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Item # 6.
         
Work Session and Regular Meeting
Meeting Date: 04/14/2020  
Department: Finance  

AGENDA CAPTION:
Consider Action on a Resolution to Approve Amending the Town of Addison's Authorized Representatives for the TexSTAR Short Term Asset Revenue Fund.
BACKGROUND:
The Town invests a portion of its investment portfolio in a local government investment pool know as TexSTAR.  The Pool invests primarily in short-term securities maturing in less than seven (7) days.  As such, TexSTAR offers the Town a competitive short-term investment yield with the added flexibility of immediate funds availability.

The list of authorized representatives with TexSTAR needs to be amended to reflect staff and designation changes.  To make changes to our authorized representatives, TexSTAR requires the City Council approve/authorize the changes by resolution.  Those changes include the following:
  1. Addition of Steven Glickman, Chief Financial Officer, as an Authorized and Primary Representative for performing transactions and receiving confirmation and monthly statements under the Participation Agreement;
  2. Amanda Turner, Controller, will continue as an Authorized Representative; and
  3. Senior Accountant Lauren Arnold and Accountant Benjamin Nguyen will continue to be designated to perform only inquiry of selected information.  This limited representative cannot perform transactions.
RECOMMENDATION:
Administration recommends approval.
Attachments
Resolution - TexStar Authorized Representative

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