1. Board approves bond-reserve investment strategy The board approved moving forward with Arbitrage Management Group (AMG) to invest debt-service reserve funds associated with the district’s 2016 and 2025 bonds. The funds currently earn about 3.2% in a Computershare money market. AMG’s proposed ladder—commercial paper, agency bonds and Treasury notes with differing maturities—targets a 4.45% net return. The aim is to offset bond interest costs. AMG receives its commission from sellers rather than charging the district directly. Staff recommended starting with reserve funds and considering project funds separately after evaluating the results.
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