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Waverly Utilities board approves opening account with Iowa Public Agency Investment Trust
Summary
The Waverly Utilities Board approved Resolution 14-25 to open an account with the Iowa Public Agency Investment Trust’s diversified fund to seek higher, liquid returns on excess cash.
Waverly Utilities approved Resolution 14-25 to open an account with the Iowa Public Agency Investment Trust (IPAT), a move staff said would give the utility a more liquid, higher-yielding place to hold excess cash.
Kelly, a staff member, told the Waverly Utilities Board the trust operates under state authority and that the utility sought to open an account in IPAT’s diversified fund, which provides daily liquidity and was rated A by S&P. “The diversified fund provides daily liquidity and is rated bridal A, by S and P,” Kelly said. Kelly also cited recent performance data: “from…
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