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<br />., <br /> <br />. <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: December 8. 2003 <br /> <br />Appropriation <br /> <br />Requested By: CynthiSll AllI'YlIndl'r <br /> <br />Source of Funds: Nt A <br /> <br />Department: Fiaaace <br /> <br />Account Number: NtA <br /> <br />Report: <br /> <br />Resolution: X Ordinance: <br /> <br />Amount Budgeted: NI A <br /> <br />Exhibits: Application for Participation in TEXST AR <br />Exhibits: Bank Information Sheet <br /> <br />Amount RequeMed: ~/& <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The State of Texas has authorized municipality participation in local government investment pools. A <br />local government investment pool is an efficient method for public entities to combine their idle cash to <br />maximize interest income, and there are several different pools operating in the State. <br /> <br />Currently the City participates in two Investment Pools - LOGIC and TEXPOOL, with balances of <br />$3,812,220.90 & $21,315,002.84 respectively. The Texas Short Term Asset Reserve Program <br />(TexST AR) Investment Pool was started in 2002 and has historically out-performed each of our current <br />pools. We would like to open an account with TexSTAR with an initial investment of $1,500,000, which <br />will be transferred from the TEXPOOL Investment Account. Further participation will be dependent on <br />both market conditions and overall pool performance. <br /> <br />There are currently over 200 public entities that are members of TexST AR, which had an average daily <br />invested balance of over $1.8 billion dollars in 2003. As with most pools, they are consistently higher <br />than the T-Bill yield. <br /> <br />Action Required by Council: <br /> <br />Approval of Participation in the TEXSTAR Investment Pool <br /> <br /> <br />!J-3-()3 <br /> <br />Date <br />