COMMISSIONERS' COURT
REGULAR SESSION
JANUARY 27, 2014
THE STATE OF TEXAS
COUNTY OF BOSQUE
00560
On this the 27'h day of January, 2014 at 9:00 a.m. in the County Commissioners Courtroom in Meridian, Texas,
the Bosque County Commissioners' Court convened in Regular Session with the following present:
Cole Word, County Judge
Doug Day, Commissioner, Precinct #1
Durwood Koonsman, Commissioner, Precinct #2
Sammy Leach, Commissioner, Precinct #3
Jimmy Schmidt, Commissioner, Precinct #4
Tabatha Ferguson, County Clerk
1) CALL TO ORDER
2) DETERMINATION OF QUORUM
All present.
3) PROOF OF NOTICE
4) PLEDGE OF ALLEGIANCE
5) ORDER APPROVING MINUTES FROM PREVIOUS MEETING
Commissioner Leach made the motion to approve the minutes from the January 13, 2014 Regular
Session & January 22, 2014 Special Session. Commissioner Day seconded the motion. All approved.
6) ORDER APPROVING OR DISAPPROVING TO PAY CLAIMS, SALARIES AND WAGES
AGAINST COUNTY FUNDS
Commissioner Schmidt made the motion to approve to pay claims, salaries and wages of$62,687.84
Commissioner Koonsman seconded the motion. All approved.
7) ORDER APPROVING OR DISAPPROVING TO PAY CLAIMS, SALARIES AND WAGES
AGAINST PRECINCT FUNDS
Commissioner Schmidt made the motion approving to pay claims, salaries and wages against precinct
funds. Commissioner Leach seconded the motion. All approved.
8) LINE ITEM TRANSFERS
Commissioner Schmidt made the motion to approve the Line Item Transfers as presented by the
Auditor's office. Commissioner Day seconded the motion. All approved.
00561
9) DISCUSSION AND ACTION TO APPROVE PETITION TO VACATE, CLOSE OR
ABANDON A PORTION OF fOUNTY ROAD 2155
Attorney Patricia Coy and land owner John Barber appeared requesting to abandon a portion of CR
2155. Commissioner Koonsman made the motion to vacate, close or abandon a portion of county road
2155. Commissioner Leach secJnded the motion. All approved.
10) PRESENTATION ON CARE FLITE BY JAMES C. SWARTZ, PRESIDENT & CEO
No Action
11) DISCUSSION AND ACTION TO APPROVE CONTRACT BY AND BETWEEN BOSQUE
COUNTY AND HEART OF TEXAS REGION MENTAL RET ARDATION CENTER
Commissioner Schmidt made the motion to approve the annual contract between Bosque County and
Heart of Texas Region Mental Retardation Center. Commissioner Koonsman seconded the motion. All
approved.
12) DISCUSSION AND ACTION TO ACCEPT DONATION OF SMALL BOOKSHELF,
MEDIUM BOOKSHELF AND SMALL TABLE FOR DISTRICT CLERK'S OFFICE FROM
SUSIE OLDHAM
Commissioner Leach made the motion to approve the donation. Commissioner Schmidt seconded the
motion. All approved.
13) DISCUSSION AND ACTION ON TRADING IN 2 CURRENT FLEET VEHICLES FOR 2
TAHOE'S PREVIOUSLY APPROVED TO PURCHASE
Capitan Larry Betik appeared requesting to trade in a 2005 and a 2007 crown victoria with the trade
value of$I,OOO each. That amount will be taken off the purchase price of the new Tahoe's.
Commissioner Leach made the motion to accept the $1,000 per vehicle as the trade in on the purchase of
2 new Tahoe's. Commissioner Schmidt seconded the motion. All approved.
14) DISCUSSION AND ACTION TO ADVERTISE FOR BIDS ON FOOD AND JANITORIAL
PRODUCTS FOR BOSQUE COUNTY JAIL
Commissioner Koonsman approved to advertise for bids. Commissioner Day seconded the motion. All
approved.
15) DISCUSSION AND ACTION ON CELL PHONE USE DURING COMMISSIONERS
COURT
Commissioner Leach made the motion that no cell phones be allowed in Commissioners Courtroom that
are on. Commissioner Koonsman seconded the motion. All approved.
The court is also going to check on the funds to purchase a new recorder.
16) RECEIVED AND FILE INVESTMENT REPORT FOR FOURTH QUARTER OF 2013
Commissioner Koonsman made the motion to receive and file the Fourth Quarter 2013 report.
Commissioner Leach seconded the motion. All approved.
17) DISCUSSION AND ACTION ON BURN BAN
0056Z-
Commissioner Schmidt made the motion to leave the burn ban off. Commissioner Leach seconded the
motion. All approved.
18) ANNOUNCEMENTS OR COMMENTS
Skywarn training 7:00 p.m., Friday January 31, 2014 at the Meridian Civic Center.
Several residents spoke regarding the road conditions on CR 3125, CR 3155 & 3310.
19) ADJOURN
Commissioner Day made the motion to adjourn. Commissioner Schmidt seconded the motion. All
approved.
01/27/2014
B0E!QUE COUNTY
2014
BUDGET TRANSFERS POSTED
TRANSFER #: 012714
PAGE
1
BUD022
To
From
Amount
Account Name
Amount
G/L Code
-------------------------------------------------------------------------------2,000.00
001-499-352
001-499-310
OFFICE EQUIPMENT REPAIRS
OFFICE SUPPLIES
2,000.00
=======;;;;====
============
2,000.00
2,000.00
01/24/2014
BO!>QUEkCOUNTY
2014
BUDGET TRANSFERS WORKSHEET
TRANSFER #:
012714
PAGE
1
BUD022
To
From
Amount
Account Name
G/L Code
Amount
-------------------------------------------------------------------------------2,000.00
001-499-352
001-499-310
OFFICE EQUIPMENT REPAIRS
OFFICE SUPPLIES
2,000.00
;;:::===;;;===;;;===
============
2,000.00
2,000.00
01/24/2014
17,10,40
BUDGET TRANSFERS APPROVAL REPORT
012714 BUDGET TRANSFER
BUD020 PAGE
Year GL Account
1
Name
Date
Original Amount
New Amount
Difference
Clerk
------------------------------------------------------------------------------------------------------------------------------------
2014 001-499-310 OFFICE SUPPLIES
2014 001-499-352 OFFICE EQUIPMENT REPAIRS
TOTAL TAX ASSESSOR-COLLEC
II:>
~
~
8
01/24/2014
01/24/2014
4,885.00
2,900.00
Total Transfers
6,885.00
900.00
2
Total Changes
2,000.00
2,000.00.00
CS
CS
01/24/2014
17,10,40
BUDGET TRANSFERS APPROVAL REPORT
012714 BUDGET TRANSFER
Fund Name
Difference
TOTAL TAX ASSESSOR-COLLEC
/l
<.C
.00
'-0
II'.)
COUNTY JUDGE
Q
o
COMM PCT 1
COMM PCT 2
COMM PCT 3
COMM peT 4
..-----~
.
CO TREASURER
THIS LIST WAS REVIEWED AND APPROVED.
BUD020 PAGE
2
COpy
STATE OF TEXAS
§
COUNTY OF BOSQUE
§
PETITION TO VACATE, CLOSE OR ABANDON
A PORTION OF A COUNTY ROAD
To the Commissioner's Court of Bosque County, Texas:
John Barber, Petitioner, requests this Court to vacate, close or abandon all of Bosque
County Road 2155, showing as follows:
1)
The road sought to be vacated, closed or abandoned is County Road 2155,
beginning at the intersection of County Road 2150 to its end as shown on Exhibit
A attached to this petitioner and incorporated in it for all purposes. Petitioner is
requesting that County Road 2155 be vacated, closed or abandoned in its entirety.
2)
Petitioner owns property adjacent to the road sought to be vacated, closed or
abandoned at the time this petition is filed.
3)
Maintenance of the portion of the road sought to be vacated, closed or abandoned
is a burden to the County and of no benefit to the Petitioner.
Signed on
'lkuwhu'" 110
,2013.
