Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Investments topic
No spam. Unsubscribe anytime.
Jones County approves $5 million investment resolution citing 4.3–4.5% yields
Summary
The board approved a resolution to invest $5 million of county funds after staff presentations on yields and vendor limitations under state law; commissioners voted to sign the resolution the same night.
Jones County commissioners voted Feb. 18 to approve an investment resolution directing county staff to move $5 million of county funds into the investment vehicle identified in the resolution.
County staff presented two firms that had pitched investment options; staff said one firm could not participate for public investments because of state-law limitations on vendor activity for local governments. Finance staff and a presenter told the board expected average yields ranged from about 4.25% to 4.5% depending on term length. Staff estimated a $5 million investment at an average 4.3%–4.5% yield could generate roughly $217,000 in interest annually in the scenario discussed.
Commissioners asked about term lengths and yield variability. Staff summarized ranges reported the previous week: roughly 4.25%–4.35% for six months, about 4.3%–4.45% for 60 months, with some variability by term. A commissioner moved to accept the resolution; the board voted verbally in favor.
The resolution authorizes county staff to execute the investment consistent with state law and the terms in the resolution; staff said they would proceed once the board’s resolution was filed. The board did not vote on any specific trading counterparty beyond the firms previously discussed, and commissioners noted that state law restricts certain firms from doing public investment business with local government.
