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Bill to let counties, schools and libraries seek higher CD rates draws mixed views; held for amendment
Summary
House Bill 1523 would remove territorial limits that now require many local units to place public deposits at financial institutions with a brick-and-mortar presence inside local boundaries. County treasurers and school officials said the change would allow them to seek higher CD rates and increase local revenue; banks and credit-union advocates
Representative Pierce presented House Bill 1523 to the House Financial Institutions Committee, proposing to remove territorial limits that require many local units of government (counties, school corporations and library districts) to invest certain public deposits only with financial institutions located inside the unit's geographic boundaries. The bill would also preserve a safe harbor for investments made since a 2018 statutory clarifying change; the committee heard mixed testimony and held the bill for further work.
Supporters including county treasurers, school finance officers and county associations argued the territorial rule is antiquated and, in many areas, reduces competition and yields lower returns for taxpayers. Brian Burdick, counsel for the Indiana County…
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