About the Nebraska Public Agency Investment Trust
Over 20 years ago, a number of public officials approached their statewide associations, concerning the creation of a statewide cash management system, which would provide an investment alternative for short-term funds.
This led to the development and adoption of an Interlocal Agreement and Declaration of Trust by the initial participants and settlers to maximize interest on public agencies short and long term funds.
From this adoption, the Nebraska Association of County Officials (NACO) and the Nebraska Rural Electric Association (NREA) brought together members of their respective associations, with the assistance of service providers, to create the Nebraska Public Agency Investment Trust (NPAIT).
Since that time, the trust has been endorsed not only by NACO and the NREA, but also by the following associations: Nebraska Community College Association (NCCA), the Northeast Nebraska Economic Development District (NENEDD), the Nebraska State Irrigation Association (NSIA), the Metropolitan Area Planning Agency (MAPA), the Nebraska State Volunteer Firefighters Association (NSVFA), the Panhandle Area Development District (PADD), and the Nebraska Association of Resources Districts (NARD).
NPAIT has participants from a variety of public agencies throughout Nebraska. The NPAIT Board of Trustees is comprised of thirteen members, representing the different public agencies and the sponsoring associations. Thanks to the participating agencies of NPAIT, the program is working.
Questions regarding the legality of the program were addressed in the Attorney General Opinion #96087 dated December 18, 1996. The Attorney General opinioned, “We believe that the Investment Trust (NPAIT) can legally perform its intended purposes and functions for exercise of governmental subdivisions’ authority to invest their funds.”