Loading...
Item 9C Memo1l 1 I • : \ � 1l March 21, 2011 TO: Billy Campbell, City Manager FROM: Sharen Elam, Director of Finance Ext. 1713 SUBJECT: Resolution No. 03 -042, Authorizing the application for participation in MBIA Action Requested: Approve Resolution No. 03 -042 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. MBIA Texas Class Investment Pool "MBIA" 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, MBIA requires that the City Council approve the Resolution No. 03 -042. 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 -042 as presented or modify Supporting Documents: Resolution No. 03 -042 Staff Recommendation: Approval of Resolution No. 03 -042