County treasurer loses investment officer role

County Treasurer Tammy McDonald’s authority as the county’s investment officer was removed by commissioners court, which appointed County Auditor Cathy Ezell to handle the job temporarily.
   “The commissioners court was made aware that the county’s money market account had been closed,” Precinct 2 Commissioner Kent Pollard said at the court’s regular session Monday, July 13.
   The reasons given by Prosperity Bank in closing the account, he said, were “for continual abuse of withdrawals from that account.”
   Pollard indicated that Prosperity had repeatedly notified the county treasurer’s office about the number of withdrawals. The commissioner also said the excess transactions violated statutes covering county money-market account withdrawals.
   As the “practice went on and on for months,” Pollard said the bank finally closed the money market and moved the funds to an interest-bearing account at Prosperity, the county’s designated depository.
   “This is something I don’t like to do but I feel with I would be neglecting my fiduciary responsibility, not only to my constituents, but to the whole county,” Pollard said.
   “With that, I make a motion to move the investment officer (duties) from the country treasurer’s office,” Pollard said.
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