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Council authorizes participation agreement to allow city to diversify public funds
Summary
Council approved Resolution R-05-25 authorizing Glenn Heights to join an additional public funds investment pool to diversify holdings and potentially increase yield.
The Glenn Heights City Council voted unanimously to approve Resolution R-05-25 authorizing the city to execute a participation agreement and trust instrument to participate in a public funds investment pool.
City Manager Cliff Blackwell outlined the rationale, saying investment pools (money market mutual funds) maintain liquidity and typically hold a stable net asset value. He said the city currently uses the TexStar pool and the proposal would allow the city to diversify into other pools; Blackwell noted one alternative (Logic) had a slightly higher yield in January compared with TexStar.
Blackwell said the resolution designates pool trustees as an agency to supervise the pool, adopts the pool's investment policies for city participation, and appoints authorized representatives and investment officers.
The motion carried 6-0. Mayor Sonya A. Brown and councilmembers Moseley, Harry Garrett, Hale, Lightfoot and Binford voted aye.
