SB 238 Summary

• Removes discretion for school corporations to decide whether annual board of finance meetings are necessary.

• Permits local government investment officers to invest in Indiana municipal securities if the issuer has not defaulted on obligations within the preceding 20 years.

• Eliminates equity securities investments for the Lawrenceburg-Danville conservancy district and limits host community agreement future fund municipal securities to maximum 5-year maturities.

• Changes certificate of deposit deposit requirements to allow placement with depositories offering any of the top three interest rates (instead of only the highest) with documented reasons noted in the memorandum of quotes.

• Increases the cap on anticipatory warrants the board may issue from $1,500,000 to $300,000,000 and limits units to investing no more than 50% of total public funds in nonfederally insured deposit accounts.