Title
Consider recommendation from the Finance/Administrative Committee to approve amendments to the Edwards Aquifer Authority Bylaws and reapprove Article IX pertaining to the EAA Investment Policy and Investment Strategy.
Body
RECOMMENDED MOTION:
Move the board approve the proposed amendment to Section 8.08 to modify the definition of Fixed Assets and adopt Resolution and Order No. 11-20-983 of the Edwards Aquifer Authority Board of Directors reapproving Article IX of the EAA Bylaws, as amended.
SUMMARY:
The purpose of this agenda item is for the board to consider Finance/Administrative Committee recommendations to amend two portions of EAA Bylaws:
Article IX (Investment Policy and Investment Strategy) - 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…” 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, recommended by the EAA’s investment advisor (Valley View Consulting), include the following:
· Section 9.01 Introduction and Scope, section (d): clarified activities of a qualified representative of an investment pool or discretionary investment management firm.
· Section 9.04 Investment Officers, section (a)(3): updated reporting responsibilities from "adverse market effects" to a broader responsibility of "adverse developments".
· Section 9.05 Authorized Investments, section (a): included Federal Home Loans Banks.
· Section 9.09 Selection of Authorized Brokers: removed BBVA Securities, Inc. and Raymond James & Associates, Inc., added SAMCO Capital Markets and updated the name of FHN Financial.
Other include corrections to typographical errors or EAA staff titl...
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