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Committee hears bill to let counties, schools and libraries seek CD rates statewide; supporters cite higher returns, opponents stress local reinvestment
Summary
House Bill 1523, heard by the House Financial Institutions Committee, would let counties, school corporations and libraries place public CDs with any state‑approved depository rather than only institutions with a brick‑and‑mortar presence inside their jurisdiction.
Lawmakers heard House Bill 1523, which would expand where counties, school corporations and libraries may place public deposits by removing territorial limits that now require preference for brick‑and‑mortar institutions inside a unit’s boundaries. The committee took testimony from county treasurers, school officials, local government associations, bankers and credit unions and left the measure open for amendment and further negotiation.
Proponents’ view: County treasurers, school business officials and county associations urged the change as a way to secure higher yields for taxpayer funds in a banking market that has consolidated since the territorial rule first took effect. Brian Burdick of the Indiana County Treasurers Association said the rule…
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