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Item # 8.
         
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 Local Government Investment Cooperative ("LOGIC").

 

BACKGROUND:
The Local Government Investment Cooperative (LOGIC) is a JP Morgan-affiliated investment group which the Town utilizes in order to gain interest on idle funds from Town revenues.  This Resolution updates the Town's authorized representatives with LOGIC.

The list of authorized representatives with LOGIC needs to be amended to reflect staff and designation changes. To make changes to our authorized representatives, LOGIC 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 - LOGIC Authorized Representatives

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