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Pampa ISD authorizes FirstBank Southwest custodial account for Project Fund Securities, Series 2024
Summary
Trustees authorized FirstBank Southwest Wealth Management to open a custodial account to hold Project Fund Securities - Series 2024; the motion passed unanimously during the Sept. 23 meeting after a request from CFO Heath Parker.
The Pampa ISD Board voted Sept. 23 to authorize FirstBank Southwest Wealth Management to open a custodial account to hold the Project Fund Securities - Series 2024.
Heath Parker, PISD chief financial officer, told the board it is necessary for the district to authorize the bank to serve as custodian of the project fund securities; "it is necessary for Pampa ISD to authorize First Bank Southwest Wealth Management to open an account to serve as the custodian of the Project Fund Securities - Series 2024," the minutes state. Luis Nava moved for authorization; Denise Intemann seconded and the motion carried unanimously 7-0.
The minutes do not include further detail on the securities or the bond issuance schedule; the board’s action authorizes the custodian relationship as part of debt-administration steps for Series 2024 project funds.
