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Bonham updates investment policy and authorizes Texas Connect as liquidity option
Summary
The council revised the Investment Policy to allow the City to work with Meeder Investment Management and approved adding Texas Connect, a Texas local government investment pool, as an authorized liquidity option to diversify public funds while maintaining compliance with state law.
Sarah Osburn, Director of Administrative Services, presented proposed revisions to the City of Bonham Investment Policy to incorporate language allowing the city to work with Meeder Investment Management for pooled fund administration. Osburn said the revised policy continues to prioritize safety, liquidity, yield, diversification and public trust.
City staff also proposed adding Texas Connect, a local government investment pool administered by Meeder Public Funds and established under the Public Funds Investment Act, as an authorized liquidity option. After council members asked questions about yield rates, the council adopted the revised Investment Policy and approved Texas Connect as an additional liquidity option by unanimous votes.
