Travis County Commissioners Court
Tuesday, July 13, 2010,
Item 3
Item number 3 is to approve proclamation recognizing mary e. Mayes for her many years to travis county.
>> judge, commissioners, we're here today to honor mary mayes for 15 years of dedicated service to travis county as our cash investment manager. I might say that, you know, it's a major task for mary to train both christian and myself into fixed income investing. I can say also that mary's cautious safeguarding of travis county's funds over the last 15 years have eliminated the worry that a lot of supervisors had of their cash investment manager of losing any part of the investment of the public funds. Over that 15 years, mary successfully invested billions of dollars and earned travis county over $76 million. Without ever losing one cent of the principal. And i can tell you there are a lot of cash investment managers around the country that cannot -- do not have that record and we're very pleased that mary, with her cautiousness, she not only went by the regulations of the public funds investment act, but when she saw some weakness in that act, she went to the legislature year after year to correct those deficiencies. She also held a much higher standard of investing. She just didn't take the rating agency's aaa ratings, she would go into the balance sheets and look at them. Because as you are well affair, a lot of aaa rated entities have filed for bankruptcy over the last three years. So we're very pleased with mary's performance as a colleague, as a friend, and we will definitely miss mary. We're a little selfish. We held on to her for 15 years. Now dick and her children and grandchildren get to enjoy her presence a whole lot more than what they have in the last 15 years. So we are very happy to honor her service, exemplary performance.
>> [applause]
>> thank you, leroy. Wow. Maybe i should stay.
>> [laughter]
>> yes, what a good idea.
>> i have enjoyed working at travis county. This is a great place to be and i appreciate all of you who -- who have made that true, starting with the commissioners court. You guys work really hard for travis county and its people. And the rest of us, you know, just kind of have to follow along. I want to thank leroy, my boss, and harvey, who has worked with me all these years, and, of course, rodney. And i want to thank debbie laudermilk who is going to be doing my job and hers for a while so i can retire. And all the people on the various departments i've worked with on the bank contract. Our department is very small, but i've gotten to know so many people at travis county. And i'm going to miss you all very much. And last of all i want to thank dick because he's been retired for a year, he's got the house just like he wants it and i'm going to come home and start making trouble.
>> [laughter] so thank you all. I've enjoyed it very much.
>> and i'd like to add because i have worked probably closest with mary for a number of years, and she -- she was a challenge -- she is a challenge to work with. Because she does have a great attention to detail, which sometimes i was not as detailed as mary, but time and time again, you know, mary was proven right that this attention to detail was worth the effort, and, of course, when you are investing public funds, it is a huge responsibility, and travis county has been very fortunate to have an investment manager like mary mayes to oversee such an important function of the county. I want to reiterate what leroy said about the public funds investment act. Texas is very fortunate to have such a -- the state passed such a good law, and it has -- has forced local governments to invest in securities that enabled us and other entities in texas to -- to not lose money like has happened in other parts of the country. But mary has worked really hard to make sure that that law was maintained as a -- a shining example of a great law that is -- has benefited the public. And she, i think, can look back and be proud of the difference she made in making sure that law is a good law because there were efforts to weaken the public funds investment act.
>> i would just like to add that having the benefit of spending over two years now with mary, one of the things that i really never had to worry about under her leadership and -- was the cash investment management side. And everything that's been said here this morning is spot on. Mary's record is impeccable. Her attention to detail impeccable. Mary, you will be missed and we greatly appreciate your years of service here at travis county.
>> is dick's last name mayes?
>> my husband dick bolding.
>> i knew the man to your left, the man to your right i wasn't sure.
>> i'm the cook.
>> [laughter]
>> ms. Mayes and i were both teenagers when we joined the county years and years ago. And were we not so frugal and so dedicated to your principles, ms. Mayes, we would give you a rolex watch today.
>> [laughter] but we won't. We have a beautiful proclamation, though, here and so we will give that to you shortly. We certainly appreciate your service to travis county and we'll miss you. We may have to call you periodically to let you chew out leroy and mr. Davis there.
