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Mineral Wells council narrows investment policy, ends staff investment committee and approves four broker-dealers
Summary
The council readopted the city's investment policy to comply with the Texas Public Funds Investment Act, removed a position-based investment committee, narrowed allowable instruments, and approved four qualified brokers/dealers for investment transactions.
The Mineral Wells City Council voted 7-0 on July 1 to readopt the city's investment policy, remove the previous position-based investment committee from delegated authority, narrow permitted investment instruments and approve a short list of qualified broker-dealers.
City staff told the council the action satisfies requirements under the Texas Public Funds Investment Act (Texas Government Code Chapter 2256) to maintain a written investment policy, conduct an annual review, present quarterly investment reports and maintain an approved broker-dealer list. Staff said the city last completed this review in January 2024 and worked…
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