Title
Consider/Discuss/Act on an Application for Participation in the Local Government Invest Cooperative (LOGIC)
Summary
ITEM SUMMARY:
* In order for a governmental entity to enroll in the Local Government Investment Cooperative (LOGIC), the following procedures should be performed.
* Submit the Resolution in the form entitles Application for Participation in LOGIC to the entity's governing body for approval
* Complete and sign the Application for Participation in LOGIC.
* Complete a Bank Instruction Form for each account to be opened
* LOGIC is a AAA rated investment program tailored to the investment needs of Texas local governments.
* Local officials can improve the return on their invested balances by pooling their money with other entities to achieve economies of scale in a conservative fund in full compliance with the Texas Public Funds Investment Act.
* LOGIC maintains 3 primary goals for investing public funds:
Safety:
o Investments are subject to the strict requirements of the Public Funds Investment Act.
o LOGIC is a "Constant Dollar" net asset value pool.
o Portfolio securities are marked-to-market daily.
o Repurchase agreements are fully collateralized with U.S. Government securities.
o Transaction confirmations and monthly statements are provided to all participants.
o Monthly participant newsletters provide all information required under the Public Funds Investment Act.
Liquidity:
o Customers have same day access to invested funds with the latest deadlines available.
o Wire, ACH and internal account transfers are free of charge.
o Transactions have no minimum or maximum amounts.
o Account balances have no minimum balances.
o Number of participant accounts are unlimited.
o Payments can be made directly to vendors.
o Deposits earn interest the day of deposit.
Yield:
o Rates change on a daily basis.
o Rates are quoted and published net of fee.
* In investing funds under its control, the Corporation shall primarily emphasize the safety...
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