SB 1101 Revises state treasurer investment policies and creates local government investment pool
Sponsor:Kenney Co-Sponsor(s)
LR Number:4406S.01I Fiscal Note:4406-01
Committee:Financial and Governmental Organization
Last Action:02/11/02 - Second Read and Referred S Financial & Governmental Journal page:S247
Org., Vet. Affairs & Elections Committee
Effective Date:August 28, 2002
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Current Bill Summary

SB 1101 - This act allows the State Treasurer to subscribe for or purchase local government investment pool and money market mutual funds within parameters of the State Treasurer's written investment policy. Any obligations acquired by the State Treasurer may be sold for cash provided certain current law requirements are met.

General obligation bonds of any political subdivision in the country shall be considered an acceptable security provided the bond is rated in the highest category by at least one nationally recognized statistical rating agency.

This act creates the "Local Government Investment Pool". This pool shall consist of all funds being handled by local public officials that are submitted to the State Treasurer for investment. Certain local public bodies are authorized to invest moneys through the pool that are not immediately needed for the operation of the local body. The State Treasurer shall administer the pool on behalf of the participating local officials. The pool may invest in SEC-regulated money market mutual funds. Requirements for the investment and recordkeeping of the pool are created.

Certain local public bodies may invest in certain SEC- regulated money market mutual funds.