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Cooke County commissioners debate limits on commercial paper in 2026 investment policy; take no action
Summary
Commissioners discussed adding a 30% cap on investments in commercial paper and whether that limit should apply to investment pools only or to all county investments. The court deferred action and asked the investment committee to clarify numbers and governance language.
Cooke County commissioners spent a lengthy portion of the meeting debating revisions to the county's 2026 investment policy, focusing on exposure to commercial paper in pooled funds and whether a 30% cap should apply to pools alone or to total county investments.
Investment staff noted that Logic, one of the county's investment pools, had roughly 82% of its portfolio in commercial paper and that Logic represented about 28% of the county's pool holdings; that equated to about 23% of total county investments in commercial paper based on the figures cited. Commissioners expressed divergent views: some favored a firm numerical cap and tighter language to prevent future administrators from interpreting the policy narrowly, while others suggested removing Logic or shifting funds to reduce exposure.
The court also discussed letters of credit and the role of the county's investment officer. Staff proposed adding language limiting commercial paper exposure and clarifying whether the treasurer or another designated investment officer would carry out transactions. Given remaining questions about the base numbers (including $5.5 million held in brokered CDs and treasuries), commissioners opted for no action and directed the investment committee to meet, reconcile figures and return with a revised policy for court approval.
No formal change was adopted at the meeting; commissioners agreed to reconvene the issue after the committee clarifies the proposed thresholds and governance wording.
