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Nevada council authorizes participation in TexSTAR and LOGIC investment pools
Summary
Council authorized the city to participate in both TexSTAR and LOGIC investment pools through Hilltop Securities to expand authorized investment options for city funds.
The Nevada City Council voted June 3 to authorize participation in the TexSTAR and LOGIC investment pools through Hilltop Securities.
Council Member Derrick Little moved that the city participate in both TexSTAR and LOGIC accounts via Hilltop Securities; Council Member Clayton Laughter seconded the motion, which was recorded as carried unanimously. The action authorizes staff to enroll the city's funds in these commonly used local-government investment pools, subject to the city's investment policy and Hilltop Securities' enrollment requirements.
The minutes do not specify which city funds will be placed into the pools or the expected allocation; those decisions will be made administratively following council authorization and pursuant to state law and the city's investment policy.
Officials indicated the goal is to expand authorized, liquid investment options for municipal funds; staff will work with Hilltop Securities to complete enrollment and report back on allocations and expected yields.
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