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Perry council approves enrollment in Michigan CLASS investment pool
Summary
The Perry City Council voted unanimously Feb. 6 to authorize the treasurer to enroll the city in the Michigan CLASS local government investment pool and add it to the city’s investment policy after a presentation by a Michigan CLASS representative.
The Perry City Council voted unanimously on Feb. 6 to authorize Treasurer Meggen Galbreath to enroll the city in the Michigan Cooperative Liquid Assets Securities System (Michigan CLASS) and add the fund to the city’s investment policy. The resolution was moved by Mayor Pro‑Tem Larry Lambert and seconded by Councilmember Bob Porter.
Representative Jeff Anderson of Michigan CLASS presented the pool to council members and answered questions about structure and oversight, saying the pool is overseen by a board of trustees and administered by Public Trust Advisors. Council materials state Michigan CLASS is compliant with Public Act 20 and reported nearly $5.4 billion in shares outstanding.
The resolution adopted language noting Michigan CLASS emphasizes safety, liquidity and convenience while offering diversification and a competitive return and that it complies with Michigan investment laws. The council’s action authorizes the treasurer to complete enrollment paperwork.
The motion to approve the resolution passed on a voice vote with all members present voting in favor.
