By DINA ARÉVALO
Port Isabel-South Padre Press
editor@portisabelsouthpadre.com
The Laguna Madre Water District (LMWD) approved Wednesday a plan to invest up to $8 million of its funds with two Texas banks.
The money market investments would allow the District to maintain flexibility if it needed to access the funds, unlike something like a commitment to a CD, which ties up funds until the end of the CD term.
The District’s board of directors approved the investments with Green Bank, headquartered in Dallas, and Southside Bank, headquartered in Tyler, Texas, after a presentation by Susan Anderson of Valley View Consulting. Rate sheets were sent to 23 banks, of which seven responded, Anderson said.
Anderson presented the board two options. The first involved committing all of the money to Green Bank. The second involved splitting the funds between Green Bank and Southside Bank. “I tend to be conservative.” Anderson said, explaining that her recommendation would be to approve the second option in order to have a more diversified portfolio.
Want the whole story? Pick up a copy of the Port Isabel-South Padre Press, or subscribe to our E-Edition by clicking here.