Who Is MOSIP?
The Missouri Securities Investment Program (“MOSIP” or “the Program”) was established by the Missouri School Boards Association on October 3, 1991, as an instrumentality of Missouri Public School Districts, municipalities and other political subdivisions pursuant to an intergovernmental cooperation agreement executed under the laws of the State of Missouri. It was created to provide professional investment services to Missouri school districts, municipalities and other subdivisions at a reasonable cost.
The Missouri Securities Investment Program (“MOSIP” or the “Program”) is an instrumentality of Missouri public school districts, municipalities and other political subdivisions established under the authority of Article VI, Section 16 of the Constitution of Missouri and Sections 70.210 to 70.320, Revised Statutes of Missouri, as amended (“RSMo”).
MOSIP is a cooperative investment service established by an Amended and Restated Intergovernmental Cooperation Agreement dated as of April 22, 1997, as amended (the “Intergovernmental Agreement”), to provide for the investment of surplus funds of school districts, municipalities and other eligible political subdivisions. Public school districts are authorized under Section 165.051 RSMo to invest their surplus funds in certain financial instruments. The cooperative investment service provided by MOSIP is “within the scope of the powers of such municipality or political subdivision” within the meaning of Section 70.220. Section 70.310 provides that money received under the contract or cooperative action may be deposited into a common “fund or funds and disbursed in accordance with the provisions of such contract or cooperative action.”
Management of the affairs of the Program is the responsibility of the Board of Directors elected by those signatories to the Intergovernmental Agreement which invest through the Program (the “Participants”). The Board of Directors is comprised of representatives of various Participants of the Fund, as well as representatives of the Missouri School Boards’ Association (“MSBA”), Missouri Association of School Administrators (“MASA”), and Missouri Association of School Board Officials (“MOASBO”) (collectively the “Sponsors”).
The Board of Directors has engaged PFM Asset Management LLC (“PFMAM”) as administrator (the “Administrator”), and as investment adviser (the “Investment Adviser”) and PFM Fund Distributors, Inc. (“PFMFD” or the “Marketing Agent”) as the Marketing Agent for the Program.