This bill amends the law regarding the investment of state funds in the State Treasury, specifically focusing on the types of securities and bank certificates of deposit that can be utilized. Notable changes include the removal of obligations issued by the State Board of Education and the introduction of obligations that are not general obligations of municipalities or political subdivisions of the state. Additionally, the bill modifies the criteria for corporate obligations, reducing the required investment grade rating from at least two nationally recognized statistical rating organizations to one.

Furthermore, the bill updates the procedures for the sale of securities by the Treasurer of State, emphasizing a competitive process approved by the State Board of Finance to ensure optimal pricing without favoritism towards any broker. It also stipulates that interest earned on State Treasury funds must be transferred or credited to fund participants on the second business day after the twenty-fifth of the month, with adjustments for administrative expenses. These amendments aim to enhance the management and investment of state funds while ensuring compliance with updated financial standards.

Statutes affected:
SB 480: 19-3-518(b), 19-3-518(d)
Act 739: 19-3-518(b), 19-3-518(d)