Texas agent handling these securities sonce they are no longer practicing in the State of Texas, and there are no other registered agents in the state with requisite public funds credentials.
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 tat it has reviewed the investment policy and investment strategies…”
At the October 22 meeting, the Finance/Administrative Committee voted to recommend the board adopt a resolution and ord...
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