Title
Resolution to Approve Michigan CLASS as an Authorized Investment Institution for DDA Funds
Memorandum
Presented for your consideration is a resolution approving Michigan Cooperative Liquid Assets Securities System (Michigan CLASS) as an authorized investment institution for DDA funds.
Jeff Anderson, Senior Director of Investment Services for Michigan CLASS provided a presentation at the Board's June meeting. He provided information about the investment pool, its history, the types of investments they are restricted to, their competitive fees, and their history of providing this reliable and liquid investment option to government units across the state.
Approval of this resolution will allow staff to enroll the DDA as a participant in the pool.
Body
Resolution to Approve Michigan CLASS as an Authorized Investment Institution
Whereas, Michigan Public Act 20 of 1943 the Investment of Surplus Funds of Political Subdivisions Act provides a list of investment types that are permissible for the investment of public funds, and section 1.(1)(h) does permit investment in interlocal agreement vehicles organized under the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124.501 to 124.512;
Whereas, The DDA's Investment Policy does include section (h) in its list of allowed investment types;
Whereas, The Michigan Cooperative Liquid Assets Securities System (Michigan CLASS) is compliant with section (h) of PA 20 and with all appropriate Michigan investment laws;
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;
Whereas, Michigan CLASS has over 800 funded participants ranging from the very large to the very small (including the County of Washtenaw and the City of Ann Arbor), with nearly $4.6 billion in shares outstanding;
Whereas, Mic...
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