Allows political subdivisions to invest public funds in joint investment trusts and credit unions.
This bill allows political subdivisions to invest up to 25 percent of their public funds in joint investment trusts. It prohibits these trusts from paying individuals or entities that do not provide direct investment management, administrative, custodial, or other operational services. The bill also allows uninsured portions of public funds to be invested in insured deposits or certificates of deposit placed in or issued by credit unions. It mandates that political subdivisions execute a written acknowledgment regarding the insurance and safety of the funds.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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