Item 9B Memo1l 1 I • : \ � 1l
March 21, 2011
TO: Billy Campbell, City Manager
FROM: Sharen Elam, Director of Finance Ext. 1713
SUBJECT: Resolution No. 03 -041, Authorizing the application for participation in
TexSTAR
Action Requested: Approve Resolution No. 03 -041
Background
Information: The City has invested funds in TexPool for many years. The addition of new
pools has created the opportunity to manage funds more actively to gain the
best rate of return while keeping within the limits of the City's investment
policies. Texas Short Term Asset Reserve Program "TexSTAR" is an
investment pool to provide for the joint investment of Participants' public
funds and funds under their control. To open an account and appoint
authorized representatives, TexSTAR requires that the City Council approve
the Resolution No. 03 -041. Staff is submitting this resolution for approval
to provide the city with an additional investment option emphasizing safety
and liquidity.
Financial
Considerations: None
Citizen Input/
Board Review: None required
Legal Review: Resolution reviewed by City Attorney
Alternatives: Approve Resolution No. 03 -041 as presented or modify
Supporting
Documents: Resolution No. 03 -041
Staff
Recommendation: Approval of Resolution No. 03 -041