About The Program
About The Program
Since 1989, CAMP has been serving the investment and arbitrage compliance needs of California public agencies. The investment options offered to public agencies through CAMP are the Pool and individual portfolios. Arbitrage rebate compliance services are available for bond proceeds invested through the Program.
The CAMP Pool (The "Pool") is a short-term cash reserve portfolio and cash management vehicle. The Pool provides public agencies with:
- Same-day liquidity (11:00 a.m. Pacific Time cut-off for transactions)
- Competitive yield
- Interest paid monthly
- Zero out of pocket expenses
- Unlimited transactions via wire, ACH, or check
- Online account management
- Sweep capability
The Pool is managed to maintain a dollar-weighted average portfolio maturity of 60 days or less and seeks to maintain a constant net asset value (NAV) per share of $1.00. The Pool invests in obligations of the United States Government and its agencies, high-quality, short-term debt obligations of U.S. companies and financial institutions. The Pool is a permitted investment for all local agencies under California Government Code Section 53601(p).
CAMP is rated AAAm* by Standard & Poor's.
To see the CAMP Pool’s Standard & Poor’s report click here.
Standard & Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard & Poor’s rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities.
Individually Managed Portfolios
In addition to the Pool, CAMP offers public agencies the option to have an individually managed portfolio to meet the agency’s specific investment objectives. An individually managed portfolio provides a public agency with:
- The investment advisory resources of PFM Asset Management LLC ("PFMAM"), a leading investment advisory firm serving the public sector
- Investments tailored to meet the agency’s specific liquidity needs or draw schedule
- Professional portfolio management to manage risk and enhance earnings
- Investments in compliance with the agency’s investment policy or bond documents
- Competitive shopping for every security to identify the most favorable price and execution
- Third-party custody of all assets
- Reasonable cost
Individually managed portfolios are automatically linked to the Investor's/Participant's CAMP Pool account so that maturities and coupon payments are invested at all times. Individually managed investment portfolios, which are not a part of the Program, are available under a separate agreement with PFMAM, the Program's Investment Adviser.
Arbitrage Rebate Compliance Services
For bond proceeds invested with CAMP, PFMAM tracks the proceeds for arbitrage rebate compliance purposes. Investors/Participants can receive the following correspondence/reports:
- Spending exception compliance report; including notification of an upcoming expenditure test date
- Yield restriction compliance notification
- Annual estimates of accrued arbitrage rebate and yield restriction liabilities
- Notification of Installment Calculation Date sent 60 days in advance of the required calculation date
- Retention of arbitrage related documents and investment records
- Rebate calculation reports at a nominal charge
Investors/Participants can check the arbitrage status of any of their bond issues invested with CAMP by contacting CAMP at (800) 729-7665.
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*Standard & Poor’s fund ratings are based on analysis of credit quality, market price exposure, and management. According to Standard & Poor’s rating criteria, the AAAm rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value. However, it should be understood that the rating is not a “market” rating nor a recommendation to buy, hold or sell the securities. For a full description on rating methodology, visit http://www.standardandpoors.com/en_US/web/guest/home.