>> don't let me get bored.
>> mary, i came on the court in 2007 and was put on the investment advisory committee, you know, just wet behind the ears sitting there with a bunch of investment bankers and you, and i have to say my very first meeting with you at the end of the table and a long line of men in suits on either side, and they were absolutely silently attentive to every word that fell from your lips. It was so obvious that -- that your peers hold you "-your peers in the private sector hold knew such high regard that the perception was the private sector was fighting to be on the investment advisory committee to hear what you would have to say. And i have to say i've learned so much sitting there listening to your prognostication of what would happen in the market. You hit the nail on the head back in 2007. You said how the dominoes would fall and were absolutely correct. And you safeguarded our county from being buffetted by financial insecurity, the financial insecurity that other counties have suffered. And you have also as the others here have already so eloquently said, you and a handful of others stood up at the legislature and said we have a wonderful standard, do not let it be raided by interests that don't have the best interest of the taxpayer at heart. You are a warrior princess.
>> [laughter] i'm just -- i too, along with those private sector guys in suits, am just in awe.
>> anything further?
>> judge, i've got something. You know, mary, i had an opportunity to serve also on the investment committee, and memory brings back to me very detailed person that was in control. Of the situations, the meetings. And everyone would basically stand at attention to listen. And to follow your advice. And i learned so much, and really the county -- you know, i hope we have someone -- let me ask you this as far as succession is concerned, who do you recommend?
>> [laughter] because it's going to be really hard to replace a person of your caliber and your character and the wherewithal in knowing what you are doing when it comes to finances. You are a cut above of anybody i've ever been around as far as investments. I think travis county is in the position that it's in because of your prudent evaluation of things and the way you kind of forecast things. And, of course, travis county is a lot better off than a whole bunch of government entities throughout the state of texas and also the nation, but it's because of persons that you have surrounded yourself with and the person that you dealt with and the people that listened to you and follow your advice is the reason why we're here today as we are financially with the investment guru techniques that you have. I'm really going to miss you, really. Thank you. Thank you for your service.
>> all in favor? That carries unanimously.
>> thank you.
>> do you want to read the proclamation?
>> i can. You all were so eloquent, i was scared to read it. Whereas, throughout her entire career, mary e. Mayes depend straight outstanding kills in managing the travis county investment portfolio. Where was mary is retiring after 15 years of faithful, forth right and dedicated service. Whereas mary mayes proudly represented travis county as president of government treasurer's organization of texas. Whereas mary mayes is recognized as a leader to takes a little more than her share of the blame and a little less than her share of the credit. Whereas mary mayes is a tenacious advocate at the texas legislature to ensure the public funds investment act remains good public policy. Whereas we are all indebted to mary mayes for her great attention to detail that preserved travis county investments during these turbulent times. Whereas we are all indebted to mary mayes because unlike many unhappy investors who lost money in 2008 and 2009, she refused to except aaa ratings from the rating agencies and insist odd doing independent credit analysis. Whereas mary mayes is a special gift to her family, friends, colleagues and the travis county community and her hard work and devotion are well known. Whereas it is appropriate for us to honor mary e. Mayes for dedicating here career to travis county residents. We members of the travis county commissioners court extend best wishes to mary on her retirement and ask the residents of travis county to join us in showing appreciation for her outstanding service. And i do regret we are missing two court members today, but if they were here, i'm sure they would support our statements in support of this outstanding travis county employee and who will become an outstanding retiree very soon. Is that good enough or should i read it twice?
>> that's perfect, judge. Thank you.
The Closed Caption log for this Commissioners Court agenda item is provided by Travis County Internet Services. Since this file is derived from the Closed Captions created during live cablecasts, there are occasional spelling and grammatical errors. This Closed Caption log is not an official record the Commissioners Court Meeting and cannot be relied on for official purposes. For official records please contact the County Clerk at (512) 854-4722.
Last Modified:
Tuesday, July 13, 2010 2:35 PM