Attorney for Petitioner
J:IClients8001-9000\B678-Barber, Johnl1-13pc Road Closurelpetition. wpd
Page 1 plus Exhibit
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Bosque County
Tabatha Ferguson
County Clerk
Meridian, Tx 76665
Instrument Number: 2014-00000222
As
Recording No Fee
Recorded On: January 27, 2014
Parties: BOSQUE COUNTY OF
To
BARBER JOHN
Number of Pages: 3
Comment: ORDER TO CLOSE ROAD
( Parties listed above are for Clerks reference only)
•• Examined and Charged as Follows: ••
Recording No Fee
0.00
Total Recording:
0.00
•••••••••••• DO NOT REMOVE. THIS PAGE IS PART OF THE INSTRUMENT ••••••••••••
Any provision herein which restricts the Sale, Rental or use of the desCribed REAL PROPERTY
because of color or race
FilII Information:
Document Number: 2014-00000222
Receipt Number: 35716
Recorded DatelTime: January 27,2014 11:07:04A
User I Station: N Gomez - Cash Station 01
IS
invalid and unenforceable under federal law
Record and Return To:
BOSQUE COUNTY CLERK
P.O. BOX617
MERIDIAN TX 76665
·
.. ....
00570
,
ORDER Of THE COMMISSIONERS COURT
.I
OF
BOSQUE COUNTY, TEXAS
On January 27,2014, came on to be considered the Petition of John Barber to vacate,
close or abandon all of Bosque County Road 2155, beginning at the intersection of County
Road 2150 and County Road 2155 to County Road 2155's end as shown on Exhibit A
attached to this order and incorporated in it for all purposes.
The Court finds that Petitioner owns property adjacent to and on both sides of the portion
of the road sought to be vacated, closed, or abandoned at the time the application is filed.
Maintenance of that portion of the road to be abandoned is a burden to the County.
The Court finds that notice of the Petition has been posted in conformity with Sec. 251.052
Texas Transportation Code, for a period of 20 days preceding this date.
Therefore, on unanimous vote of the Commissioners, it is hereby ORDERED that County
Road 2155, beginning at the intersection of County Road 2150 to its end as shown on
Exhibit A attached to this order hereby is abandoned, vacated, and closed by Bosque
County.
Signed and ordered entered this
Cole Word, County Judge
J'\clients8001·9000\8678-Barber, John\1-13pc Road Closure\order vacating road,wpd
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SERVICE PROVIDER CONTRACT
I
This contract is entered into by and between Bosque County (hereinafter the "County") and
Heart of Texas Region Mental Health Mental Retardation Center (hereinafter "Service
Provider") in consideration of the mutual promises, terms and conditions set forth below. The
parties agree as follows:
1.
PROVISION OF SERVICES
1.1
Service Provider shall provide the services set forth and described in Exhibit "A," which
is incorporated by reference herein, to individuals who are referred to the Service
Provider by the County.
1.2
Service Provider shall adhere to all applicable federal and state laws and regulations in
the provision of services hereunder.
1.3
Service Provider is rnider no obligation to accept a client who is deemed inappropriate for
services or becomes violent and disruptive during appointments.
U.
COMPENSATION TO SERVICE PROVIDER
2.1
For and in consideration of the above-mentioned services, the County agrees to pay the
Service Provider an amount of $249.94 for psychiatric evaluations, $72.97 for medication
monitoring under 20 minutes, $84.44 for medication monitoring between 20-40 minutes
and $168.88 for medication monitoring 41 minutes and over.
2.2
Billings for payment will be submitted to the County no later than ten (10) days from the
last day of the month for which payment is being requested. The County will make
payment no later than thirty (30 days) after receipt of the billing for approved charges.
2.3
Each billing should contain the date and the name of the clients or clients for whom
payment is being requested.
III.
SERVICES FOR CLIENTS
3.1
Service Provider will 'provide consultation on a case by case basis with clients.
3.2
The Service Provider shall provide a written report of the client's progress upon request.
IV.
4.1
EXAMINATIONS OF PROGRAM AND RECORDS
The Service Provider agrees that it will permit the County to examine and evaluate its
program of services provided under the terms of this Contract and to review County
client records. This examination and evaluation of the program may include unscheduled
site visits, observation of programs in operation, interviews and the administration of
questionnaires to the staff of the Service Provider and the client.
4.2
The Service Provider shall provide to the County such description information on
contracted clients as requested on forms provided or agreed upon by the parties.
4.3
The Service Provider agrees to maintain and make available for inspection, audit, or
reproduction by an authorized representative of the County and the State of Texas books,
documents and other evidence pertaining to the cost and expenses of this Contract,
hereinafter call "the Records."
4.4
The Service Provider understands that acceptance of funds under this contract acts as
acceptance of authority of the State Auditor's Office, or any successor agency to conduct
an audit or investigation in connection with these funds. The Service Provider further
agrees to cooperate fully with the State Auditor's Office or its successor in the conduct of
the audit or investigation, including providing all records requested.
4.5
The Service Provider agrees to maintain these Records for three (3) years after [mal
payment or until the State-approved audit has been made and all questions therefrom are
resolved.
V.
FEE ASSESSMENT
5.1
No client shall be assessed fees for services by the Service Provider unless such
arrangement is specified by the court.
5.2
If a client is eligible for fiscal support from another state agency or organization, the
Service Provider shall ensure that the County is not charged for such fiscal support for
which is client is otherwise eligible.
VI.
EQUAL OPPORTUNITY
6.1
Services shall be provided by the Service Provider in compliance with the Civil Rights
Act of 1964. The Seryice Provider will not discriminate against any employee, applicant
for employment or client because of race, religion, color, sex, national origin, age or
handicapped condition.
6.2
The Service Provider will take affirmative action to ensure that applicants are employed,
and that the employees are treated during employment without regard to their race,
religion, color, sex, national origin, age or handicapped condition.
VII.
7.1
OFFICIALS NOT TO BENEFIT
No officer, member or employee of the County, and no member of its governing body,
and no other public official of the governing body of the locality or localities in which the
project is situated or being carried out who exercises any functions or responsibilities in
the review or approval of the undertaking or carrying out of the project, shall participate
in any decision relating to this Contract which affects his personal interest or have any
personal or pecuniary interest, direct or indirect, in this Contract or the proceeds thereof.
VIII.
8.1
The County may, be written notice of default to the Service Provider, terminate the
contract in whole or in part, in any of the following circumstances:
a)
b)
8.2
If the Service Provider fails to perform the work called for by this Contract within
the time specified herein or any extension thereof, or
If the Service Provider fails to perform any of the other provisions of this
Contract, or so fails to prosecute the work as to endanger performance of this
Contract in accordance with its terms, and in either of these two circumstances
does not cure such failure within a period often (10) days (or extension as
authorized by County in writing) after receiving notice of default.
The County may withhold payment to the Service Provider for any client who has not
received services as set forth in this Contract. Furthermore, County may withhold
payment to the Service Provider in any month that the Service Provider has not complied
with its reporting requirements hereunder, and may withhold such funds until all such
reporting requirements have been complied with by the Service Provider in accordance
with the Contract.
IX.
9.1
TERMINATION
This Contract may be terminated by either party by giving ten (10 days written notice to
the other party hereto of the intention to terminate.
x.
10.1
DEFAULT
LAW AND VENUE
In any legal action arising under this Contract, the laws ofthe State of Texas shaH govern
and the venue shall be in McLennan County, Texas.
Xl.
OTHER TERMS AND CONDITIONS
11.1
This Contract does not obligate the County to assign a specific number of clients to the
Service Provider's program, or to utilize the Service Provider. Rather, this Contract sets
out the applicable terms if Service Provider is utilized.
11.2
The Service Provider certified that the Service Provider is not ineligible to receive state
funds (including the grant or other source of funding of this Contract) and acknowledges
that this Contract may be terminated and payment may be withheld if this certificate is
inaccurate.
11.3
Service Provider shall account separately for the receipt and expenditure of state funds
paid pursuant to this Contract.
11.4
The County, or its designated representative, shall have the right to conduct regular
financial and programmatic monitoring ofthe Service Provider to ensure performance of
and compliance with this Contract.
11.5
Service Provider shall comply with all applicable regulatory agency policies, procedures
and administrative rules.
11.6
Service Provider shall maintain current license certification, registration or other
necessary regulatory permits.
11.7
Service Provider is an independent contract, and is not intended to be, and shall not be, an
employee, partner or joint venture of the County for any purpose. Service Provider shall
not be treated as an employee of the County for purposes of tax withholding, insurance,
retirement or other benefits. Service Provider is solely responsible for all taxes relating
to payments to it under this agreement, and indemnifies and holds harmless the
Department from any such tax liability. Service Provider shall have no authority to bind
the County to any obligation.
11.8
Service Provider hereby represents and warrants the following:
A.
B.
C.
11.9
That is has all necessary right, title, license, and authority to enter into this
Agreement.
