Laserfiche WebLink
<br />B. "Operation shortfalls" and "cash flow needs" can be financed through the <br />use of Tax Anticipation Notes (TANs), Grant Anticipation Notes (GANs), <br />Revenue Anticipation Notes (RANs), by borrowing through local banks in a <br />fashion consistent with traditional "fiscal agency" financing, and by <br />borrowing from the Texas Public Facilities Authority (TPFA). These <br />borrowing techniques will produce funds availability and interest earning <br />potential similar to that described in Section V "A" above. <br /> <br />C. "Interim" financing instruments, such as Bond Anticipation Notes (BANs), <br />often offer the City not only the opportunity to earn significant legal <br />arbitrage profits, but the flexibility to react in a more timely manner to <br />the ever-changing, long-term debt environment. <br /> <br />The Finance Department will, from time to time, recommend to the City Manager, <br />Mayor, and the City Council various financing opportunities that should be of <br />ultimate financial and operational benefit to the City and its taxpayers. The <br />Department will constantly monitor the City's existing and potential financing <br />alternatives to ensure that full advantage is being taken of the special <br />municipal financing authority available to the City. <br /> <br />VI. LEGAL LIMITATIONS AND AUTHORITIES <br /> <br />A. The City is governed by Chapter 2256, Public Funds Investment Act, of the <br />Texas Government Code. A complete copy is attached in Appendix E. The City <br />is also governed by Chapter 2257, Public Funds Collateral Act, of the <br />Texas Government Code. A complete copy is attached in Appendix F. <br /> <br />B. The following positions are authorized signatures on all bank transactions. <br />All transactions require two signatures. <br /> <br />1. City Manager <br />2. Deputy City Manager <br />3. Director of Finance <br />4. Assistant Director of Finance <br />5. Budget Officer <br /> <br />C. The City Manager has been delegated the authority to invest and deposit <br />City funds under Article IV, Section 4.01c of the San Marcos City Charter. <br /> <br />City of San Marcos Cash Management and Investment Policy <br />Page 8 of 24 <br />