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CITY OF PARIS, TEXAS <br />CITY COUNCIL AGENDA REQUEST <br />MEETING DATE: 1-28-2008 <br />~Action ❑ Discussion ❑Information ❑Refer to: <br />SUBMITTED BY: <br />Gene Anderson, Finance Director <br />DESCRIPTION: <br />Update and affirmation of the City of Paris investment policy. <br />BACKGROUND INFORMATION: <br />Chapter 2256 of the Texas Government Code, commonly known as the "Public <br />Funds Investment Act," requires every city to adopt an investment policy. Once <br />adopted the City Council must annually review and readopt that policy even if no <br />changes are made to the policy. The attached policy put forth for adoption is <br />identical to the policy adopted in 2007 except that two funds no longer in use <br />(Child Safety and CJD Grant) are were deleted from the list of active funds. In <br />addition, a line was added to the policy that prevents investment in "collateralized <br />debt obligations" which are backed by sub-prime mortgages. <br />FISCAL AUTHORITY: <br />Not applicable. <br />LEGAL REVIEW: <br />MANAGER'S RECOMMENDATION: <br />_ _ . _ _ ~ _ . _ _ _ . _ . _ _ r _ _ <br />