LB594 LB594
2023 2023
LEGISLATURE OF NEBRASKA
ONE HUNDRED EIGHTH LEGISLATURE
FIRST SESSION
LEGISLATIVE BILL 594
Introduced by Hardin, 48; Ballard, 21; Brewer, 43; Halloran, 33.
Read first time January 17, 2023
Committee: Banking, Commerce and Insurance
1 A BILL FOR AN ACT relating to political subdivisions; to provide for
2 investment in commercial paper by local government investment pools.
3 Be it enacted by the people of the State of Nebraska,
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LB594 LB594
2023 2023
1 Section 1. (1) For purposes of this section, local government
2 investment pool means an investment pool or trust created pursuant to the
3 laws of this state, including, but not limited to, the Interlocal
4 Cooperation Act, for the purpose of investing the funds of two or more
5 political subdivisions.
6 (2) A local government investment pool shall have the power and
7 authority to invest and reinvest funds in its custody in commercial
8 paper, if such commercial paper:
9 (a) Has a stated maturity of three hundred ninety days or fewer from
10 its date of issuance; and
11 (b) Receives an investment quality rating of not less than A-1 or
12 P-1, or an equivalent rating, by a nationally recognized investment
13 rating firm.
14 (3) Nothing in this section shall be construed to expand the
15 investment authority of the separate participants in a local government
16 investment pool.
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