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Board approves LGIP account to hold state cooperative school facilities funds
Summary
Trustees authorized opening a Local Government Investment Pool (LGIP) account to hold state cooperative school facilities funds and earn interest for construction contingencies after staff explained the account is a requirement of the grant.
The Middleton School District Board of Trustees voted to authorize the opening of a Local Government Investment Pool (LGIP) account to hold state cooperative funds tied to a school facilities grant. Mrs. CR told trustees the district had applied for and received school facilities funding and that placing those funds in the LGIP is a grant requirement to earn interest that can cover construction contingencies.
Mrs. CR described the LGIP as the state treasury’s pool for local governments and asked the board for permission to open the account. A trustee moved to approve creation of the LGIP account for the state cooperative funds; the motion was seconded and approved by voice vote. The board did not specify dollar amounts or the expected interest return in the meeting record.
Staff indicated the funds and the associated account will be used during the elementary building construction project and that the account would help the district manage any unexpected costs during construction.
