January 11, 2007, read first time and referred to Committee on Local Government and
Elections.
Digest Continued
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.
Introduced
First Regular Session 115th General Assembly (2007)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in
this style type, and deletions will appear in
this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in
this style type. Also, the
word
NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in
this style type or
this style type reconciles conflicts
between statutes enacted by the 2006 Regular Session of the General Assembly.
SENATE BILL No. 341
A BILL FOR AN ACT to amend the Indiana Code concerning state
offices and administration.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 5-13-9-11; (07)IN0341.1.1. -->
SECTION 1. IC 5-13-9-11 IS ADDED TO THE INDIANA CODE
AS A
NEW SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2007]:
Sec. 11. (a) As used in this section, "investment pool"
means the local government investment pool established by
subsection (b).
(b) The local government investment pool is established within
the office and custody of the treasurer of state.
(c) An officer designated in section 1 of this chapter may pay
any funds held by the officer into the investment pool for the
purpose of deposit, investment, and reinvestment of the funds by
the treasurer of state on behalf of the unit of government paying
the funds into the investment pool.
(d) The treasurer of state may pay state funds into the
investment pool for the purpose of deposit, investment, and
reinvestment of the state funds.
(e) The treasurer of state shall invest the funds in the investment
pool in the same manner, in the same type of instruments, and
subject to the same limitations provided for the deposit and
investment of state funds by the treasurer of state under
IC 5-13-10.5.
(f) The treasurer of state:
(1) shall administer the investment pool; and
(2) may contract with accountants, attorneys, regulated
investment advisors, money managers, and other finance and
investment professionals to make investments and provide for
the public accounting and legal compliance necessary to
ensure and maintain the safety, liquidity, and yield of the
investment pool.
(g) The treasurer of state shall establish and make public the
policies that the treasurer of state will follow to ensure the efficient
administration of and accounting for the investment pool. The
policies must provide the following:
(1) There is not a minimum time for which funds paid into the
investment pool must be retained by the investment pool.
(2) The administrative expenses of the investment pool shall
be accounted for by the treasurer of state and shall be paid
from the earnings of the investment pool.
(3) The earnings of the investment pool in excess of the
administrative expenses of the investment pool 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 in the
investment pool.
(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 electronic or paper reports,
including:
(A) a daily transaction confirmation, reflecting any activity
in the state's or unit's account; and
(B) a monthly report showing:
(i) the state's or unit's investment activity in the
investment pool; and
(ii) the performance and composition of the investment
pool.
(6) The investment pool shall be audited at least annually by
an independent auditing firm, with an electronic or a paper
copy of the audit provided to the state and each unit of
government participating in the pool.
(h) A unit of government participating in the investment pool
may elect to have any funds due from the state wired directly to the
custodian bank of the investment pool for credit to the unit's
investment pool account by submitting in writing a request to the
auditor of state to wire the funds as directed. An election made by
a unit of government under this subsection may be revoked at any
time by the unit by submitting in writing a request to the auditor
of state to cease wiring the funds as previously directed by the unit.