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Committee hears bill to let local units seek higher CD returns beyond territorial limits; debate over local reinvestment
Summary
House Bill 1523 would allow counties, school corporations and library districts to invest public funds outside local territorial limits to seek higher CD rates; backers say the change would raise returns for taxpayers and reduce pressure on property tax levies, while bankers and credit unions warned it would weaken local reinvestment.
House Bill 1523, which would relax territorial limits on where certain local governments may invest public funds, drew contrasting testimony from county treasurers, school officials and financial trade groups at a House Financial Institutions Committee hearing.
Representative Pierce introduced the measure as a bid to give counties, school corporations and library districts the same flexibility that cities and towns already have to invest certificates of deposit (CDs) beyond a local brick‑and‑mortar boundary. Pierce said the bill also includes a limited retroactive safe harbor for investments made since a 2018 change to the code.
Supporters argued the current…
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