About

Cooperative Liquid Assets Securities System (“CLASS”) is a product trade name used to designate a Michigan public sector joint investment program. This was established October 1, 1991 pursuant to a Participation Agreement (“the Agreement”). It may be amended by certain public sector entities who may then join as participants (“the Participants”).

Section 28 of Article 7 of the Michigan Constitution of 1963 provides, among other things, that the Legislature may authorize two or more local governmental entities to enter into contractual agreements to provide for the joint administration of functions which each entity would have the power to perform independently, and to share in the related costs and responsibilities with each other. In accordance with this constitutional provision and certain statutory provisions incorporated in the Urban Cooperation Act of 1967 of the State of Michigan, the Agreement constitutes an interlocal trust agreement creating a legal entity established for the purpose of facilitating the joint investment of public sector surplus funds. This type of program is included in PA 20 as amended in 1997, under Section 1 (1) h.

The program’s Investment Advisor is Public Trust Advisors, LLC (PTA), and the program’s Custodian is Wells Fargo Bank.