WEBSTER CENTRAL SCHOOL DISTRICT Brian M. Neenan
David Swinson
Superintendent Brian_Neenan@webstercsd.org (585) 216-0001
Assistant Superintendent for Administration and Human Resources David_Swinson@webstercsd.org (585) 216-0011
Colleen Armstrong Executive Director of Student Services Colleen_Armstrong@webstercsd.org (585) 216-0073
Erin Land
Brian Freeman Assistant Superintendent for Business Brian_Freeman@webstercsd.org (585) 216-0017
Assistant Superintendent for Instruction Erin_Land@webstercsd.org (585) 216-0111
Brian Neenan, Superintendent From: Brian Freeman, Assistant Superintendent for Business Re: NYCLASS Investments Cc: Board of Education Date: May 25, 2022 In an effort to maximize the district’s investing strategy, the business office is recommending the district join an investing cooperative to take advantage of favorable rates and add to our portfolio of investing opportunities. The New York Cooperative Liquid Assets Securities System (NYCLASS) is a short-term, liquid investment fund designed specifically for the public sector as an additional investment opportunity to municipalities. NYCLASS provides the opportunity to invest funds on a cooperative basis with short-term investments that are carefully chosen by a board of advisors to yield favorable returns while providing maximum safety (collateral) and liquidity (available cash). In accordance with New York State GML Article 3-A Section 44, the Municipal Cooperation Agreement is administered by an elected Governing Board (the Board) of up to 15 members. A Board member must be either a participating district’s Chief Fiscal Officer, another designated officer, or employee of the participating district who has knowledge and expertise in financial matters. The NYCLASS Board retains the services of Public Trust Advisors, LLC (Public Trust) located in Denver as the investment advisor that provides administrative and marketing services for NYCLASS. In addition, U.S. Bank holds all the cash and securities for the cooperative. Currently this cooperative has rates that are beating all traditional investment avenues. Below you will find the board resolution needed for Webster CSD to begin investing funds through this cooperative. Please let me know if you have any additional questions. Thank you.
119 South Avenue, Webster, New York 14580 Main Switchboard: (585) 265-3600 • Fax Machine: (585) 265-6561 • Web Site: www.websterschools.org
RESOLUTION At a Regular Meeting of the Board of Education of the Webster Central School District (the “Board”), held on June 7, 2022; WHEREAS, New York Cooperative Liquid Assets Securities System (“NYCLASS”) is a municipal cooperative that invests moneys in a manner consistent with the requirements set forth in N.Y. General Municipal Law §§ 10 and 11; and WHEREAS, the Board is permitted to temporarily invest monies not required for immediate expenditure under guidelines of N.Y. General Municipal Law §§ 10 and 11; and WHEREAS, the Board is permitted under N.Y. General Municipal Law Articles 3-A and 5-G, and Board Policy #4010, to make such investments through cooperative investment agreements; and WHEREAS, the School District’s administration has recommended that the School District join NYCLASS as a cooperative participant, to enter into the NYCLASS municipal cooperative agreement, and invest funds in NYCLASS, in order to earn higher interest rates on those funds; NOW, THEREFORE, be it resolved as follows: The Board hereby authorizes the School District to join NYCLASS as a cooperative participant, to enter into the NYCLASS municipal cooperative agreement in the form approved by legal counsel, and invest funds in NYCLASS, in order to earn higher interest rates on those funds. This resolution shall take effect immediately.
June 7, 2022 ______________________________________ Cynthia Cushman, District Clerk Webster Central School District
119 South Avenue, Webster, New York 14580 Main Switchboard: (585) 265-3600 • Fax Machine: (585) 265-6561 • Web Site: www.websterschools.org