That it is qualified to do business in the State of Texas; that it holds all necessary
licenses and staff certifications to provide the type(s) of services being contracted
for; that it is in compliance with all statutory and regulatory requirements for the
operation of its business; and that there are not taxes due and owing to the State of
Texas, the County of Bosque, or any political subdivision thereof;
That it carries sufficient insurance to provide protection to the County under the
indemnity provisions, as well as for any potential liabilities that arise from or
related to this Agreement.
This Agreements constitutes the sole and only Agreement of the parties hereto and
supersedes any prior understandings or written or oral Agreement between the parties
respecting the within subject matter.
11.10 The Service Provider will prescribe medications as deemed appropriate for the treatment
of the individual. The Service Provider will submit the prescription to the designated
pharmacy identified by the County. The Service Provider does not assume responsibility
for the cost of any medications prescribed.
XII.
12.1
CONTRACT PERIOD
The contract period will begin on the 1st day of September, 2013 and will terminate on
the 31 st day of August, 2014, unless terminated earlier through written notice as set for in
Section IX hereof. This Contract will automatically renew for additional one-year
periods beginning September 1.2014, unless sixty (60) days written notice is given by
one party to the other.
Bosque County
Heart of Texas Region MHMR Center
By:
By:
Barbara Tate, Executive Director
Cole Word, County Judge
Date:
1107/11
7 7
Date:
{fdd
EXHIBIT "A"
I.
00577
Description of Services to be Provided:
To provide services designed to improve the client's functioning.
• Psychiatric evaluation
• Prescribe medications and submit prescriptions to designated pharmacy
• Medication monitoring
2.
Specific Goals Sought to be Achieved by Provision of Services:
Provide assessment and pharmacological services designed to reduce or eliminate
psychiatric decompensation and/or reduce negative symptoms.
Date: 1/17/14
To: Commissioner's Court
From: Juanita Miller, Bosque County District Clerk
Susi Oldham, deputy part-time clerk, would like to donate to the office:
l}small bookshelf
2)medium book shelve
3))small table
We are very fortunate that we have employees that donate to the county.
Thank you,
Juanita Miller
Bosque County District Clerk
.
~g
*
ORGANIZED 1854
BOSQUE COUNTY INVESTMENTS
OCTOBER, NOVEMBER AND DECEMBER
FORTH
QUARTER
2013
•
INVESTMENTS
Oct·13
Q.
Tot Texpool
before int
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
580,532.86
8
0
Amt invested
Per Fund
364,125.02
23,995.60
2,285.94
309.00
16,739.46
51,904.47
11.41
15,747.91
18,474.15
2,884.79
11,524.92
10,535.17
38,749.31
23,245.60
580,532.75
BEGINNING TEXPOC AI Oct, 2013
TXPOOL INTEREST
TEXPOOL DEPOSIT
CITIZANS STATE BANK
TOTAL INVESTED
TxPool
Interest
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24.59
24c5~-'
% of total INTEREST
PER FUND
0.6686 16.4409
0.0367 0.9025
0.0000
0.0000
0.0256 0.6295
0.0000
0.0793 1.9500
0.0000
0.0051 0.1254
0.0241 0.5926
0.0282 0.6934
0.0040 0.0984
0.0176 0.4328
0.0161 0.3959
0.0592 1.4557
0.0355 0.8729
1.0000 24.5900
580,532.86
24.59
580,557.45
1,212,361.67
1.792.919.12
FUND
GENERAL
001 ·360· 100
LAW LIBRARY 027·360·100
BONDDPROC
PROB FUND 028·360·100
JURY FUND 009·360·100
R&B#11
011·360·100
R&B#12
012·360·100
R&B #13
013·360· 100
R&B#14
014·360·100
R&BMAINT
015·360· 100
REC PRES
017·360·100
DIST.ATTY
030·360·100
SEC.FUND
034·360·100
CT REPT SER 033·360·100
PERM IMP
070·360·100
JP'STEC
043·360· 100
Citizens
CDs
904,000.00
20,000.00
75,000.00
1,000.00
100,000.00
200,000.00
-'------
-~
~
521.64
521.64
577.53
964.11
1264.52
8430.14
12279.58
-"---,~--
..t..
TexPool Participant SllfVices
CIO Federated Investors Inc.
1001 Texas Avenue, Suite 1400
Houston, TX 77002
TEXPOOL
*ImrutmeDt
* * * Sen!ce
* * *for *PubUo:
* *Funds
*
An
r ..... Tnu.", SM .... "NC
COMH~OLlI~
To."
SUHf< co .....
CO,HAN'
CHAluIA ..
Participant Statement
BOSQUE COUNTY
GENERAL FUND
ATTN DIANA WELLBORN
Statement Period
10/01/2013 - 10/31/2013
Page 1 of 2
PO BOX 647
MERIDIAN TX 76665-0647
TexPool Update
Updated TexPool & TexPool Prime Operating Procedures, Information Statements, and Investment Policies
are now available on TcxPool.com under About TexPool.
TexPool Summary
Pool Name
Texas local Government Investment Pool
Total DallarYalue
Beglnnlna
Balance
Total
Deposits _
$580,532.86
$580,532.86 .
$0.00
Total
Tota'
Current
Withdrawals
Interest
Balance
A1Ierage
Balance
$0.00
$24.59
$580,557.45
$580,533.65
SO.OO
$24.59
$580,557.45
Portfolio Value
Share Price
Shares Owned
MarketValue
Pool Name
Total DoliarValue
$580,557.45
$580,532.86
Interest Summary
Month-la-Date
Year-ta-Oate
Total
...
540286
r exPool Participant Service.
CIO Federated Investors Inc.
1001 rexas Avenue, Suite 1400
Houston, rx 77002
Statement Period
10/01/2013 - 10/31/2013
Page 2 of 2
Transaction Detail
Texas Local Government Investment Pool
Participant: BOSQUE COUNTY
Pooll
Date
Date
Transaction
Description
10/0112013
10/31/2013
10/01/2013
1013112013
MoNTH LY POSTING
Transaction
BEGINNING BALANCE
Account Value as of 10/31/2013
·Transaction
Dollar Amount
Share
Price
Shares This
Transaction
OWned
$580.532.86
$24.59
$1.00
$1.00
24.590
580.532.860
580.557.450
$580 ,657.45
$1.00
Pool Information
The allocation factor for the last day of October is 0.000001521 and the one-day net yield for
that day is 0.05550/.
*
1XP _*87200*.0562604004.01623.0 1623.CNSTEXO l.1NYMTX __ TEX._000077136
Shares
580,557.450
_()!J~4
Monthly Newsletter November 2013
Economic and Market Commentary
Month in Cash: Don't get spooked by the headlines
November 1, 2013
There's no doubt last month's debt-ceiling showdown was wmerving, iffor no other reason
than it was impossible to escape the scary headlines. But the reality is the consensw view in
the money market was pretty much steady as she goes. That may not sell newspapers, attract
TV viewers or generate a lot of website clicks, but it does create opportunity for those who
temain calm and stick to business. For example, when a few major traders garnered a lot of
attention for getting out of very short Treasuries, hdping cause yields on one-month T-bills to
reach as high as 60 basis points in the hours just before a deal was struck on Oct. 16, we were
a.ble to add some inexpensive Treasury paper to our prime portfolios. This isn't something we
often do. In fact, the last time we actually held any Treasury securities in our prime portfolios
was for liquidity purposes pre-YZK, when it was feared computers may trip up as the year
rolled over from 1999 to 2000.This time, the move was made simply to take advantage of
yields that were reflective not of default risk: but of liquidity changes--as a few major traders
got out of very short Treasuries, supply and thus yields rose significandy. It's a two-way
market, and from a yield perspective, we along with many others were on the more generous
consensus side of this trade.
That said,.the government cash market was quick to normalize once the "debt-ceiling can" got
kicked again, this time to early February. That is to say, Treasury yidds have fallen back to low
single-digit pre-government shutdown levels, and the overall money ID<lrket remains settled in
the extremely low rate environment with which we've been dealing for longer than we care to
acknowledge. The good news is there has been a little more positive tone oflate along the
short end of the cash yidd curve--overnight to a couple of weeks-thanks to the Fed. &. you
may recall, the central bank in September began testing its plan for using overnight reverse
repos as a w.ry to manage its eventual exit from extraordinary monetity accommodation by
selling overnight securities in the marketplace. While the rates are low--the first batches were
sold at 1 basis point., more recent sales have been at 2 basis points and the Fed could go as high
as 5 basis points-they have acted to set a floor in the market by forcing banks and other
overnight repo dealers to raise rates to attract buyeB (i.e., why would a buyer pay 2 basis points
for a low-risk bank. tepO if it can get the same rate from the risk-free Fed?). This has helped
push rates on overnight repos up from the low single chgits to the high single digits.
