NB Council adopts new investment policy, green lights improvements at ballpark

The New Boston City Council voted unanimously to adopt an investment policy for city funds in the April 18 regular meeting.

City Manager Wayne Dial said in the meeting that Texas state law requires all cities to have an investment policy for municipal funds which has not been in effect for the city. Dial and city secretary Pollyanna Moore were named investment officers.

“We have to have an investment policy,” said Dial. “We put this investment policy together to safely invest public funds. We don’t want to put it in there and take any risk … If we’ve got the money in a CD with the bank, we’re making one to two percent. Whereas we can get a lot better deal and a larger amount with a mutual fund or something.”