Nebraska City invited to Cooperative investment pool
NEBRASKA CITY – Nebraska City commissioners were invited Monday to join an investment pool called Nebraska CLASS.
Chris Debow of Public Trust Advisors said the Nebraska Cooperative Liquid Assets Security System is an alternative investment option for the city to consider.
It was established in Nebraska in January and has 25 participants.
Debow said cities and counties join the cooperative because of interest earnings and cited 5.3 percent as a recent rate.
The Falls City City Council passed a resolution this spring to add the investment option, but did not approve any funds for investment. City Administrator Anthony Nussbaum said the city council wanted to keep its funds invested locally.
Melissa Turner of Arbor Bank at Nebraska City asked Debow if Nebraska CLASS invests in Nebraska companies. Debow said investments could be made in Nebraska banks, but the investment strategy is not limited to any particular state.
Gloria Glover, former city finance commissioner, asked about fees charged by Nebraska CLASS. Debow answered .15 percent.
City Clerk Randy Dunster said the city currently invests funds in a process that involves federally insured certificates of deposits at local banks. He said an improved yield for city funds is desired and said Nebraska CLASS would provide a simplified process for investment.