The cash market got another 1ift from the Fed when, in their post-meeting statement following the Oct. 29-30 Federal Open Market Committee Meeting, policymak:ers didn't close the
door on any kind of po~ntial tapering move this year.We still think the Fed won't begin paring the $85 billion in monthly Treasury and agency purchases until March at the earliest, but
the statement wasn't as dovish as the market was expecting. Policymak:ers didn't really change
their slighdy more bullish economic oudook since they last met in September--they didn't
reference the government shutdown. Maybe it's just you read into the statement what
you vvant to see, but it seems that message between the lines was the bias remains for rates to
even
(continued page 6)
PERFORMANCE AS OF OCTOBER 31, 2013
1
,
I
I
I
I
I
I
I
I
Current Invested Balance
Weighted Average Maturity 0)'"
Weighted Average Maturity (2)"
Net Asset Value
Total Number of Participants
Management Fee on Invested Balance
Interest Distributed
Management Fee Collected
Standard & Poor's Current Rating
TexPool
TexPool Prime
$14,267.039,424,60
$1,023,680,336.52
51 Days
75 Days
41 Days
51 Days
1.00006
2,301
1.00003
167
0,0636%
$72,974,60
0.0473%
$589,427.66
$561,529.40
$54,408.96
AAAm
AAAm
$14,015,965,452.60
',Average Invested Balance
Average Monthly Yield. on a simple basis (3)0.05%
50 Days
Average Weighted Average Maturity (1)71 Days
Average Weighted Average Maturity (2)-
$1,000,090,762.36
0,09%
44 Days
54 Days
Month Averages
"'Definitions for Average Monthly Yield and Weighted Average Maturity can be found on page 2.
TEXPOOL
November 2013
Portfolio by Maturity (Ofo)
Portfolio by Type of Investment (Ofo)
As of October 3 7, 2073
As of October 37, 2073
.1-7 days 38.6
• 8-30 days 13.3
• Agencies 59.3
.31-90 days 34.2
•
.91-180 days 7.1
Repurchase
Agreements 32.4
• Treasurys B.3
• 181+ days 6.8
PORTFOLIO ASSET SUMMARY AS OF OCTOBER 31, 2013
Book Value
Market Value
$1,355.28
$1,355.28
Uninvested Balance
0.00
0.00
10,910,146.95
10,910,146.95
Receivable for Investments Sold
Accrual of Interest Income
Interest and Management Fees Payable
Payable for Investments Purchased
-589,423.40
-589.423.40
-130,748,056.48
-130,748,056.48
0.00
0.00
4,659,382,000.00
4,659,396,770.00
0.00
0.00
8,539,374,128.53
8,540,127,973.62
Accrued Expenses & Taxes
Repurchase Agreements
Mutual Fund Investments
Govemment Securities
US Treasury BIlls
US Treasury Notes
Total
427,470,857.28
427,481,062.50
761,238.416.64
761,198,243.00
$14,267,039,424.aO
$14,267,na,071.47
Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated Investment Counseling
and the assets are safe kept in a separate custodial account at State Street Bank in the name of TexPool The only source of payment to the Participants is the
assets of TexPool There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio, please
contact TexPool Participant Services.
PARTICIPANT SUMMARY
Number of Participants
Balance
School District
572
$4,309,359,486.74
Higher Education
56
$1,189,266,850.90
Healthcare
80
$477,401.035.40
Utllity District
706
$1,393,158,552.45
City
449
$4,174,434,906.39
County
174
$1,111,328,525.86
Other
264
$1,611,849,266.10
Definition of Weighted Average Maturity (1) & (2)
Y7J 'WAM Days" is the mean average of the periods of time remaining until the securities held in TexPool (aJ are scheduled to be repaid, (bJ would be repaid upon
a demand by TexPoo/, or (e] are scheduled to have their interest rate readjusted to reflect current market rates. Securities with adjustable rates payable upon
demand are treated as maturing on the earlier of the two dates set forth in (bJ and (cJ if their scheduled maturity is 397 days or less; and the later of the two dates
set forth in (bJ and (cJ if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortized cost of the portfolio
invested in each period
'*(2]'WAM Daysn is calculated in the same manner as the described in footnote 1, but is based solely on the periods ofume remaining until the securities held in
TexPool (aJ are scheduled to be repaid or (bJ would be repaid upon a demand by TexPool, without reference to when interest rates of securities within TexPool are
scheduled to be readjusted
Definition of Average Monthly Yield (3)
*(3JThis current yield for TexPool Prime for each date may reflect a waiver of some portion or all of each of the management fees.
2
•
TEXPOOL
cosas
DAILY SUMMARY
Money Mkt. Fund
Daily
TexPool
Date
Equiv. (SEC Std.)
Aflocation Factor
rnvested Balance
Market Value
Per Share
WAM Days (1)
WAM Days (2)
10/01
0.0457%
0.000001251
$14.052.069.404.14
1.00008
58
75
10/02
0.0345%
0.000000945
$14.077,353.154.16
1.00008
55
72
10/03
0.0334%
0.000000916
$14.188.658.060.44
1.00007
54
71
10/04
0.0350%
0.000000959
$14.132.379.900.85
1.00007
54
70
10/05
0.0350%
0.000000959
$14.132.379.900.85
1.00007
54
70
10/06
0.0350%
0.000000959
$14.132.379.900.85
1.00007
54
70
JO/07
0.0343%
0.000000939
$14.083.179.733.90
1.00006
52
68
10/08
0.0445%
0.000001219
$14.079.283.963.09
1.00003
51
67
10/09
0.0383%
0.000001049
$14.002.498.739.67
1.00001
49
64
10/10
0.0677%
0.000001854
$13.856.138.880.24
0.99998
51
66
10/11
0.0523%
0.000001434
$13.855.500.952.34
0.99999
50
66
10112
0.0523%
0.000001434
$13.855.500.952.34
0.99999
50
66
10/13
0.0523%
0.000001434
$13.855.500.952.34
0.99999
50
66
10/14
0.0523%
0.000001434
$13.855.500.952.34
0.99999
50
66
10/15
0.0582%
0.000001595
$13.792.622.059.55
0.99996
47
63
10116
0.0741%
0.000002031
$13.826.541.594.99
0.99998
50
68
10/17
0.0753%
0.000002062
$13.814.306.589.26
1.00004
51
74
10118
0.0673%
0.000001845
$13.795.982.050.31
1.00005
50
77
10/19
0.0673%
0.000001845
$13.795.982.050.31
1.00005
50
77
10/20
0.0673%
0.000001845
$13.795.982.050.31
1.00005
50
77
10/21
0.0477%
0.000001308
$13.716.075.84Z66
1.00006
49
75
10/22
0.0448%
0.000001228
$13.790.25]939.75
1.00007
48
76
10/23
0.0423%
0.000001159
$13.768.714.069.35
1.00007
48
75
10/24
0.0449%
0.000001229
$13.766.527,574.67
1.00006
47
77
10/25
0.0482%
0.000001321
$14.386.531.793.67
1.00006
46
71
JO/26
0.0482%
0.00000J321
$14,386,531,793.67
1.00006
46
71
10/27
0.0482%
0.000001321
$14.386.531.793.67
1.0000B
46
71
10/28
0.0477%
0.000001308
$14.315.898.551.05
1.00006
47
71
10/29
0.0481%
0.000001319
$14.333.207,808.61
1.00005
47
71
10/30
0.0465%
0.000001275
$14.397,870.591.52
1.00006
47
71
10/31
0.0555%
0.000001521
$14.267.039.424.80
1.00006
51
75
Average
0.0498%
0.000001365
$14,015,965,452.60
1.00004
50
71
3
TEXPOOL
00587
PRSRT STO
Participant Services
1001 Texas Ave. 14th Floor
Houston, TX 77002
u.s. POSTAGE
PAID
GINCOP, INC.
111111 1111 " .11' 1111'11111'11111111111'1'1111111111'1111111111.1.
DIANA WELLBORN
BOSQUE COUNTY
PO BOX 647
MERIDIAN TX 76665-0647
T14 Pl
(continuea from page 1)
rise over the course 0[2014 and for the yield curve to
steepen. The Fed reiterated that whatever it does will
be data dependent. and while the numbers may be
messy for a bit because of all the temporary furloughs
from the 16-day shutdown as well as the delays in
:lw:miing contracts and actually collecting data, many
ti.mdamentals still appear good. Third-quarter earnings
bave been relattvely strong, state and local government
finances continue to improve, the federal deficit contintles to shrink and the economy continues to grow
,lbeit sluggishly.
