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Cibola County commissioners authorize moving CDARS funds to Local Government Investment Pool
Summary
At a March 3 special meeting, the Cibola County Board of County Commissioners, sitting as the Finance Board, unanimously authorized the treasurer to move the county's current CDARS investment into the Local Government Investment Pool. All motions passed 4-0 with Chairman Torrez absent.
At a March 3, 2023 special meeting in the Cibola County Commission Chambers, the Board of County Commissioners, acting as the county Finance Board, unanimously authorized the treasurer to move the county's current CDARS investment into the Local Government Investment Pool (LGIP).
The vote came after the commission convened as the Finance Board. Commissioner Robert Windhorst moved to authorize the transfer of the CDARS funds to the LGIP; Commissioner Christine Lowery seconded. The motion carried 4-0 with Commissioner Daniel Danil Torrez absent from the meeting.
The authorization was one of several brief procedural items handled at the 3:00 p.m. special meeting. Earlier, Commissioner Ralph Lucero moved and Commissioner Christine Lowery seconded approval of the meeting agenda, which passed 4-0. The commission also voted to convene as the Finance Board and later reconvened as the County Commission Board by unanimous votes.
Staff and elected officials listed on the meeting record included County Manager Kate Fletcher, Finance Director Paul Ludi, County Treasurer Kathy Gonzales, Chief Deputy Treasurer Johnny Pino and Clerk Michelle E. Dominguez. The record does not specify the dollar amount of the CDARS holding or any expected yield or timeline for the transfer.
The commission announced its next regular meeting is scheduled for March 23, 2023, at 5:00 p.m. The special meeting was adjourned at 3:14 p.m.
Actions recorded: Motion to approve agenda (mover: Commissioner Ralph Lucero; second: Commissioner Christine Lowery; outcome: passed 4-0); Motion to convey as Finance Board (mover: Commissioner Ralph Lucero; second: Commissioner Christine Lowery; outcome: passed 4-0); Motion to authorize the treasurer to move current CDARS investment to the Local Government Investment Pool (mover: Commissioner Robert Windhorst; second: Commissioner Christine Lowery; outcome: passed 4-0); Motion to reconvene as County Commission Board (mover: Commissioner Ralph Lucero; second: Commissioner Robert Windhorst; outcome: passed 4-0).
