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Kaufman County court adds Texas Connect to its authorized public-funds pools
Summary
Kaufman County commissioners approved adding Texas Connect as an authorized public-funds investment pool and updated the county investment policy; a Texas Connect representative said the pool offers same-day liquidity and potential arbitrage-cost savings.
Kaufman County commissioners voted March 17 to add Texas Connect to the county———————————————————authorized list of public-funds pools and to adopt an updated investment policy required under the Public Funds Investment Act.
Chuck (county staff) presented the item and introduced David Shechtman of Texas Connect. Shechtman told the court, "Texas Connect is very straightforward, just like any other pool in Texas. It's a 100% same day liquidity...it is the highest yielding pool in all of Texas" and said using the pool for bond proceeds could eliminate the county's arbitrage rebate expense, which he estimated the county currently pays about $10,000 to $15,000. The court offered no substantive objections and approved the addition by motion.
The policy review presented with the Texas Connect addition noted updates to staff educational credentials and the explicit authorization of the new pool. The presiding official said the reviews are required annually by the Public Funds Investment Act; the court approved the policy and instructed staff to sign the updated documents.
The purchase of the contractual relationship or any transfer of bond proceeds to Texas Connect will require routine administrative steps; the court did not set further conditions beyond the policy approval.
