The bill amends existing laws 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 just one.

Furthermore, the bill updates the procedures for the sale of securities by the Treasurer of State, ensuring that all transactions are conducted through a competitive process approved by the State Board of Finance, aimed at achieving 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 day of the month, with deductions for administrative expenses.

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