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District investment briefing: Hilltop outlines conservative strategy for bond proceeds
Summary
Hilltop Asset Management advised trustees to lock in conservative yields on bond proceeds, prioritizing liquidity for near-term construction draws and targeting roughly $18 million in earnings on the proceeds; the board approved the CDA investment-policy resolution.
Scott McIntyre, senior portfolio manager with Hilltop Asset Management, briefed the board on the district’s investment strategy for recently issued bond proceeds and recommended a conservative, liquidity-focused approach. He told trustees the bulk of the proceeds were placed in U.S. Treasuries and conservative blocks timed to match construction draws out to August 2028.
"When I looked at the expectation for the amount of interest that should be earned on these bond proceeds... I'm thinking that it would be somewhere in the neighborhood of 18,000,000," McIntyre said, describing a strategy to lock in interest income while keeping near-term operating liquidity. He also explained that the front end of the curve remains expensive and emphasized keeping immediate operating funds liquid while laddering longer-term blocks to meet construction draws. The board adopted the investment-policy (CDA) resolution by voice vote.
