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Wayne Board approves agenda; authorizes reserve investments in NJ ARM
Summary
The board voted to adopt the meeting agenda and approved placing capital and maintenance reserves into the New Jersey Asset and Rebate Management (NJ ARM) investment vehicle, which the board secretary described as yielding about 3.5%. The motion passed on roll call.
At the Feb. 19 meeting the Wayne Board of Education moved to adopt the agenda and approved an authorization to invest certain district reserve funds in the New Jersey Asset and Rebate Management (NJ ARM) program.
A board member asked for an explanation of the NJ ARM authorization. "It's an investment vehicle that allows public entities like…
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