House Bill 15‑23 prompts debate over local units’ ability to invest public funds outside jurisdiction

Lawmakers heard lengthy testimony and discussion on House Bill 15‑23, legislation that would change where local units of government may place insured public deposits and would retroactively deem certain out‑of‑territory investments lawful.

Representative Pierce, the bill sponsor, told the committee the measure would give counties, school corporations and library districts more flexibility to seek higher yields on insured certificates of deposit. Pierce said current law requires local units to invest in institutions with a brick‑and‑mortar presence inside the unit’s geographic boundary and that the bill would allow some units to use institutions located elsewhere in the county or, for counties, in contiguous counties. The bill also contains a provision intended to retroactively protect investments made since 2018 from audit exceptions tied to an earlier change in state law.

Mike Neal, executive director of…