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