17999_Authority_December

municipalauthorities.org | 61 PLGIT/PRIME is a variable rate investment portfolio rated AAAm* by S&P Global Ratings. This option requires no minimum balance and no minimum initial investment. This option limits redemptions or exchanges to two per calendar month. PLGIT/PRIME was formed with permitted investments that can allow investors to take full advantage of Act 10 investments. PLGIT/Reserve-Class Shares are an option created in 2020 through the combination of the PLGIT/PLUS- Class, PLGIT/I-Class, and PLGIT/ARM investment options.** They offer an option with liquidity but limited services enabling investors who have a limited investment policy with a way to potentially increase their interest earnings over PLGIT- Class. PLGIT/Reserve-Class shares carry no waiting period prior to redemption, but redemptions are limited to two per month. The increased yield potential versus PLGIT-Class makes PLGIT/Reserve-Class Shares an attractive option for funds like short-term reserves. Again, investors may want to weigh this option against PLGIT/ PRIME, which offers the potential for a higher yield. A Solid Foundation These changes would not have been possible without PLGIT’s commitment to the following strict rules of safety and service – the same rules that PLGIT established when it was created: Safety - At PLGIT, our primary objective has always been to preserve the safety and liquidity of our Investors’ funds, and one way in which we focus on safety is by using multiple layers of oversight to maintain the highest quality products and practices. Use professional advice - PLGIT’s investment adviser and administrator PFM Asset Management LLC (PFMAM), specializes in investments for local governmental entities around the country including local government investment pools like PLGIT. Invest in the safest permitted products - PLGIT invests solely in investments permitted by the codes governing local governments and schools in Pennsylvania. These investments include products like U.S. Treasury Bills/Notes, short-term debt of highly rated federal agencies, appropriately collateralized certificates of deposit and time deposits in banks, the newly permitted Act 10 products, and others. Seek a stable net asset value - As a local government investment pool, PLGIT has always sought to maintain a stable net asset value of $1.00 per share in its portfolios for each dollar invested by shareholders. As shares are purchased and redeemed by Investors, dividends are reinvested, and the PLGIT trading staff monitors the market and buys and sells permitted investments from national broker-dealers and government agencies to keep PLGIT’s assets in line with the shareholders’ investments. Service - For an organization to be responsive, it must have a good understanding of who and what it represents. PLGIT continues to maintain a high level of outreach into the Commonwealth, conducting dozens of educational programs each year, attending more than 30 statewide conferences and more than 70 county functions on an annual basis. Guided by its Investors - PLGIT is owned and overseen by its Investors just as it was when it was founded. Unlike other institutions, every local government or school that invests in a PLGIT-pooled fund participates in the Trust. But it goes much further than that: PLGIT Investors from the PMAA, the Pennsylvania State Association of Boroughs (PSAB),the Pennsylvania State Association of Township Supervisors (PSATS), the Pennsylvania Municipal League (PML), the Pennsylvania State Association of Township Commissioners (PSATC), the County Commissioners Association of Pennsylvania (CCAP), and others Balance article continued from page 49. *S&P Global fund ratings are based on analysis of credit quality, market price exposure and management. According to Standard & Poor's rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a "market" rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit S&P Global’s website (https://www.spglobal.com/ratings/en/) . **PLGIT/ARM now still exists as a program for investing any proceeds from a tax-exempt bond issue among PLGIT’s current lineup, and includes arbitrage rebate tracking and reporting with the program. Continued on page 66.