Citations Affected: IC 5-13.
January 11, 2007, read first time and referred to Committee on Local Government.
February 19, 2007, reported _ Do Pass.
February 22, 2007, read second time, ordered engrossed.
February 23, 2007, engrossed.
February 27, 2007, read third time, passed. Yeas 71, nays 22.
investments and provide for the public accounting and legal compliance necessary to ensure and maintain the safety, liquidity, and yield of the investment pool. Requires the treasurer of state to establish and make public the policies that the treasurer of state will follow in the administration of and accounting for the investment pool. Requires the policies to provide the following: (1) There is not a minimum time for which funds must be retained by the investment pool. (2) The administrative expenses of the investment pool shall be paid from the earnings of the investment pool. (3) The earnings of the investment pool in excess of administrative expenses shall be credited to the state and each unit of government participating in the investment pool in a manner that equitably reflects the different amounts and terms of the state's investment and each unit's investment. (4) There is not a limit on the number of accounts that the state or a unit of government participating in the investment pool may establish within the investment pool. (5) The state and each unit of government participating in the investment pool shall receive certain daily and monthly reports. (6) The investment pool shall be audited annually by an independent auditing firm. (7) At least 50% of the funds available for investment must be deposited in banks qualified to hold deposits of local government entities.
A BILL FOR AN ACT to amend the Indiana Code concerning state
offices and administration.