Durant council approves joining Oklahoma CLASS investment pool and mutual aid MOU with school district

The Durant City Council voted Dec. 9 to allow the city to enter an interlocal agreement to join the Oklahoma Cooperative Liquid Asset Security System, commonly called Oklahoma CLASS, and to approve a mutual aid memorandum of understanding with the Durant Independent School District for sheltering during disasters.

Pam, a city staff presenter, said the state law was changed to allow municipalities to participate in the investment pool and noted that ‘‘there’s about $78,000,000 in invested funds right now’’ in the pool. She explained the funds are collateralized by securities held in the fund and described the pool as liquid, meaning funds are available for drawdown when the city needs them. Council discussed fees (noting a 0.1% fee typical) and that quoted yields are net of fees. After discussion the council moved and approved resolution R‑2025‑20 to enter the interlocal agreement.

Director Richard Ezel described the proposed mutual aid agreement (C‑2025‑70) with the school district, which would allow the district to open school buildings for sheltering if they are not otherwise in use during disasters. Council had no substantive objections, moved and approved the MOU by roll call.

Both items were approved by roll call with council members present voting in favor during the Dec. 9 meeting.