1'0 be sure, the potential for another Washington showdown exists, starting with the Dec. 13 deadline for a
House-Senate conference committee agreement on a
budget, fullowed by the Jan. 15 deadline for approving
a budget, followed by a Feb. 7 deadline for extending
the debt ceiling again. These cascadmg deadlines alone
argue for the Fed to playa waiting game before acting.
But from our perspective, the oudook for money market .rates is improving. Supply and liquidity in the marketplace are good. And while we don't think the Fed
will move its target fed funds rate at all next year, we
do expect it will begin to taper and to continue its
r~erse repo program in a larger way. Yields will remain
low, make no mistake, but they should widen from current levels somewhat. In the meantime, in our TexPool
arld TexPool Prime products, we are :finding some value
in a large six-month Cash Management Bill issued after
the Oct. 17 debt-ceiling extension and in e.'Ctendable
floating-rate securities.
TexPool & TexPool Prime vs_ gO-Day Treasury Bill
0.25
0.20
"-;F-
0.15
0.10
/~
~
TexPool
Prime Rate
.,..--- TexPool
~
Rate
- - - - - - - -......
-..........
..._ _ _/
~-_
,. ". "--
0.05
0.00
/=== tOB£a~ate
L ______
=::::-~"""""L___
7/15
7/31
8/15
8/31
9/15
9/30
10/15
10/31
YO-Day Treasury Bill is a short-term debt instrument backed by the national government These are
used to collect immediate cash to meet outstanding obligatjons.
Any private investor can invest in a Treasury bill The 90-Day Treasury Bill IS a weighted average rate
of the weekly auctjons of 90-Day Treasury Bills.
6
co
~
.'
e
INVESTMENTS
Nov-13
Tot Texpool
before int
Amt invested
TxPool
Per Fund
Interest
% of total
INTEREST
FUND
PER FUND
GENERAL
001-360-100
580,557.45
364,141.57 21.28
580,557.45
23,996.50 21.28
0.0367 0.7810
580,557.45
2,285.94 21.28
0.0000
BONDDPROC
028-360-100
009-360-100
0.6686 14.2278
LAW LIBRARY 027-360-100
580,557.45
309.00 21.28
0.0000
PROB FUND
580,557.45
16,740.09 21.28
0.0256 0.5448
JURY FUND
580,557.45
0.0000
21.28
R&B #11
011-360-100
R&B#12
012-360-100
580,557.45
51,906.42 21.28
0.0793 1.6875
580,557.45
21.28
0.0000
R&B#13
013-360-100
580,557.45
11.54 21.28
0.0051 0.1085
R&B #14
014-360-100
015-360-100
017-360-100
580,557.45
15,748.50 21.28
0.0241 0.5128
R&BMAINT
580,557.45
18,474.84 21.28
0.0282 0.6001
RECPRES
580,557.45
2,884.89 21.28
0.0040 0.0851
DIST.ATTY
030-360-100
034-360-100
580,557.45
11,525.35 21.28
0.0176 0.3745
SEC. FUND
580,557.45
10,535.57 21.28
0.0161 0.3426
CT REPT SER 033-360-100
580,557.45
38,750.77 21.28
0.0592 1.2598
PERM IMP
070-360-100
0.0355 0.7554
JP'STEC
043-360-100
580,557.45
23,246.47 21.28
580,557.45 21.28
BEGINNING TfA Nov-13
1.0000
580,557.45
TXPOOL INTEREST
21.28
SUB TOT
580,578.73
CITIZENS STATE BANK
1,212,361.67
TOTAL INVESTED
1,792,940.40
21.2800
Citizens
CITIZENS
CDs
INTEREST
940.000.00
20,000.00
75,000.00
1,000.00
100,000.00
200,000.00
00589
TexPool Participant Services
cia Federated Investors Inc.
1001 Texas Avenue, Suite 1400
Houston, TX 77002
****** *****
TEXAS~TRUST
1 ..... lou,u .. s ....... ,~G hUH Co .. , .. ~.
An fnvestmentServio:eforPubricFunda
CO"H.D"(~ IUI"N CO"'l
CII~IA""N
Participant Statement
BOSQUE COUNTY
GENERAL FUND
ATTN DIANA WELLBORN
PO BOX 647
MERIDIAN TX 76665-0647
Statement Period
11/01/2013 - 11/30/2013
Page 1 of 2
Customer Service
1-866-TEX-POOL
Investor
TexPool Update
Happy Holidays from TexPoo] Participant Seryices!
TexPooI Summarx
Pool Name
Texas Local Government Investment Pool
Total DollarValue
Beginning
Totill
Total
Total
Oeposits
Withdrawals
'nterest
Current
Balance
Average
Balance
$580.557.45
$5BO,557.45
$0.00
$0.00
$0.00
$0.00
$21.28
$21.2B
$580,578.73
$580,57B.73
$580,558.87
Balance
.Portfolio Value
MarketValue
Pool Name
~~~::::J
PooU Account
TotalOoliarValue
(1110112013)
Share Price
(11130/2013)
Shares Owned
(11130/2013)
$5BO,557.45
MarketValue
(1
$5BO,57B.73
Interest Summarx
Month-la-Date
Year-la-Date
$21.2B
Total
Transaction Detail
Texas Local Government Investment Pool
Participant: BOSQUE COUNTY
Pool/ Account:
Transaction Settlement
Transaction
Date
DescriPtion
Date
11/01/2013 1110112013
1112912013 1112912013
•
BEGINNING BALANCE
MONTH l Y POSTING
...
TXp_*SI Z 10*.057506 1004.0 , 5134.0 1594,CNSTEXO 1.fNVMTX•••••••• TEX_.....oooon 136
Transaction
Dollar Amount
Share
Shares This
Price
Transaction
$580,557.45
$21.28
$1.00
$1.00
Shares
Owned
580,557.450
21.280
580, 57B. 730
540286
TexPool Participant Services
CIO Federated Investors Inc.
1001 Texas Avenue, Suite 1400
Houston, TX 77002
00590
Statement Period
11/01/2013 - 11/30/2013
Page 2 of 2
Transaction Detail
(continued)
Texas Local Government Investment Pool
Participant: BOSQUE COUNTY
POOI/AC~,
Transaction Settlement
Date
Date
Transaction
Description
AccountValue as of 11/30/2013
Dollar Amount
Share
Price
$580,578,73
$1,00
Transaction
Pool Information
The allocation factor for the last day of November is 0.000001081 and the one-day net yield for
that day is 0.03950/.
*
TXP .. *81200*.0575061004.0 1595.0 J595.CNSTEXOl.lNVMTX ........TEX ....... 000077136
Shares This
Transaction
Shares
Owned
580,578.730
[Monthly Newsletter December 2013
;L-'~'-'~J.'-'~~~' C
~()ntll
00591
and Market Commentary
in Cash: Has the low-rate paradigtn started to shift?
December 1,2013
One of the challenges of doing these monthly updates the past few years is the underlying narrative hasn't really changed all that much. Ever since the Federal Reserve
unleashed ultra-accommodation n"'tfe years ago this month. we've heen dealing with a cash
yield curve that shifted rapidly and sharply downward. Periodic eruptions in Europe and
Washington have added the occasional drama and subsequent bump up in yields--and we
could get another round of such the next few months as yet another potential showdown
aver a continuing budget resolution and debt ceiling looms. But the struggle for those
who deal with the money markets has been and continues to be how to .find value in an
extremely low-rate environment, which in the case of ourTexPool products. VIlaS found in
the past month in floating-rate agency securities and Treasuries maturing in April.
If we look beyond this reality, however, there are signs this paradigm may be beginning
to shift. We got a taste of this in the minutes from late October's Federal Reserve
poJicymak.e:rs meeting. They contained a more optimistic discussion than many expected,
raising the possibility that quantitative-easing's bond purchases could begin to slow as
early as December. Everybody, including us, had discounted the time frame for such
tapering well into 2014's first quarter, after January's budget resolution and February's
debt-ceiling deadlines are dealt with. While that's still the likely case, the minutes
indicated the Fed realizes QE can't~d shouldn't-last forever. To be sure, outgoing
Fed Chairman Ben Bernanke and other Fed governors were quick to differentiate
between tapei-ing, which impacts the longer end of the yield curve, and tightening,
which is largely on the cash portion. Even as the Fed tapers and eventually ends QE,
it made clear tightening via increases in the target funds rate isn't automatically up next.
