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Devine moves $2 million for ground storage tank to TexPool to earn interest
Summary
Council voted 4–1 to transfer $2,000,000 set aside for a ground storage tank project into the TexPool to earn interest until the project begins; Alderman Ritchey voted against the transfer.
On June 18 the Devine City Council approved moving $2,000,000 earmarked for the Ground Storage Tank Project into the TexPool, a higher-yield state investment pool, so the funds can earn interest until construction begins.
City Administrator David L. Jordan framed the proposal, saying the transfer would put project funds into an account with better short-term returns than the city's current account. Alderwoman Debbie Randall moved to make the transfer and Alderman Michael Hernandez seconded the motion. The motion passed 4–1, with Alderman Josh Ritchey recorded as the lone dissent.
Council minutes do not record expected interest rates, timing for withdrawal, or conditions that would trigger moving money back into project accounts. The vote authorizes staff to complete the transfer and directs administrative follow-up to manage the funds on behalf of the Ground Storage Tank Project.
