The Oklahoma Public School Investment Interlocal was organized in August of 1996 and formed the Oklahoma Public School Liquid Asset Pool (OLAP) to enable Oklahoma public schools to invest their operating and reserve funds conveniently and effectively. The fund strives to maintain safety and liquidity while preserving capital. The combined purchasing power of many school districts contributes to attractive interest rates for Participants.

OLAP was established as an interlocal agreement under Oklahoma Statutes §70-5-117b and any public school district in Oklahoma is eligible to participate.

The Board of Directors sets the investment policy and restrictions in the OLAP Information Statement. The policy adheres to the requirements of Oklahoma Statutes §70-5-115, the Oklahoma School Code and other provisions of Oklahoma law applicable to the investment of funds by Oklahoma school districts with the Board of Directors imposing further limits and restrictions.

OLAP’s investment objective is to provide a means for all participants to achieve a competitive rate of return while preserving capital and maintaining liquidity. OLAP is rated ‘AAAm’ by Standard & Poor’s (S&P) and in compliance with their ‘AAAm’ requirements. An investment in OLAP is not a bank deposit and is not FDIC insured.

Investors in OLAP purchase shares of the fund. OLAP seeks to maintain a dollar weighted average maturity of less than 60 days and a constant net asset value per share of beneficial interest of $1.00. To date, the value of OLAP’s shares have never deviated from $1.00. OLAP investments are comprised of Oklahoma State Statute permitted investments, as defined in the Information Statement. These investments are high-quality, short-term and liquid in nature.

The OLAP daily liquid fund provides a vehicle for investment in U.S. government obligations, agencies, commercial paper, and other high-quality short-term instruments allowable under Oklahoma state statute.

The Fixed Income Investment Program (FIIP) is available to OLAP Participants through PMA’s registered broker-dealer (PMA Securities, LLC). Investment options such as Certificates of Deposit, U.S. Treasury and Agency securities, municipal securities and other state statute allowable investments are available to school districts through this program.

Authorized officials can electronically enter investments and withdrawals (via ACH or wire transfer) online 24 hours a day, seven days a week using PMA GPS®. Funds may also be transferred by placing a call to a member of OLAP’s investment team requesting that funds be moved in or out of the program. Requests for ACH credits and debits received prior to 3:00 p.m. will be processed the next business day. Requests for wire transfers made prior to 11 a.m. will be processed the same business day and transfer requests made after 11 a.m. will be processed the next business day.

The OLAP Board of Directors, made up of representatives from participating school districts and the Oklahoma State School Boards Association, Cooperative Council of Oklahoma School Administration, Oklahoma Association of School Business Officials and Organization of Rural Oklahoma Schools provides input on behalf of their colleagues from across the state at regular board meetings. OLAP also receives input from one-on-one contact with Superintendents, Chief Financial Officers, Treasurers and School Board members throughout the year.