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Board authorizes switch in investment pools as NILAF and NIClass merge
Summary
The board authorized participation in a merged New York local-government investment pool after hearing that NILAF and NIClass are consolidating third-party administrators; the authorization mirrors existing NILAF accounts into the new pool structure.
Board members approved an authorization for the district to participate in the merged cash-management pool after staff explained the operational change. A district speaker summarized the transaction: NILAF and NIClass are two investment pools used by school districts and municipalities, their third-party administrators are merging, and account mirrors will occur by June 30. "As we're currently a customer of NILAF, we need to now become a customer of NIClass," the presenter explained, recommending board authorization to allow accounts to be mirrored and continue investing through the merged administrator.
The board voted to approve the mutual cooperation agreement enabling the transition and asked the business office to execute any necessary account mirroring before the June 30 administrative deadline.
