90th General Assembly
Summary of SB1555
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Short description: 
PUB FUNDS-INVESTMENT POLICY                                                

Synopsis of Bill as introduced:
        Amends the Public Funds Investment Act. Requires public  agencies      
   to  develop and implement an investment policy for public funds within      
   their custody or control.  Includes areas the  policy  must  cover  to      
   address  investment  safety,  liquidity, and rate of return.  Requires      
   that policies be in effect by January 1, 2000.  Effective immediately.      
        SENATE AMENDMENT NO. 1.                                                
        Removes from the investment policy content requirements a  policy      
   regarding  appropriate collateral and collateral custody requirements.      
   Adds  to  the  investment  policy  content   requirements   guidelines      
   regarding  collateral requirements, if any, for public funds deposited      
   in a financial institution pursuant to the Public Funds Investment Act      
   and, if applicable, guidelines for custody of that collateral.              
          FISCAL NOTE (State Treasurer)                                        
          No impact on the State's resources.                                  
          STATE MANDATES ACT FISCAL NOTE                                       
          SB 1555 creates a local gov't. organization and structure man-       
          date which does not require reimbursement by the state.              
          HOME RULE NOTE                                                       
          The bill fails to preempt home rule authority.                       
Last action on Bill: PUBLIC ACT.............................. 90-0688

   Last action date: 98-07-31

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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