Sarasota County Schools
Agenda Item #35
Title
APPROVAL OF AN INVESTMENT ADVISORY AGREEMENT BETWEEN PUBLIC FINANCIAL MANAGEMENT (PFM) AND THE SCHOOL BOARD OF SARASOTA COUNTY, FLORIDA
Description
This agreement will provide the District with professional managed investment services by PFM for its idle funds. In particular, the proceeds from the Qualified School Construction Bonds Series 2010A Certificates of Participation and the Series 2010B Certifications of Participation issues for the rebuilds of Booker and Venice High School. PFM will invest the proceeds to maximize the District's return until the funds are needed for construction. This agreement is a piggyback of the agreement currently in force between PFM and the School Board of Marion County, Florida.
Recommendation
That the investment advisory services agreement between Public Financial Management and the School Board of Sarasota County, Florida, be approved.
Contact
WHITE & CORCORAN
Financial Impact
Annual fee of 0.05% of managed assets account value paid monthly against the investment revenue.
Attachment: Investment_Advisory_Agreement_School_Board_of_Sarasota.pdf