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Kennedale council approves participation in LOGIC investment pool
Summary
The Kennedale City Council voted to approve an application to participate in the LOGIC local government investment pool, reallocating about $14.5 million among the city’s LGIP holdings; the motion passed with a 3–0 vote and one abstention.
The Kennedale City Council voted Oct. 21 to authorize application to participate in the LOGIC local government investment pool, giving the city another short-term investment option alongside its participation in the TechStar (TxStar) pool.
Director Horton presented the city’s draft monthly financials and the investment report and said staff proposes reallocating roughly $14.5 million within the city’s LGIP allocations to add LOGIC as an option. Hilltop Securities representative Lance Flores described LOGIC as a “prime” pool that can invest in high‑quality commercial paper in addition to treasuries, agencies and repurchase agreements. "Logic has a good option to still maintain your liquidity, your diversification, but pick up a little bit higher yield," Flores said.
Flores and staff highlighted that LOGIC at the cited date was yielding modestly more than TechStar (transcript figures cited TechStar ~4.07% and Logic ~4.22%). Staff said the product is PFIA‑authorized and consistent with the city’s investment policy; joining requires a governing‑body resolution and account paperwork but no immediate funding commitment.
Ms. Mayer moved to approve participation and the motion passed with a recorded tally of 3 in favor, 0 noes and 1 abstention. The council did not identify in the meeting who cast the abstention on the record.
Next steps: staff will complete the resolution and account paperwork to add LOGIC to the city’s suite of investment options.