Labor market and inflation data would have to justify a hike and neither is anywhere
close to such now.
Secondly, it appears the overnight reverse repo program the Fed is testing in all likelihood
will be extended beyond its January deadline, with the possibility that agency securities
will be added to the mix. The reverse repo rates, which started at 1 basis point on
Treasuries when the Fed first began offering them in September and now are at the
maximwn 5 basis points, have acted to set a floor in the marketplace by forcing banks and
other overnight repo dealers to raise their rates to attract buyers (as we've noted before,
why would a buyer pay 5 basis points for a low-risk bank repo if it can get the same rate
from the risk-free Fed). This program, part of the central bank's strategy to manage its
eventual exit from the aforementioned extraordinary monetary accommodation, has
helped to both push overnight repo rates up from the low single digits to the high single
digits, and raise the shortest end of the curve (securities with maturities of 30 days or
(ccntinueJ page 6)
i
I
PERFORMANCE AS OF NOVEMBER 30, 2013
TexPool
Current Invested Balance
Weighted Average Maturity (1)Weighted Average Maturity (2), Net Asset Value
Total Number of Participants
Management Fee on Invested Balance
Interest Distributed
Management Fee Collected
$14,025,979,900.00
48 Days
75 Days
1.00003
2,301
0.0473%
$522,519.75
$554,821.06
TexPooi Prime
$1,021.843,522.53
38 Days
47 Days
1.00002
167
0.0638%
$65,103.93
$53,981.27
AMm
AMm
Average Invested Balance
$14.247,920.869.39
Average Monthly Yield, on a simple basis (3)0.04%
$1,028.000,024.67
0.08%
40 Days
50 Days
Standard & Poor's Current Rating
Month Avemges
Average Weighted Average Maturity (1)Average Weighted Average Maturity (2)-
50 Days
74 Days
*Definitions for Average Monthly Yield and Weighted Average Maturity can be found on page 2.
ooS9;1..
TEXPOOL
December 2013
Portfolio by Maturity (%)
Portfolio by Type of Investment (%)
As of November 30,2073
As of November 30, 2073
.1-7 days 31.4
• 8-30 days 30.5
• Agencies 57.3
1131-90 days 21.6
•
Repurchase
Agreements 18.6
.91-180 days 10.9
II Treasurys 24.1
.181+ days 5.6
PORTFOLIO ASSET SUMMARY AS OF NOVEMBER 30, 2013
Book Value
Market Value
$362,920.63
$362,920.63
0.00
0.00
10,993,259.22
10,993,259.22
-522,518.50
-522,518.50
Payable for Investments Purchased
0.00
0.00
Accrued Expenses & Taxes
0.00
0.00
Uninvested Balance
Receivable for Investments Sold
Accrual of Interest Incame
Interest and Management Fees Payable
_ ,2,610,715,000.00,
Repurchase Agreements
2.610,672,950.00
0.00
0.00
Government Securities
8,024,992,680.78
8,025,415,387.55
US Treasury Bills
1,849,940,499.97
1,849,952,650.00
Mutual Fund Investments
US Treasury Notes
Total
1,529.498,057.90
1,529,339,610.00
$14,025,979,900,00
$14,026,214,258.90
Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book tlBlue. The portfolio is managed by Federated Investment Counseling
and the assets are safe kept in a separate custodial account at State Street Bank in the name of Tex:PooI. The only source of payment to the Participants is the
assets of TexPool There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio, please
contact TexPool PartiCipant Services.
PARTICIPANT SUMMARY
Number of Participants
School District
Higher Education
Balance
572
$4,320.459,078.63
56
$1,199,737,998.53
Healthcare
80
$495,565,293.27
Utility District
706
$1,428,489,603.51
City
449
$3,936,867,908.98
County
174
$1,068,706,117.22
Other
264
$1,575,922,185.82
Definition of Weighted Average Maturity (1) & (2)
*O)'WAM Days" is the mean average of the periods of time remaining until the securities held in TexPool (a) are scheduled to be repaid, (bJ would be repaid upon
or (cJ are scheduled to have their interest rate readjusted to reflect current market rates. Securities with adjustable rates payable upon
demand are treated as maturing on the earlier of the two dates set forth in (b) and (cJ if their scheduled maturity is 397 days or less; and the later of the two dates
set forth in {bJ and (c) if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortIZed cost of the port/olio
invested in each period
a demand by TexPool,
*(2) WAM Days" is calculated in the same manner as the described in footnote 1, but is based solely on the periods of time remaining until the securities held in
TexPool (a) are scheduled to be repaid or (b) would be repaid upon a demand by TexPoof, without reference to when interest rates of securities within TexPooI are
scheduled to be readjusted
Definition of Average Monthly Yield (3)
"'(3)This current yield for TexPool Prime for each date may reflect a waiver of some portion or all of each of the management fees.
2
TEXPOOL
00.593
DAilY SUMMARY
Money Mid. fund
Equiv. (SEC SId.)
Daily
TexPool
Date
Allocation Factor
Invested Balance
Market Value
Per Share
WAM Days (1)
WAM Days (2)
11/1
0.0590%
0.000001616
$14,354,848,881.43
l.00006
51
75
1112
0.0590%
0.000001616
$14,354,848,88l.43
l.00006
51
75
11/3
0.0590%
0.000001616
$14,354,848,881.43
1.00006
51
75
1114
0.0451%
0.000001235
$14,357,600,012.02
1.00006
49
73
11/5
0.0449%
0.000001229
$14,343,459,820.58
1.00005
51
74
11/6
0.0434%
0.000001188
$14.365,224,388.14
1.00006
51
73
11n
0.0454%
0.000001244
$14,436,840,858.66
1.00005
52
74
11/8
0.0445%
0.000001219
$14.546,894,184.42
1.00003
52
73
11/9
0.0445%
0.000001219
$14,546,894,184.42
1.00003
52
73
11/10
0.0445%
0.000001219
$14,546,894,184.42
1.00003
52
73
11/11
0.0445%
0.000001219
$14,546,894,184.42
1.00003
52
73
11/12
0.0438%
0.000001200
$14,533,747,792.04
1.00005
49
70
11/13
0.0446%
0.000001222
$14,519,630,124.28
1.00005
50
71
11/14
0.0553%
0.000001515
$14,424,005,807.99
1.00004
50
72
11115
0.0466%
0.0000012n
$14,138,845,734.98
1.00004
52
73
11/16
0.0466%
O.OOOOOlm
$14,138,845,734.98
1.00004
52
73
11/17
0.0466%
O.OOOOOlm
$14,138,845,734.98
1.00004
52
73
11/18
0.0472%
0.000001294
$14,167,255,590.93
l.00003
49
71
11119
0.0349%
0.000000956
$14,264,667,790.49
l.00003
49
74
11/20
0.0459%
0.000001257
$14,192,854,449.98
l.00005
49
77
11121
0.0367%
0.000001005
$14,078,008,10 l.74
1.00005
49
77
11122
0.0387%
0.000001059
$13,902,282,425.21
1.00004
50
78
11/23
0.0387%
0.000001059
$13,902,282,425.21
1.00004
50
78
11/24
0.0387%
0.000001059
$13,902,282,425.21
1.00004
50
78
11125
0.0494%
0.000001353
$14,099,575,669.12
1:00004
48
75
11/26
0.0386%
0.000001057
$14,070,185,500.85
l.00004
45
71
11/27
0.0365%
0.000001000
$14,078,551,256.16
1.00005
47
73
11128
0.0365%
0.000001000
$14,078,551,256.16
1.00005
47
73
11/29
0.0395%
0.000001081
$14,025,979,900.00
1.00003
48
75
11/30
0.0395%
0.000001081
$14,025,979,900.00
1.00003
48
75
Average
0.0446%
0.000001222
$14,247,920,869.39
1.00004
50
74
3
l
TEXPOOL
Participant Services
1001 Texas Ave. 14th Floor
Houston, TX 77002
PRSRTSTD
U.S. POSTAGE
PAlO
GINCOP, INC.
",."11,, II. "",", I, II'" II' ""1' .1.,1, I.. ,.1,1, .. '11 11 .. '11'
DIANA WELLBORN
BOSQUE COUNTY
PO BOX 647
MERIDIAN TX 76665-0647
T6
(continued from page 1)
less). That's good from a liquidity perspective.
Just do the math: if a money fund manager keeps
30% of a portfolio in overnight securities, and the
rate goes from 3 to 7 basis points because of the
Fed's action, the return on that portion will have
more than doubled.
