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Committee hears proposal to broaden local governments' investment options, with safeguards
Summary
Representative Brad Sloff told the House Government Operations Committee a bill to broaden allowable local-government investments would expand options such as out-of-state time deposits, limited-term corporate bonds and out-of-state municipal bonds while keeping written local policies and annual reporting to the Department of Treasury.
Representative Sloff introduced legislation intended to expand the range of investments available to local units of government while preserving safety, liquidity and public transparency.
Representative Brad Sloff told the committee the bill would broaden permissible investments beyond the narrow set currently allowed under Michigan law and would continue to require that local units adopt a written resolution and an annual approval policy and report to the Department of Treasury. "When a local unit of government chooses to invest public funds, they would continue to do so by resolution ensuring ... transparency," Sloff said.
John Globinski, Grand Rapids city treasurer, testified that Michigan’s Public Act 20 can be more restrictive than necessary and described specific additions he supports, including out-of-state time deposits insured by federal depository insurance, corporate bonds with a maximum five-year…
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