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Council adopts resolution joining Texas CLASS investment pool for short-term emergency funds
Summary
Council adopted Resolution 20250114-018 to allow the city to participate in the Texas CLASS investment pool to earn higher short-term interest on an emergency deposit; council named authorized signers and directed staff to proceed.
Angleton City Council on Jan. 14 adopted Resolution 20250114-018 consenting to participation in the Texas CLASS investment pool and naming authorized signers for the account.
Finance staff recommended the city diversify short-term investments and move an emergency deposit (from a $4 million emergency loan received Nov. 7) into Texas CLASS, which staff said was offering a competitive rate above 4.5 percent at the time of the presentation. Staff said Texas CLASS does not require approved meeting minutes for participation and that the account would generate interest while funds are used for hurricane debris-hauling invoices and other emergency expenses.
Councilman Booth moved to adopt Resolution 20250114-018; Councilwoman Daniel seconded. Council discussed whether the interest earnings would fully offset issuance costs on the loan; staff said the interest would help but probably not cover the full $63,000 issuance cost. The motion carried.
Staff said the action permits the interim finance director and other named staff to execute account documents and wire transfers as appropriate. No additional public action was required.
