About Texas CLASS
Established in 1996, the Texas Cooperative Liquid Assets Securities System Trust (the "Trust"), was created as an investment pool for its Participants pursuant to Section 2256.016 of the Public Funds Investment Act, Texas Government Code. According to State Code, entities may pool any of their funds, or funds under their control, in order to preserve principal, to maintain the liquidity of the funds, and to maximize yield. The Texas CLASS Trust Agreement is an agreement of indefinite term regarding the investment, reinvestment and withdrawal of local government funds. The parties to the Trust Agreement are Texas local government entities that choose to participate in the Trust (the “Participants”), Public Trust Advisors LLC (PTA) as Program Administrator, and Wells Fargo Bank Texas, N.A. as Custodian.
Eligible Participants include 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, or 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. Any local government entity that becomes a Participant has the same rights and obligations under the Trust Agreement as other Participants. Each such Participant shall have the right to invest funds for credit to such Participant’s account. There is no minimum amount that must be invested pursuant to the Trust Agreement nor is there any limitation on the aggregate amount of funds that any Participant may invest at one time. Similarly, each Participant has the right from time to time to request payment of an amount equal to or less than the amount of funds in the Participant’s account. Subject to meeting the daily times for giving notice, which times may be adjusted by the Program Administrator, there is no limitation on the period of time that funds may be invested through the Trust prior to such payment. Upon receipt of any payment request, the Program Administrator notifies the Custodian of the payment request from a Participant and the requested amount is paid by the Custodian to, or on behalf of, such Participant not later than the next business day, subject only to certain calamities or crises that may affect the financial markets of the United States, as specified in the Trust Agreement.
Under the Trust Agreement, there are four general objectives of the Trust: (i) Legality - investing only in investments legally permitted under Texas law; (ii) Safety - minimizing risk by managing portfolio investments so as to preserve principal and maintain a stable asset value and to maintain the highest rating for the Trust from a nationally recognized statistical rating organization for so long as such rating is required by Texas law; (iii) Liquidity - managing portfolio investments to ensure that cash will be available as required to finance Participants’ operations; and (iv) Yield - maximizing current income to the degree consistent with legality, safety, and liquidity.
Public Trust Advisors
Texas CLASS Quarterly Report
2012 Annual Report with Auditor’s Opinion
2013 Annual Report with Auditor's Opinion
2014 Annual Report with Auditor's Opinion
2015 Annual Report with Auditor's Opinion
2016 Annual Report with Auditor's Opinion