Expands permitted investments of school district and local unit funds.
The bill expands the types of securities in which school districts and local units in New Jersey can invest their funds. It allows for investments in government money market mutual funds, local government investment pools, and certain corporate debt obligations, among others. To make these investments, financial officers must attend a training session and adhere to specific purchase and redemption methods. The bill also exempts these investments from certain public contract law requirements.
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