MS SB2551

Deletes the provision prohibiting the State Treasurer from investing excess general and special funds in U.S. government agency, instrumentality, or government-sponsored enterprise obligations in excess of 50% of all monies invested with maturities of 30 days or longer.

Removes the 50% cap on investments in obligations such as those from the Government National Mortgage Association and other federally-guaranteed securities.

Allows the State Treasurer greater flexibility in allocating state funds to investments in federal government-backed obligations without the previous percentage limitation.

Takes effect July 1, 2014.