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Bill to let counties, schools and libraries seek higher CD rates draws mixed support from treasurers and bankers
Summary
House Bill 1523 would let counties, school districts and libraries invest public funds at state-approved depositories anywhere in Indiana instead of requiring a brick-and-mortar branch inside the local unit's borders, a change supporters say would raise returns for taxpayers.
The House Financial Institutions Committee heard House Bill 1523, a proposal to give counties, school corporations and libraries the option to invest public funds in any state-approved depository rather than limiting certificates of deposit and other public investments to financial institutions with brick-and-mortar branches inside a local unit's territorial boundaries.
Sponsor Representative Pierce said the bill responds to banking consolidation and uneven local offerings that can leave some school districts, counties and libraries with few competitive options for short-term deposits. "This bill deals with allowing local units of government more flexibility in their investment…
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