HB 1255 Summary

• State treasurer shall establish a public deposits program allowing political subdivisions to invest public money in high yield savings accounts at approved public depositories.

• Approved public depositories may redeposit funds into deposit accounts at one or more federally insured financial institutions located in the United States, which need not have a physical presence in Indiana.

• All redeposited public funds plus accrued interest must remain fully insured by the federal deposit insurance corporation at all times.

• Political subdivisions must receive standard demand account access to deposits at least weekly and monthly account reports showing amounts held at each financial institution.

• Program expenses shall be borne by participating account owners or approved depositories as determined by the state treasurer, and invested funds are exempt from security or pledging requirements.