HB 459 Summary

• Increases the maximum percentage of interim moneys that may be invested in commercial paper and bankers acceptances from 25% to 40% for treasurers, governing boards, and boards of education.

• Extends the maturity period for commercial paper notes from 180 days to 270 days and adds a 5% per-issuer investment limit for interim moneys.

• Authorizes political subdivision bonds and other obligations to be eligible investments for interim moneys if rated in the three highest classifications, purchased through registered brokers, and do not exceed 20% of interim moneys available for investment.

• Allows treasurers and governing boards making political subdivision and commercial paper investments to make them only after completing additional training approved by the treasurer of state.

• Creates section 135.48 to authorize the state board of deposit to adopt necessary implementing rules, and updates terminology regarding securities dealers and rating services throughout the investment statutes.