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Farmers Branch adopts investment policy, approves participation in TexStar and LOGIC pools amid procurement questions
Summary
The council adopted the city's annual investment policy and approved participation in TexStar and LOGIC local government investment pools. Hilltop Securities will provide advisory services; council members raised concerns about not conducting an RFP for the interim adviser and about fee and custodial arrangements.
The Farmers Branch City Council unanimously adopted its annual investment policy and approved resolutions authorizing participation in the TexStar and LOGIC local government investment pools on June 3.
Leanne Huddleston, director of finance, presented the item with Greg Warner of Hilltop Securities. Huddleston said the policy review is an annual requirement under the Public Funds Investment Act and that Hilltop would serve as the city's investment adviser. "We have been hired as the city's investment adviser," Warner said, adding that advisers do not exercise discretionary control: "We do not take control of funds. We do not exercise discretionary authority over those funds. The ultimate…
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