Q: Who oversees Texas CLASS?
A: The Texas Board of Trustees, comprising active members of the pool and elected by the Participants, guided by the Advisory Board, oversees the management of Texas CLASS. The Board is responsible for selecting the Administrator and Investment Advisor. The Board has retained the services of Cutwater Asset Management, located in Denver. Cutwater Asset Management serves as the Administrator and Investment Advisor for Texas CLASS. More information is available on About Texas CLASS.
Q: What type of securities does Texas CLASS invest in?
A: Texas CLASS invests solely in securities in which are permitted to invest funds
pursuant to the Public Funds Investment Act. In addition, such securities must also be permitted by Rule 2a-7, even though Rule
2a-7 is not applicable to Texas CLASS. All investment securities purchased for Texas CLASS, including those
with repurchase agreements, are delivered to the Custodian and held for the benefit of Texas CLASS and its
Participants. Currently Texas CLASS invests in the following securities:
A copy of the current Texas CLASS Investment Policy is available under the Document Center.
Q: What are the investment objectives for Texas CLASS?
A: There are four objectives for Texas CLASS:
Q: Is Texas CLASS rated?
A: Texas CLASS is rated AAAm by Standard and Poor's Ratings Services, the highest rating assigned to principal stability government investment pools. The rating reflects the conservative nature of the pool's investments as well as the excellent credit quality of the program. Standard and Poor's monitors the pool on a weekly basis. See the current reports in the Document Center for more details.
Q: How does the Letter of Credit work?
A: The Texas CLASS Letter of Credit (LOC) states that should the Net Asset Value (NAV)--- which is the market value divided by book value when marketed to market daily---fall below $.995, the custodian may draw upon the Letter of Credit immediately to the meet the deficiency in Net Asset Value. No other pool in the State of Texas offers this additional layer of safety.
Q: Who is eligible to use Texas CLASS?
A: Eligible participants are any municipality, county, school district or authority created under Section 52(b)(1)
or (2), Article III or Section 59, Article XVI, Texas Constitution, a fresh water supply district, a hospital
district and any political subdivision, authority, public corporation, body politic, or instrumentality of the
State of Texas, any office, department, commission, board, or other agency that is part of any branch of
State government, an institution of higher education, and any nonprofit corporation acting on behalf of
any of those entities that has taken the actions required by Section 2256.016 of the Act and that has
executed either the Trust Agreement or a counterpart of the Trust Agreement or a participation certificate.
Q: How can an eligible entity establish an account?
A: To participate in Texas CLASS, the following steps must be taken:
Interested and eligible entities should download the Registration Packet, which contains all these items. Please mail all completed forms, including a copy of the entity's investment policy, to the following address:
Texas CLASS Client Services
c/o Cutwater Asset Management
1900 Sixteenth Street, Suite 200
Denver, CO 80202
Q:
What is the minimum requirement for investing in Texas CLASS?
A: There is no minimum investment amount for Texas CLASS.
Q: What transaction fees does Texas CLASS charge?
A: Texas CLASS does not charge any transaction fees.
Q: Does Texas CLASS limit the number of subaccounts?
A: Texas CLASS does not limit the number of subaccounts.
Q: What is Client Connection?
A: Client Connection is a secure, internet based transaction system that allows Texas CLASS Participants to self management their investments. Client Connection is available 24/7, 365 days a year. Participants can pre-date important transactions, ensuring that they are handled reliably, and avoiding unfortunate timing issues or cash access emergencies
Q:
How does a Participant access Client Connection?
A: Texas CLASS Participants need to contact Client Services to obtain a Personal Identification Number (PIN) and instruction on using Client Connection.
Q: What functions can Client Connection perform?
A: Client Connection allows Participants to make contributions or withdrawals, or transfer funds from subaccounts. Participants can also review all transactions: previous day, same day or pending future transactions. Additionally, Participants can access rate information (current and historic) and explanations of rates reported, plus view detailed account summaries and interest payment summaries.
Q: When is the daily cut-off for an investment in Texas CLASS?
A: Participant investments may be made at any time during the business day, with interest posted on such investment for that day, subject to notification of Client Services by 4:00 P.M., Central time, by Client Connection, fax or phone, that an investment will be made.
Q: When is the daily cut-off for a disbursement from Texas CLASS?
A: Disbursement requests received by made by 4:00 P.M., Central time, will be processed and paid the same day.
Q: What happens if I make an investment after the cut-off time?
A: Investments made after 4:00 P.M., Central time will be posted the next business day.
Q: What happens if I make a disbursement request after the cut-off time?
A: Disbursement requests made after 4:00 P.M., Central time will be posted the next business day.