ORDER NO. 19333
APPROVAL OF COUNTY INVESTMENT POLICY
On this the lst day of February 1990, upon motion made by
Commissioner Morgan, seconded by Commissioner Baldrin, the
a
Court uaanisously approved the attached "Investment Policy"
for Kerr County.

INVESTMENT POLICY
It being the desire of the Kerr County Commissioners Court to estab-
lish a sound investment policy which will provide for maximum investment
return from funds belonging to Kerr County, the following INVESTMENT POLICY
FOR KERR COUNTY is adopted:
OHJF.CTIVES AND PRIORITIES
The Investment Objectives of the Kerr County Commissioners Court are:
1. To comply with the laws of the State of Texas as defined in
Article 842a-2, Vernon's Texas Civil Statutes, known as the PUBLIC INVEST-
MENT ACT OF 1987 concerning the investment of Kerr County Funds.
2. To insure that sufficient funds are available to meet immediate
and short-term needs for the operation of the County.
3. To provide for diversification in the types of investments, the
amount of money invested and length of time of investments.
4. To insure the safety of county funds and to avoid speculative
investing.
5. To earn maximum interest rates allowed through prudent and legal
investment of county funds consistent with the current Bank Depository
Contract.
TYPES OF INVESTMF,NTS
As provided in the PUBLIC INVESTMENT ACT OF 1987, the following in-
vestments of county funds are allowed:
*OBLIGATIONS OF THF, UNITED STATES, IT'S AGENCIES AND INSTRUMENTALITIES
*DIRECT OBLIGATIONS OF THE STATE OF TEXAS OR IT'S AGENCIES
*OTHER OBLIGATIONS INSURED HY THE STATE OF TEXAS OR UNITED STATES
*BANK CERTIFICATES OF DEPOSIT THAT ARE GUARANTEED
*CF.RTIFICATF,S OF DEPOSIT ISSUED BY SAVINGS AND LOAN ASSOCIATIONS
DOMICILED ZN THIS STATE THAT ARE GUARANTF.F.D
*PRIME DOMESTIC BANKERS' ACCEPTANCP.S
*COMMERCIAL PAPER (UNDF,R CERTAIN CONDITIONS)
*F[JLLY COLLATERALIZED REPURCHASE AGREEMENTS (UNDER CERTAIN CONDITIONS}
*S.E.C. REGISTERED, NO-LOAD MONEY MARKET MUTUAL FUNDS (UNDER CERTAIN
CONDITIONS)
*BOND PROCEEDS MAY BE INVESTF,D IN COMMON TRUST FUNDS (UNDER CERTAIN
CONDITIONS)
In order to insure timely investment of county funds to obtain maximum
interest benefit, the following investments may be made by the investment
officer without prior Commissioners Court approval:
*OBLIGATIONS OF THE UNITED STATES, IT'S AGENCIES AND INSTRUMENTALITIES
*DIRECT OBLIGATIONS OF THE STATF. OF TEXAS OR IT'S AGENCIES
*OTHER OBLIGATIONS INS[JRED BY THF. STATF. OR UNITED STATES
*BANK CERTIFICATES OF DEPOSIT THAT ARE GUARANTEED
*SAVINGS AND LOAN CERTIFICATES OR DEPOSIT THAT ARE GUARANTEED

All other types of investment allowed under the PUBLIC INVESTMENT ACT OF
1987 must have prior approval of the Commissioners Court before the invest-
ment may be made by the designated investment officer.
Kerr County shall require delivery of al.l securities or shall have these
securities held in the County's name by an independent third party prior to
payment being made by the County for the investment.
INVF.STMF.NT INSTITUTIONS
Kerr County sha].1 invest county funds with any or all of the pollowing
institutions or groups consistent with the federal and state law and the
current Bank Depository Contract:
DRPOSITORY BANK
OTHER STATE OR FEDERALLY CHARTF.RF.D BANKS
SAVINGS AND LOAN ASSOCIATIONS
MAJOR PROKERAGE HOUSRS
TEXAS TREASURY SAFEKEEPING TRUST COMPANY
INVESTMENT COLLATERAL
All invested Kerr County Funds will be fully collateralized or insured
consistent with federal and state law and the current Hank Depository
Contract, without exception.
All securities pledged as collateral shall be deposited in trust with the
Federal Reserve Bank or an independent investment institution under an
appropriate legal contract. The amount of securities so pledged shall be
determined by their market value.
DESIGNATION OF RESPONSIBILITIES
It shall be the responsibility of the County Treasurer to determine the
amount of funds which are available for investment and the types of invest-
ments which will yield maximum income for Kerr County.