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Board approves reinvestment of five maturing investments totaling $1,162,248
Summary
Trustees approved reinvesting four Wells Fargo certificates of $250,000 each plus one Austin Bank investment of $162,248 for 12 months; motion passed unanimously among present trustees.
The LaPoynor ISD Board approved reinvesting four Wells Fargo investments of $250,000 each (maturing between April 30 and May 15) and one Austin Bank investment of $162,248 maturing April 27, all for 12 months. The minutes state: "A motion was made to approve the 4 investments of $250,000 each that mature between April 30th and May 15th at Wells Fargo and 1 investment of $162,248 at Austin Bank maturing April 27th for12 months." John Kinabrew moved the motion and Lesley Young seconded it; trustees voted 6–0 with one absence.
The action rolls the district's near-term maturing investments into 12-month terms. The minutes do not specify interest rates or custodial arrangements; finance staff will implement reinvestment consistent with board authorization.
