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Ferndale council hears introduction to Michigan CLASS investment pool
Summary
Council received an introductory presentation about Michigan CLASS, a Michigan public-agency investment pool, and staff said a formal resolution to join would be brought to a future meeting; no vote was taken May 20.
Ferndale City Council on May 20 heard an introductory presentation about Michigan CLASS, a statewide local-government investment pool that staff say could increase returns and provide daily liquidity for the city's cash.
City staff and a Michigan CLASS representative described the pool and answered council questions about eligible securities, account structure and operational limits. The presentation was informational only; council did not vote and staff said a formal resolution to join would be scheduled for a future meeting.
Why it matters: shifting maturing commercial-paper or short-term holdings into a pooled portfolio could raise investment yields on city cash while preserving access for operating…
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