PUB FUNDS-INVESTMENT POLICY
Synopsis of Bill as introduced:
Amends the Public Funds Investment Act. Requires public agencies
to develop and implement an investment policy for public funds within
their custody or control. Includes areas the policy must cover to
address investment safety, liquidity, and rate of return. Requires
that policies be in effect by January 1, 2000. Effective immediately.
SENATE AMENDMENT NO. 1.
Removes from the investment policy content requirements a policy
regarding appropriate collateral and collateral custody requirements.
Adds to the investment policy content requirements guidelines
regarding collateral requirements, if any, for public funds deposited
in a financial institution pursuant to the Public Funds Investment Act
and, if applicable, guidelines for custody of that collateral.
FISCAL NOTE (State Treasurer)
No impact on the State's resources.
STATE MANDATES ACT FISCAL NOTE
SB 1555 creates a local gov't. organization and structure man-
date which does not require reimbursement by the state.
HOME RULE NOTE
The bill fails to preempt home rule authority.
Last action on Bill: PUBLIC ACT.............................. 90-0688
Last action date: 98-07-31
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status