AL HB49

Creates the Alabama Local Government Investment Pool Program within the Office of the State Treasurer allowing state and local public entities to deposit monies for joint investment in one or more pools.

Restricts eligible investments to U.S. government obligations, federally insured/guaranteed obligations, federal government-sponsored enterprise obligations, repurchase agreements, commercial paper rated A-1 or higher, money market mutual funds, negotiable certificates of deposit rated AA1/Aa3 or equivalent, and qualified public depository certificates of deposit.

Requires the State Treasurer to establish and publicly disclose pool information statements, investment policy statements, participation agreements, and annual reports; allows administrative expenses to be paid from program earnings and authorizes the Treasurer to contract with professional service providers for up to seven years.

Establishes the Alabama Local Government Investment Advisory Board consisting of the State Treasurer (chair), two investment/finance professionals, and four employees from participating entities, with members serving four-year terms without compensation but eligible for per diem and travel reimbursement.

Authorizes all actual and necessary travel expenses for individuals promoting or marketing programs administered by the Office of the State Treasurer, in addition to transportation costs; effective immediately upon passage.