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Bill to let counties, schools seek higher CD rates draws split testimony over local reinvestment
Summary
House Bill 1523 would allow many county treasurers and school districts to consider depositories beyond financial institutions with a physical presence in their jurisdiction when placing public deposits, aiming to increase competitive returns for taxpayer funds.
House Bill 1523, presented by Representative Pierce, would expand the permissible pool of approved depositories for certain local units of government by removing a statutory territorial preference that currently directs many units to invest public deposits (e.g., certificates of deposit) at in‑jurisdiction financial institutions when available.
Supporters said the rule is outdated and, in many counties and school districts, limits competition and yields for taxpayer funds. Brian Burdick, representing the Indiana County Treasurers Association, said consolidation in the…
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