Frequently Asked Questions
What investments are in the Fund?
Each Pool has a list of permissible securities. These are defined by state code and the Investment Policy.
The permissible securities are (by Pool):
West Virginia Money Market Pool
U.S. Treasury Obligations, U.S. Government Agency Obligations, Commercial Paper and Corporate Debt, Repurchase Agreements, Asset-Backed Securities, Certificates of Deposit, Money Market Funds and Depository Accounts.
West Virginia Government Money Market Pool
U.S. Treasury Obligations, U.S. Government Agency Obligations, Repurchase Agreements, Government Money Market Funds and Depository Accounts.
West Virginia Short-Term Bond Pool
U.S. Treasury Obligations, U.S. Government Agency Obligations, Commercial Paper and Corporate Debt, Repurchase Agreements, Asset-Backed Securities, Certificates of Deposit, Money Market Funds and Depository Accounts.
What is Commercial Paper?
Commercial Paper is a short-term unsecured promissory note. Its repayment depends on the general credit worthiness of the issuer. Issuers like commercial paper because the maturities are flexible and because the rates are usually marginally lower than bank rates. Investors – actually lenders, since commercial paper is a form of debt – like the flexibility and safety of an instrument that is issued only by top-rated concerns and is nearly always backed by bank lines of credit. Both Moody’s and Standard and Poor’s assign ratings to commercial paper.
What are the fees for the Fund?
There are no transaction or account maintenance fees assessed to your participant accounts. All expenses of the Fund are deducted prior to posting the daily or monthly yield.
How do I open an account?
1. Provide a corporate resolution adopted by the political subdivision’s authorizing body, such as the county commission, school board, city council, board of directors, etc., authorizing investment in the Fund and granting authority to a responsible party to make decisions with regard to investment in the pools that comprise the Fund.
2. Complete the Local Government Account Request form.
3. Mail the corporate resolution along with the completed account request form to:
West Virginia State Treasurer’s Office
Attention: Participant Accounting
1 Players Club Drive
Charleston, WV 25311
4. You will be notified once the account is approved.
There is no limit to the number of accounts each participant may open. If you have any questions please contact Participant Accounting at 340-1577.
How do I invest in the Fund?
Once your account is established, contributions and withdrawals can be completed daily for the West Virginia Money Market and West Virginia Government Money Market Pools. Activity for the West Virginia Short-Term Bond Pool is only processed on the first working day of the month.
The most efficient way to conduct investment activity is to use the West Virginia Treasurer’s Office web based system, “Local Government Online.” It’s a safe, friendly, efficient method of requesting account transactions. The Treasurer’s Office does not charge a fee for utilizing this system or transferring the funds electronically.
To receive an application for Local Government Online, please contact: Diane Holcomb at diane.holcomb@wvsto.com
Will I receive an account statement?
Monthly statements are provided for each participant account.