Finally, from an econOmlC perspective, it feels
as if we're making some progress. The ISM
manufacturing and service sector gauges continue
to go up. October was a relatively good month
for employment, with job gains corning in at
almost double consensus and prior months revised
substantially up, too. Retail sales also beat forecasts.
Housing sales and starts have hit a little bit oflull,
some of which may be seasonal, but the numbers
are coming off such a low base that as long as
housing stays even neutral, the economy should
be OK. Perhaps most notably, despite all the
handwringing, the 16-day govermnent shutdown
doesn't appear to have had much of an impact at all.
True, it's not a strong rebound or recovery. But it's
enough of one that,just as is the case on the long
end of the yield curve, the bias for short rates may
be more up than down in the coming year,
---
-
-----
-
TexPool & TexPool Prime vs. 90-Day Treasury Bill
---
0.15
,.
.;:.-;;.
0.12
;)'
0.09
TexPool
Prime Rate
0.06
SO-Day
T-Bill Rate
TexPool
Rate
0.03
0.00
8/15
8/31
9/15
9/30
10/15
10/31
11115
11/30
90-Day Treasury Bill is a short-term debt instrument backedby the nauonal government. These are
used to collect immediate cash to meet outstanding obligations,
Any private investor can invest in a ffeasury bill The 90-Day Treasury Bill is a weighted average rate
of the weekly auctions of SO-Day Treasury 8111s,
6
INVESTMENTS
Dec-13
TOTAL INVESTED
BEFORE INTEREST
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
580,578.73
AMOUNT INVESTED
PER FUND
364,155.80
23,997.28
2,285.94
309.00
16,740.63
51,908.11
11.65
15,749.01
18,475.44
2,884.98
11,525.72
10,535.91
38,752.03
23,247.23
TOTAL
INTEREST
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
18.33
580,578.73
TEXPOOL WITHDRAWAL
TEXPOOL DEPOSIT
TEXPOOL INTER est
SUBTOTAL
CITIZENS INVESTED
TOTAL INVESTED
FUND
%OF
TOTAL
0.6686
0.0367
0.0256
0.0793
0.0051
0.0241
0.0282
0.0040
0.0176
0.0161
0.0592
0.0355
1.0000
INTEREST
PER FUND
12.2554
0.6727
GENE
IERAL
001-360-100
LAW LIBRARY 027-360-100
BOND PROCf BOND PROC
PROBFUND 028-360-100
JURY FUND 009-360-100
R&B#11
011-360-100
R&B#12
012-360-100
R&B#13
013-360-100
R&B#14
014-360-100
R&BMAINT
015-360-100
REC PRES
017-360-100
DIST.ATTY
030-360-100
SEC. FUND
034-360-100
CT REPT SER 033-360-100
PERM IMP
070-360-100
JP'STEC
043-360-100
0.4692
1.4536
0.0935
0.4418
0.5169
0.0733
0.3226
0.2951
1.0851
0.6507
0
18.3300
580,578.73
18.33
580,597.06
1.212.361.67
1,792,958.73
o
~
<;0
u,
CO,596
TexPool Participant Services
C/O Federated Investors Inc.
1001 Texas Avenue, Suite 1400
Houston, TX 77002
TEXPOOL
** **** **** *
TEXAS"TRUST
An lnvesb:ncnt SerYlce for PubUc Funds
To .. , r .......
co .. n~o'u~
'MU''''MG TO."
lUSAN
co;.... ,
Co ... ~ .. '
CHA'~"A'"
Participant Statement
BOSQUE COUNTY
GENERAL FUND
Statement Period
ATTN DIANA WEllBORN
PO BOX 647
MERIDIAN TX 76665-0647
PaJj8
12/01/2013 - 12/31/2013
1 of 2
Customer Service
TexPool Update
Available under the Statements tab, the Summary Statement alIows you to view or download a Single statement that
summarizes your TexPool Prime accounts. -You can further customize your Summary Statement by selecting Custom Summary
Statement and choosing the dates of information you would like to sec.
TexPool Summary
Texas Local Govemment Investment Pool
Total DoliarValue
Current
Average
Balance
Balance
$18.33
$580,597.06
$580,579.32
$18.33
$580,597.06
Total
Deposits
Total
Withdrawals
Total
Interest
$580.578.73
$0.00
$580,578.73
SO.OO·
$0.00
$0_00
Beginning
Pool Name
Balance
Portfolio Value
UarketValuB
Share Price
Shares Owned
MarketValue
Pool Name
$580,578.73
Total DoliarValue
Interest Summary
Pool Name
Texas Local Government Investment Pool
Total
....
PaolI Account
•
*
$580,597.06
Month-to-Date
Interest
Year-to-Date
Interest
$18.33
S18.33
$543.08
$543.08
540286
. . II
TVI' *A1' 11'1* I'1nR39'S004.0 1600.0 1600.CHSTEXO l.1NVMf)C.._TEX.~ .... 000077136
TexPooi Participant Services
CIO Federated Investors Inc.
1001 Texas Avenue, Suite 1400
Houston, TX 77002
12/01/2013 - 12/31/20:
Statement Period
Page 2 of 2
Transaction Detail
Participant: BOSQUE COUNTY
Pool/ Acal6tllll!ll
Transaction Settlement
Date
Date
Transaction
Description
1210112013 1210112013
BEGINNING BALANCE
1213112013 1213112013
MONTH LY POSTING
Account Value as of 12131 12013
Transaction
Share
Shares This
Shares
Dollar Amount
Price
Transaction
Owned
$580,578.73
$18.33
$1.00
$1.00
18.330
580,578.730
580,597.060
$580,597 .06
$1.00
580,597.060
Pool Information
The allocation factor for the last day of December is 0.000000870 and the one-day net yield for
that day is 0.0318'1.
•
*
txp _*81200.,072638.6004.0160 1 0160 1.CNSTEXO 1JNVMTX .......TEX ....... OOOOTJ 136
00599
Economic and Market Commentary
Monthly Newsletter January 2014
Month in Cash: A little closer to normalcy
January 1,2014
After five years of historically low cash rates, relief appears to be on this year's horizon.
OK, we know you've been promised rate-relief before, only to see it evaporate. But
there's good reason to believe it will bear Qut this time around. Economic growth
clearly has picked up in the U.S. and elsewhere, includingJapao and the eurozone.A
two-year budget deal struck between House Republicans and Senate Democrats has
lessened the possibility of more policy shock out of Washington. And perhaps most
important, the Federal Reserve has begun to let off the gas. Add this altogether, and
the result is a macroeconomic and geopolitical environment that argues for a move
toward normalcy in the money markets, i.e., a steepening cash-yield curve.
The speed and magnitude of this shift remains very much in question, to be sure. This
month, initiation of tapering by the Fed is very modest, dropping the $85 billion in
monthly asset purchases known as quantitative easing (QE) to just $75 billion. The
post-December Federal Open Market Committee (FOMC) meeting statement aod
comments from Ben Bernanke in his subsequent press conference-4:Us last as Fed
chair-further reinforced the notion the target funds rate will remain effectively
anchored at 0% well beyond the time when the unemployment rate drops bdow the
6.5% threshold, which could be breached as early as summer. In other words, any
move up .in short rates is gomg to be measured But it seems to us that the takeaway
from the December meeting is the bias on rates will be upwud in 2014.
While December's unveiling of tapering plans was a bit of a surprise-it's possible
Bernanke wanted to act so incoming successor Janet Yellen could start with a clean
slate, i.e., this burden of when aod how much to taper wouldo't be haoging over her
head-we were encouraged the FOMC chose to split the $10 billion cut equally
between Treasury and agency mortgage securities. It signaled the Fed is focused On the
broader bond market and not just Treasuries, which generally are more volatile, prone
to swings up and down on the on-again, off-again flight-to-quality trade whenever
crises erupt. As long as the economic situation continues to improve without any
major external shocks, we think the Fed is likdy to bump up the pace of tapering as
the year progresses. Even if it doesn't, it will be ·done with QE by 2015.
Moreover, from a money market perspective, the Fed's decision to extend and expand
the overnight reverse repo fucility that is being tested to maoage its exit fi:cm all the
(amlinued page 6)
PERFORMANCE AS OF DECEMBER 31, 2013
TexPool
TexPool Prime
$15,933,929.606.07
51 Days
78 Days
1.00003
2,301
0.0473%
$460,461.76
$583,001.81
$1.132,760,801.71
52 Days
61 Days
1.00004
AMm
AMm
$14,616,633.390.52
Average Invested Balance
Average Monthly Yield, on a simple basis (3)0.04%
50 Days
Average Weighted Average Maturity
78 Days
Average Weighted Average Maturity
$1,072,198,126.43
0.07%
55 Days
Current Invested Balance
Weighted Average Maturity 0)"'
Weighted Average Maturity (2)Net Asset Value
Total Number of Participants
Management Fee on Invested Balance
Interest Distributed
Management Fee Collected
Standard & Poor's Current Rating
167
0.0638%
$59,272.14
$57,977.67
Month Averages
or
or
66 Days
"Definltions for Average Monthly Yield and Weighted Average Maturity can be found on page 2.
