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Mulberry council adopts updated investment policy, affirms compliance with state law
Summary
Council voted to adopt a resolution formally approving the city's investment policy; council members said the draft contained only grammatical edits and conforms to the Texas Public Funds Investment Act (Local Government Code, Title 10, Chapter 2256).
The Mulberry City Council approved a resolution adopting an updated municipal investment policy after brief discussion.
Speaker 2 introduced the resolution and said the version before council had typographical and spacing corrections from the previous packet. Speaker 2 and Speaker 1 told the council they compared the draft to the Local Government Code and found it consistent with state requirements.
Speaker 1 said there have been no substantive changes to the Public Funds Investment Act since 2019 and emphasized the law’s ongoing training requirements for certain staff. "We're spot on," Speaker 2 said about alignment with state law and reporting requirements.
Council discussed whether the policy requires an annually adopted list of qualified brokers. Speaker 2 and Speaker 1 said the city currently participates in two pooled vehicles—"Texas Class" and "Logic"—and does not currently use brokerage houses. Speaker 1 said that if the city later chose to use brokers, the council would be asked to approve such a change.
A motion to adopt the resolution was made and seconded and the chair announced the resolution passed; the transcript did not record a roll-call vote or the names of the mover and seconder.
Authorities cited: the city compared the draft policy to the Local Government Code (Title 10) and the Public Funds Investment Act (chapter 2256).
