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Committee approves amendment letting counties seek contiguous-county banks before going statewide, SB 289 moves 7–1
Summary
Senate Bill 289 was amended to let counties solicit depository quotes from financial institutions within their county or contiguous counties in Indiana before going statewide; the committee adopted the amendment and advanced the bill 7–1 after members discussed impacts on small local banks and taxpayer interest.
The committee adopted an amendment to Senate Bill 289 that permits counties to solicit quotes from financial institutions located within their county or in a contiguous Indiana county before expanding solicitations statewide.
Chairman Baldwin said the amendment aims to balance taxpayer interests in securing competitive rates with concerns about preserving small local banks’ viability. Mason, the committee attorney, explained the amendment creates a new subsection that clarifies counties may begin by seeking bids within their own county or adjoining counties and only go statewide if fewer than two institutions are willing or available.
Committee members asked whether the provision is permissive or mandatory and sought clarification on which political subdivisions the change covers. Mason confirmed it is permissive (“may go beyond”) for counties and that political subdivisions other than counties (for example, libraries) remain subject to the existing within-county rule unless fewer than two institutions are available.
Senator Cadore asked how many counties would be affected; Chairman Baldwin said exact counts are nebulous and depend on whether institutions are willing to accept public funds. Senator Gaskell explained she preferred a three-step approach (county, adjacent counties, then statewide) but voted no; other members cited work to balance stakeholder concerns and voted yes. The committee reported SB 289 to the floor 7 to 1.
