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Kaufman County adds Texas Connect to authorized investment pools, approves annual policy
Summary
Treasurer Chuck introduced Texas Connect as an additional authorized liquidity pool; the court approved adding it to the county investment policy and accepted the annual policy updates required under the Public Funds Investment Act.
Kaufman County’s commissioners on March 17 voted to add Texas Connect to the county’s list of authorized investment pools and approved the county’s annual investment policy required by the Public Funds Investment Act.
Treasurer Chuck told the court the policy update includes minor edits to educational achievements and the addition of Texas Connect. Chuck introduced David Shechtman as a representative of Texas Connect to answer questions; Shechtman told the court the pool offers “100% same day liquidity” with “no minimum balance,” complies with the Public Funds Investment Act and has been the “highest yielding pool in all of Texas.” He said using the pool for bond proceeds could eliminate arbitrage-rebate fees, producing immediate cost savings the county currently pays “anywhere from 10 to $15,000.”
The action was presented as part of routine business; after brief discussion the court moved and approved both the inclusion of Texas Connect as an authorized pool and the annual investment policy. The court did not record a detailed roll-call vote in the transcript other than the customary voice approval.
The investment policy change will allow county funds to be placed in Texas Connect under the county’s existing investment framework; the Treasurer noted the change is intended to diversify holdings and improve yield while observing statutory investment standards.
No follow-up tasks or reporting deadlines were specified during the discussion.
