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Committee debates $40 million transfer into iClass as a first step to diversify county deposits
Summary
Committee members discussed authorizing a $40 million transfer into an iClass investment to diversify county holdings, with the controller noting the county still holds roughly $257 million at Bank of Greene County and members pressing for a staged plan and caution about publicizing an exit strategy.
Ulster County Ways and Means members spent extended time on June 12 discussing a proposed $40,000,000 transfer into an iClass investment as an initial step to diversify the county’s cash holdings.
A presenter described the resolution as a first step: “This is the first step necessary to use NIE Class as a diversification option,” and said the move was intended to reduce concentration risk. Committee members…
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