Title
Resolution To Approve the Addition of Michigan Cooperative Liquid Assets Securities System As An Approved Investment Option
Memorandum
The Ann arbor Housing Commission recommends the Michigan Class Investment Pool as an authorized investment institution.
Staff
Created by: Ulli Raak, Finance Director, Ann Arbor Housing Commission
Approved by: Jennifer Hall, Executive Director, Ann Arbor Housing Commission
Body
WHEREAS, the Michigan Cooperative Liquid Assets Securities System (Michigan CLASS) is compliant with Public Act 20, and;
WHEREAS, the Michigan CLASS Board of Trustees oversees the pool and directs the pool administrator, Public Trust Advisors, to emphasize safety, liquidity, and convenience while providing diversification of investments and the advantage of a competitive return, and;
WHEREAS, Michigan CLASS investments are fully compliant with all appropriate Michigan investment laws, and;
WHEREAS, Michigan CLASS has over 800 funded participants ranging from the very large to the very small, with nearly $4.6 billion in shares outstanding, and;
WHEREAS, this investment has no restrictions regarding withdrawals or contributions, affording the Commission the ability to use Michigan CLASS as it best suits our individual needs.
NOW THEREFORE BE IT HEREBY RESOLVED that the Ann Arbor Housing Commission approves the Michigan Class Investment Pool as an authorized Investment institution, authorizes the Finance Director to complete the necessary paperwork to enroll in the pool, and approves the addition of Michigan Class to the Investment Policy.