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Item # 7.
         
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 to the Texas Local Government Investment Pool - TexPool/Texpool Prime.
BACKGROUND:
The Town invests a portion of its portfolio in a local government investment pool known as TexPool/Texpool Prime.  The Pool invests primarily in short-term securities maturing in less than seven (7) days.  As such, TexPool/Texpool Prime offers the Town a competitive short-term yield with the added flexibility of immediate funds availability.

The list of authorized representatives with TexPool/Texpool Prime needs to be amended to reflect staff and designation changes.  To make changes to our authorized representatives, TexPool/Texpool Prime requires that 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 - TexPool Authorized Representative

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