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:
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;
Amanda Turner, Controller, will continue as an Authorized Representative; and
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.