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Counties press for flexibility to invest public funds outside borders; banks warn of local deposit loss

Insurance and Financial Institutions Committee · January 14, 2026

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Summary

Senate Bill 289 would let counties invest public funds in depositories located outside county borders. County officials testified that flexibility can increase interest income for local projects; bankers and credit unions warned that loosening territorial limits risks deposit flight and harms local lending. The chair held the bill to seek compromise language.

Senate Bill 289 would allow counties to invest public funds in depositories located outside their county boundaries. Supporters, including county commissioners and county finance advisors, said the change would give treasurers tools to maximize returns and generate local revenue for projects when county…

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