§ 70-469. Investment institutions

(a) The county treasurer is authorized to utilize the following institutions or groups to facilitate the investment of county funds, consistent with federal and state law and the county's bank depository contract:

(1) Depository bank;

(2) Other banks, savings and loan associations, or savings banks;

(3) Contracted securities and investment firms;

(4) Local, state, and governmental units;

(5) Public funds investment pools based in the state.

(b) The county treasurer is authorized to place investment orders on an "as needed" basis with financial brokerage firms, banks, or contractors with which the county maintains a current written contract, authorized by commissioners court order, and consistent with the investment policy of the county.

(c) The county may use a request for proposal (RFP) method of securing the services of county and/or state based securities and investment firms to serve as contracted financial brokers and/or banks for the county or may negotiate a contract for such services if recommended by the county financial review committee and approved by the commissioners court. The county will from time to time add or delete such firms, to further seek to enhance the county's financial position, as qualified firms become known to and are recommended by the county financial review committee. All firms selected as financial brokers and/or banks for the county shall sign an officially approved county contractual agreement which must be officially approved by the county district attorney and commissioners court and comply with the county investment policy and state law.

(d) At least annually, the county treasurer shall review, revise, and adopt a list of qualified brokers that are authorized to engage in investment transactions with the county, submit same to the county financial review committee for recommendation for approval by the commissioners court.

(e) A written copy of the county investment policy shall be presented to any investment institution as defined under this section, which offers to engage in an investment transaction with the county. In accordance with state law, the qualified representative, i.e., a person who holds a position with a business organization, who is authorized to act on behalf of the business organization as set forth in state law, of the investment institution seeking to do business with the county shall execute a written instrument which shall indicate that the qualified representative has:

(1) Received and reviewed the county investment policy; and

(2) Acknowledges in writing as prescribed by the county that the investment institution has implemented reasonable procedures and controls in an effort to preclude investment transactions conducted between the county and the investment institution that are not authorized by the county and the investment institution that are not authorized by the county's investment policy, except to the extent that this authorization is dependent on an analysis of the make up of the county's entire portfolio or requires an interpretation of subjective investment standards.

(f) The county treasurer may not acquire or otherwise obtain any authorized investment described in the county investment policy from a person who has not delivered to the county the instrument required, as set forth in this section.

(g) Financial brokers or banks contracted to do business with the county, or seeking to do business with the county, shall not offer or give any gift, service, or thing of value, or future promise of a gift, service, or thing of value to any authorized county personnel in connection with the conduct of any county business.

(Ord. No. 99-2004, § IX, 10-26-1999; Ord. No. 2000-2287, § IX, 11-14-2000)