Fiscal Note
Adoption of this resolution authorizes the City Treasurer to take advantage of the Wisconsin Investment Series Cooperative as one of the alternatives available for investment of a portion of the City’s investment portfolio as future market conditions warrant. No direct budgetary impact.
Title
Authorizing the City to enter into an Intergovernmental Cooperative Agreement to join the Wisconsin Investment Series Cooperative (WISC), designating U.S. Bank National Association and other approved financial institutions as depositories of the City of Madison per Wis. Stats. §34.05, authorizing contracts with PMA Financial Network Inc. and PMA Securities, Inc. and other authorizations necessary for participation in the WISC fund.
Body
WHEREAS, the Wisconsin Investment Series Cooperative (formerly known as the Wisconsin School District Liquid Asset Fund) (the “Fund”) is a cooperative investment fund formed on June 23, 1988 pursuant to the Intergovernmental Cooperation Act (now Wis. Stat. §66.0301) through an Intergovernmental Cooperation Agreement relating to the Wisconsin School District Liquid Asset Fund. The Oregon School district and Sheboygan Area School District were the initial participants of the Fund. The original Agreement was amended as of July 15, 1994 and July 12, 2002 (hereafter the “Intergovernmental Cooperation Agreement” or “IGA”); and
WHEREAS, the Fund is governed by the Wisconsin Investment Series Cooperative Commission (the “Commission” or “WISC”) and the Commissioners are drawn from financial staff of the school districts and municipalities that are members of the Cooperative; and
WHEREAS; the Madison Metropolitan School District has been an active participant in the Fund for several years and recently WISC has broadened its membership to include cities, villages and counties. The current fund participants and parties to the IGA are listed in the attached table; and
WHEREAS, the City Treasurer advises it is in the best interest of...
Click here for full text