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Coffee County committee reviews investment policy after trustee reports $3.8 million yield in 2024
Summary
The Coffee County Investment Committee discussed a draft investment policy Feb. 18 after a state comptroller recommendation, focusing on whether policy language conflicts with the county tax levy for restricted funds and on the trustee’s recent use of Treasury bills that produced roughly $3.8 million in 2024.
Chair Dennis opened the Feb. 18 Coffee County Investment Committee meeting to review a draft investment policy circulated after a Tennessee Comptroller recommendation.
The committee spent most of the session debating language under "safekeeping and custody" that Trustee John Marstonia said could conflict with the county's tax levy for restricted funds. Marstonia told the committee he wanted the minutes amended to reflect that on Dec. 14, 2022 the investment committee approved a non-corporate resolution to invest in U.S. Treasury bills and to authorize signatures for that action. He cited Tennessee Code Annotated §5-8-301 as the legal framework for allowable county investments.
"Tennessee Code Annotated 5‑8‑301 ... authorized investment states that counties are…
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