00S99
TEXPOOL
January 201
Portfolio by Maturity (%)
Portfolio by Type of Investment (%)
As of December 31,2013
As of December 31, 2013
.1-7 days 24.1
• 8-30 days 23.1
• Agencies 67.2
II 31-90 days 40.8
•
.91-180 days 6.7
Repurchase
Agreements 13.0
II Treasurys 19.8
.181+ days 5.3
PORTFOLIO ASSET SUMMARY AS OF DECEMBER 31, 2013
BookVaJue
Market Value
$357.75
$357.75
Uninvested Balance
Receivable for Investments Sold
Accrual of Interest Income
Interest and Management Fees Payable
Payable for Investments Purchased
0.00
0.00
15,415,685.49
15,415,685.49
-460,440.11
-460,440.11
-50,000,000.00
-50,000,000.00
Accrued Expenses & Taxes
0.00
0.00
Repurchase Agreements_
2,081,172,000.00
Mutual Fund Investments
Government Securities
0.00
0.00
10,578,155,580.77
10,578,579,484.23
US Treasury Bills
1,449,934,235.99
1,449,948,950.00
US Treasury Notes
Total
1,859,712,186.18
1,859,598,387.20
$15,933,929,606.07
$15,934,244,499.56
_2.081,162.075.00 .
Market value of collateral supporting the Repurchase Agreements is at least 102% of the Book Value. The portfolio is managed by Federated Investment Counseling
and the assets are safe kept in a separate custodial account at State Street Bank in the name of TexPool The only source of payment to the Participants is the
assets of TexPool There is no secondary source of payment for the pool such as insurance or State guarantee. Should you require a copy of the portfolio. please
contact TexPool Participant Services.
PARTICIPANT SUMMARY
Number of Participants
Balance
School District
572
$5,141,008,213.33
Higher Education
56
'$1,203,279,849.80
Healthcare
80
$576,158,586.31
Utility District
706
$1,544,78].783.23
City
449
$4,295,71 0,205.72
County
174
$1,556,552,992.87
Other
264
$1,616,200,987.81
Definition of Weighted Average Maturity (1) & (2)
"(T)'WAM Days" is the mean average afrhe periods of lime remaining until the securities held in TexPool (a) are scheduled to be repaid, (b) would be repard upon
a demand by TexPool, or (c) are scheduled to have their interest rate readjusted to reUect current market rates. Securities with adjustable rates payable upon
demand are treated as maturing on the earlier of the two dates set forth in (b) and (c) if their scheduled maturity is 397 days or less; and the later of the two dates
set forth in (b) and (c) if their scheduled maturity is more than 397 days. The mean is weighted based on the percentage of the amortized cost of the portfolio
invested in each period
"'(2) 'WAM Days" is calculated in the same manner as the described in footnote 7, but is based solely on the periods of time remaining until the securities held in
TexPool (al are scheduled to be repaid or (b) would be repaid upon a demand by TexPool, without reference to when interest rates of securities within TexPool are
scheduled to be readjusted
Definition of Average Monthly Yield (3)
"'(3) This current yield for TexPool Prime for each date may reffect a waiver of some portion or a1/ of each of the management fees.
2
TEXPOOL
DAILY SUMMARY
Money Mkt. FUnd
Equiy. (SEC SId.)
Daily
Allocation Factor
TexPool
Market Value
Date
Invested Balance
Per Share
WAM Days (1)
WAM Days (2)
1211
0.0395%
0.00000 I 081
$14,025,979,900.00
1.00003
48
75
1212
0.0385%
0.00000 I 054
$14,044,11 8,52Z26
1.00004
47
72
1213
0.0371%
0.00000 I 017
$14,068,732,8 I 4,00
1.00004
47
74
1214
0.0362%
0.000000991
$14,153,469,509.88
1.00004
47
74
1215
0.0354%
0.000000971
$14,266,536,325. I 5
1.00004
48
76
1216
0.0369%
0.000001010
$14, 154,878,741.72
1.00003
49
77
12/7
0.0369%
0.000001010
$14,154,878,741.72
1.00003
49
77
1218
0.0369%
0.000001010
$14, I 54,878,74 1.72
1.00003
49
77
1219
0.0364%
0.000000996
$14,184,833,381.90
1.00004
47
75
12110
0.0363%
0.000000994
$14,226,517,034.69
1.00003
48
75
12111
0.0351%
0.000000961
$14,304,442,302.07
1.00003
49
76
12112
0.0355%
0.000000973
$14,259,201,066.06
1.00003
50
75
12113
0.0380%
0.000001041
$14,40 I ,236,483.82
1.00003
51
80
12114
0.0380%
0.000001041
$14,401,236,483.82
1.00003
51
80
12115
0.0380%
0.000001041
$14,401,236,483.82
1.00003
51
80
12116
0.0413%
0.000001132
$14,423,620,652.13
1.00003
49
77
12117
0.0380%
0.000001042
$14,612,596,117.78
1.00003
49
76
12118
0.0367%
0.000001061
$14,526,385,786.56
1.00003
51
81
12119
0.0405%
0.00000'" 0
$14,444,910,254.61
1.00003
51
82
12120
0.0411%
0.000001125
$14,889,207,825.32
1.00002
53
84
12121
0.0411%
0.000001125
$14,689,207,825.32
1.00002
53
84
12122
0.0411%
0.000001125
$14,689,207,825.32
1.00002
53
84
12123
0.0385%
0.000001056
$14,803,031,087.68
1.00002
51
82
12124
0.0370%
0.000001015
$14,971,916,222. 10
1.00002
52
al
12125
. 0.0370%
0.00000 I a 15
$14,971,91 ~222. 10
1.00002
52
al
12126
0.0358%
0.000000980
$15,149,571,362.07
1.00003
52
82
12/27
0.0343%
0.000000939
$15,451,730,737.83
1.00003
52
80
12128
0.0343%
0.000000939
$15,451,730,737.83
1.00003
52
ao
12129
0.0343%
0.000000939
$15,451,730,737.83
1.00003
52
80
12130
0.0328%
0.000000a98
$15,652,765,566.07
1.00003
50
78
12131
0.0318%
0.000000870
$15,933,929,606.07
1.00003
51
78
Average
0.0372%
0.000001018
$14,616,633,390.52
1.00003
50
78
3
TEXPOOL
00601
Participant Services
1001 Texas Ave. 14th Roor
Houston, TX n002
PRSRTSTD
u.s. POSTAGE
PAID
GINCOP, INC.
I" I'" '1'11"1"1'1' I','", 111111' '11'1'1 1'1'111'1 1", I", II"
"
DIANA WELLBORN
BOSQUE COUNTY
PO BOX 647
MERIDIAN TX 76665-0647
T6 PJ
(continued from page 1)
extraordinary monetary accommodation of the
past five years also was a positive. The reverse repo
rate W<lS dropped to 3 basis points. most likely to
appease dealers concerned the previous 5 basis
points was too high amid all the year-end window-dressing that typically caUSes supply to
dwindle. But we would expect the rate will
move hack to 5 basis points as supply re-enters
the market with the New Year. Also notable was
that the Fed tripled the amount participants such
as Federated can purchase. This vasdy boosts liquidity in the marketplace, a plus fur rates. When
combined with a strengthening economy, this
helps solidify Our view money-market rates will
start moving off their lows of the past several
years. It may be some time before we get true
normalcy, but given recent history, we'll take it.
TexPool & TexPool Prime vs. gO-Day Treasury Bill
0.12
0.09
0.06
gO-Day
";;"'=::~-T-BiJ/ Rate
TexPool
Prime Rate
0.03
0.00
TexPool
Rate
'-----'~'__
9/30
9/15
_ _ _ _ _ _ _ _ _ _ _ _ __
10/15
10/31
11115
11/30
12/15
12/31
90-Day 7i'easu/y Bilf is a shan-term debt instrument backed by the national government These are
used to collect immedIate cash to meet outstandIng obl(gations.
Any private investor can invest in a Treasury bl7l The 90-Day Treasury Btll is a weighted average rate
of the weekly auctions of 90-Day Treasury Bills.
6