<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:Wingdings;
panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Aptos;}
@font-face
{font-family:Georgia;
panose-1:2 4 5 2 5 4 5 2 3 3;}
@font-face
{font-family:Webdings;
panose-1:5 3 1 2 1 5 9 6 7 3;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Aptos",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#003C61;
text-decoration:underline;}
span.EmailStyle17
{mso-style-type:personal-compose;
font-family:"Georgia",serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:11.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
/* List Definitions */
@list l0
{mso-list-id:1944143819;
mso-list-type:hybrid;
mso-list-template-ids:69098106 -1889772904 67698691 67698693 67698689 67698691 67698693 67698689 67698691 67698693;}
@list l0:level1
{mso-level-number-format:bullet;
mso-level-text:5;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Webdings;
color:#FFCD4C;
mso-style-textfill-fill-color:#FFCD4C;
mso-style-textfill-fill-alpha:100.0%;}
@list l0:level2
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level3
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level4
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level5
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level6
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
@list l0:level7
{mso-level-number-format:bullet;
mso-level-text:\F0B7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Symbol;}
@list l0:level8
{mso-level-number-format:bullet;
mso-level-text:o;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:"Courier New";}
@list l0:level9
{mso-level-number-format:bullet;
mso-level-text:\F0A7;
mso-level-tab-stop:none;
mso-level-number-position:left;
text-indent:-.25in;
font-family:Wingdings;}
ol
{margin-bottom:0in;}
ul
{margin-bottom:0in;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="#003C61" vlink="#63A3CA" style="word-wrap:break-word">
<div class="WordSection1">
<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" width="721" style="width:541.0pt;border-collapse:collapse;border:none">
<tbody>
<tr>
<td width="721" colspan="3" valign="top" style="width:541.0pt;padding:0in 0in 0in 0in">
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><img width="720" height="192" style="width:7.5in;height:2.0in" id="Picture_x0020_2" src="cid:image001.png@01DB3763.1BF0AF90"></span><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td width="721" colspan="3" valign="top" style="width:541.0pt;padding:.5in 0in 0in .5in">
<p class="MsoNormal"><b><span style="font-size:23.0pt;font-family:"Arial",sans-serif;color:#003C61">Update on Delayed LGIP Transactions<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">After further investigation with U.S. Bank and PFMAM, Treasury has confirmed the following errors and delays impacting the Local Government Investment Pool:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Arial",sans-serif;color:#003C61">Redemptions</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Georgia",serif">ACH redemptions</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"> out of the pool scheduled to settle today
<b>have now been processed</b>. Due to the delay, these redemptions were processed either as same-day ACH or wire transfers to ensure receipt today. Participants should monitor their external bank accounts to confirm receipt of expected redemptions.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Arial",sans-serif;color:#003C61">Purchases<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Georgia",serif">ACH purchases</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"> into the pool scheduled to settle today
<b>were</b> <b>errantly processed as <i>redemptions</i></b> and participants will see these moneys reflected as
<i>credits</i> to external bank accounts. Pool account balances <i>have not</i> been reduced by these errant redemptions. Participants should keep these unexpected moneys available in external bank accounts as
<b>ACH reversals are in process</b> and the <i>moneys will be debited from external bank accounts in the coming days</i>. Participants
<i>do not</i> need to take action to return/undo these errant redemptions.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">Additionally,
<b>ACH purchases</b> scheduled to settle today <b><i>will not be debited from external bank accounts until Monday</i>.</b> Participants should keep these moneys available in external bank accounts. Despite this delay in the movement of moneys,
<i>these purchases are currently reflected in pool account balances, are earning dividends, and are available for transfer/redemption.</i><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:16.0pt;font-family:"Arial",sans-serif;color:#003C61">Transfers<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;font-family:"Georgia",serif">Transfers,</span></b><span style="font-size:12.0pt;font-family:"Georgia",serif"> including participant-to-participant transfers, scheduled to settle today
<b><i>were not</i> impacted by today’s processing errors/delays.</b><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif">We regret these errors and delays and are working closely with U.S. Bank and PFMAM to review processes and controls. We take seriously the trust you place in us and our partners
each and every day, and we are committed to ensuring that necessary actions are taken to avoid these types of errors and delays going forward.</span><span style="font-size:12.0pt"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td width="721" colspan="3" valign="top" style="width:541.0pt;padding:0in 0in 0in 0in">
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Georgia",serif"><img width="323" height="192" style="width:3.3611in;height:2.0in" id="Picture_x0020_4" src="cid:image002.png@01DB3763.1BF0AF90"></span><span style="font-size:12.0pt;font-family:"Georgia",serif"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td width="311" valign="top" style="width:233.6pt;background:#FFCD4C;padding:.25in 0in .25in .5in">
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61">867 Hawthorne Ave SE<br>
Salem, OR 97301-5241<br>
<br>
<a href="http://omls.oregon.gov/mailman/listinfo/local-gov-news"><span style="color:#003C61">Manage Your Subscription or Unsubscribe</span></a><o:p></o:p></span></p>
</td>
<td width="162" valign="top" style="width:121.5pt;background:#FFCD4C;padding:.25in 0in 0in 0in">
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61">503.378.4000<o:p></o:p></span></p>
</td>
<td width="248" valign="top" style="width:185.9pt;background:#FFCD4C;padding:.25in 0in 0in 0in">
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Arial",sans-serif;color:#003C61"><a href="http://www.oregon.gov/treasury/"><span style="color:#003C61;text-decoration:none">oregon.gov/treasury</span></a><o:p></o:p></span></p>
</td>
</tr>
</tbody>
</table>
<p class="MsoNormal"><span style="font-family:"Georgia",serif"><o:p> </o:p></span></p>
</div>
</body>
</html>