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IN SB0195
Bill
Status
1/6/2015
Primary Sponsor
Carlin Yoder
Click for details
AI Summary
Senate Bill 195 Summary
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Allows local major moves construction funds to be invested in fixed income assets with AA credit ratings or higher, subject to fiscal body approval and specified requirements.
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Permits political subdivisions to invest proceeds from facility or real property sales in fixed income assets rated AA or above if the fiscal body determines the proceeds represent a substantial amount of public funds.
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Requires investments to meet prudent investment standards including diversification, care and diligence standards, established asset allocation plans, and approval of investment contracts by the fiscal body.
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Prohibits investments in real estate, equities, commodities, leveraged repurchase agreements, swaps, derivatives, sub-AA rated assets, or bonds with maturity exceeding five years.
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Mandates fiscal officers report annually before April 1 to the fiscal body and local board of finance on all fund investments during the preceding calendar year.
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Effective July 1, 2015.
Legislative Description
Investments by local government. Provides that upon approval by the fiscal body, money in a local major moves construction fund may be invested in fixed income assets that have a credit rating of at least AA if certain requirements are met. Provides that if authorized by the fiscal body of a political subdivision and if that fiscal body makes a determination that money received from the sale of facilities or other real property represents a substantial amount of public funds, that money may be invested in fixed income assets that have a credit rating of at least AA if certain
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/6/2015