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Bill to expand where local governments may invest public funds draws split testimony; committee to continue work
Summary
House Bill 1523 would allow eligible local units of government to seek time-deposit and CD rates beyond current territorial limits; county treasurers and school financial officers supported the change while bankers and credit unions opposed it.
House Bill 1523, a proposal to relax territorial restrictions on where some Indiana local governments may place certificate-of-deposit (CD) and time-deposit investments, drew sharply split testimony at the House Financial Institutions Committee.
Representative Pierce presented the bill as a means to increase competition for public deposits and improve returns for taxpayer dollars. The bill would remove a statutory requirement that, when local units have adequate local options, deposits be placed only with financial institutions that maintain a brick-and-mortar presence in the jurisdiction. Proponents said the current rule can leave public entities beholden to a small number of local institutions and that broader competition would increase interest…
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