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Committee hears arguments for and against loosening local public‑funds territorial limits
Summary
House Bill 1523 would let counties, school districts and other local units place certain public deposits outside strictly local banks to seek higher returns; supporters said the change can add material interest income while opponents urged preserving local reinvestment and community benefits.
House Bill 1523, which would allow certain local units of government to invest public deposits beyond current territorial limits, received testimony from county treasurers, school finance officials, banking and credit-union representatives, and the treasurer’s office. The committee heard arguments for wider competition and higher returns and also concerns that loosening territorial restrictions could reduce local reinvestment and community benefits.
Sponsor remarks: Representative Pierce described HB 1523 as a measure to extend investment options already available to cities and towns to counties, school corporations and libraries. Current law gives priority to depositories with a brick-and-mortar presence in the political…
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