IN HB1161

Expands eligibility for the local government investment pool to include bodies corporate and politic established as instrumentalities of the state or units of local government, in addition to traditional units of local government.

Allows fiscal officers of eligible state and local government instrumentalities to pay funds into the investment pool for investment by the state treasurer, with earnings credited equitably based on investment amounts and terms.

Requires the state treasurer to administer the pool, invest funds under the same rules as state funds, and establish public policies ensuring no minimum retention time, fair allocation of earnings, and at least 50% of available funds deposited in qualified banks.

Mandates at least annual independent audits of the investment pool with reports provided to all participating entities, along with daily transaction confirmations and monthly performance reports.

Effective July 1, 2014.