Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee hears bill to broaden where local governments may deposit and invest public funds; retroactive protections sought
Summary
House Bill 15-23 would let certain local units expand where they place insured certificates of deposit and would retroactively deem some out-of-bound investments lawful back to June 30, 2018; the committee heard extensive testimony and did not move the bill.
Representative Curt Pierce introduced House Bill 15-23 to allow broader investment options for local units of government, including counties, school corporations and library districts, and to protect some prior investments from audit exceptions.
Pierce told the committee the bill "allows local units of government more flexibility in their investments," explaining that current code limits where units may place public funds and that the bill would let schools and libraries invest in institutions anywhere within their county and allow counties to invest in depositories in contiguous counties. The bill would also deem certain investments made since June 30, 2018 lawful and insured, addressing uncertainty that arose after 2018 guidance and a subsequent attorney general opinion.
Officials from the Treasurer of…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
