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County staff recommend Guaranteed Bank & Trust 180-day cash sweep; move to select investment adviser set for November
Summary
Comptroller recommended accepting a 180-day insured cash-sweep bid at 4.01% from Guaranteed Bank & Trust for idle county funds, noting the county anticipates selecting an investment adviser by Nov. 6 and possibly moving about $55 million to long-term investment management.
The comptroller and county staff recommended accepting a Guaranteed Bank & Trust bid for a 180-day insured cash sweep at a quoted interest rate of 4.01% to hold idle county funds temporarily. Staff noted the sweep allows penalty-free withdrawal and that the county plans to select an investment adviser by Nov. 6, at which point approximately $55,000,000 could be transferred for longer-term management.
Staff asked the board to approve a resolution to accept the bid and described plans to review cash needs in September and again at the end of the year. The board moved to approve the resolution and directed staff to manage the timing of the transfers consistent with the county's investment-policy adoption and adviser selection process.
