ORDER ran. ;~~~~~9
A~~F'RnVAL_ OF INVESTMENT STRATEGY
On this the 9th day of December^ 1996, ~_~pon motion made by
Commi.ssivner-~ Lehman, seconded by .J'~_~dge Robert A. Denson, the
Co~..irt unanimous approved by a vote of 5-0-Q~, of the
investment strategy.
COMMISSIONERS' COURT AGENDA REQUEST
~~--~)
PLEASE FURNISH ONE ORIGINAL AND FIVE COPIES OF THIS REQUEST AND DOCUMENTS
TO BE REVIEWED BY THE COURT.
MADE BY: Barbara Nemec
MEETING DATE: December 09., 199h
SUBJECT: (PLEASE BE SPECIFIC) _
OFFICE: TYPA ~,,,-pr
T'IIV1E PREFERRED: A . M .
Consider and discuGS TnvactmPnt ~trat..eg~c.
EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON)
ESTIMATED LENGTH OF PRESENTATION:
IF PERSONNEL MATTER -NAME OF EMPLOYEE:
NAME OF PERSON ADDRESSING THE COURT:
5 min
Time for submitting this request for Court to assure that the matter is posted irn accordance with Title ~.
Chapter 55 i and 552, Government Code, is as follows:
Meeting scheduled for Mondays:
5:00 P.M. previous Tuesday.
THIS REQUEST RECEIVED BY:
THIS REQUEST RECEIVED ON:

All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has
been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will
be appreciated and contnbute towards you request being addressed at the earliest opportunity. See Agenda
Request Rules Adopted by Commissioners' Court.
'•.. ~•.
COUNTY TREASURER
KERB COUNTY COURTHOUSE
KERRVILLE, TEXAS 78028
December 03, 1996
Kerr County Commissioners Court
Kerrville, Texas
Dear Gentlemen:
In compliance with Chapter 2256, Government Code, attached
is an investment policy which will serve as the guide line
for meeting the countys investment needs.
Sincerely,
Barbara Nemec
Court Order No.
Date: December 09, 1996
Submitted to Commissioners Court. Kerr County,
Prepared and Submitted by: Barbara Nemeci County Tresaur~er
KERR COUNTY INVESTMENT STRATEGY
The County of Kerr maintains portfolios which utilize four specific
strategy considerations designed to address the unique characteristics
of the fund groups represented in the portfolios.
Investment strategies for operating funds have as their primary
objective to assure that anticipated cash flows are matched with
adequate investment liquidity. The secondary objective is to create a
portfolio structure which will experience minimal volatility during
economic cycles. This may be accomplished by purchasing high quality,
short to medium term securities which will complement each other in a
laddered maturity structure. The dollar weighted average maturity of
365 days or less will be calculated using the stated final maturity
dates of each security.
Investment strategies of debt service funds shall have as the primary
objective the assurance of investment liquidity adequate to cover the
debt service obligation on the required payment date. Securities pur-
chased shall not have a stated final maturity date which exceeds the
debt service payment date.
Investment strategies for debt service reserve funds shall have as the
primary objective the ability to generate a dependable revenue steam to
the appropriate debt service fund from securities with a low degree of
volatility. Except as may be required by the bond ordinance specific
to an individual issue, securities should be of high quality, with
short to intermediate term maturities. Volatility shall be further
controlled through the purchase of securities carrying the highest
coupon available, within the desired maturity and quality range,
without paying a premium, if at all possible. Such securities will
tend to hold their value during economic cycles.
Investment strategies for special projects or special purpose fund
portfolios will have as their primary objective to assure that antici-
pated cash flows are matched with adequate investment liquidity. These
portfolios should include at least 10% in highly liquid securities to
allow for flexibility and unanticipated project outlays. The stated
final maturity dates of securities held should not exceed the estima-
ted project completion date.
Qrd?r iVO. 23759
Approval of Investment
Strategy
December 9, 1996
Vol. U pg 835