Bill Text: IN SB0191 | 2012 | Regular Session | Enrolled
Bill Title: Local government investments.
Spectrum: Bipartisan Bill
Status: (Enrolled - Dead) 2012-03-14 - Signed by the Governor [SB0191 Detail]
Download: Indiana-2012-SB0191-Enrolled.html
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AN ACT to amend the Indiana Code concerning local government.
(1) five (5) years after the date of purchase or entry into a repurchase agreement for a conservancy district located in a city having a population of more than
(2) five (5) years after the date of purchase or entry into a repurchase agreement for investments made from a host community agreement future fund established by ordinance of a town with a population of more than
(3) two (2) years after the date of purchase or entry into a repurchase agreement for:
(A) a fund
(B) a political subdivision that:
(i) is not described in subdivision (1) or (2); and
(ii) does not have in effect an investment policy and ordinance under section 5.7 of this chapter.
(1) be in writing;
(2) be adopted at a public meeting;
(3) provide for the investment of public funds with the approval of the investing officer;
(4) provide that the investments must be made in accordance with this article;
(5) limit the total investments outstanding under this section to not more than twenty-five percent (25%) of the total portfolio of public funds invested by the political subdivision, including balances in transaction accounts; and
(6) state a date on which the policy expires, which may not exceed four (4) years.
(b) A policy adopted by a fiscal body under subsection (a) remains in effect only through the date of expiration established in the policy, which may not exceed four (4) years.
(c) A fiscal body that has adopted a written investment policy under subsection (a) may adopt an ordinance authorizing its investing officer to make investments having a stated final maturity that is:
(1) more than two (2) years; but
(2) not more than five (5) years;
after the date of purchase or entry into a repurchase agreement.
(d) An ordinance adopted by a fiscal body under subsection (c) and the power to make an investment described in subsection (c) expire on the date on which the policy expires, which may not exceed four (4) years.
(e) After an investment of public funds of a political subdivision is made by the investing officer under this section, the total investments of the political subdivision outstanding under this section may not exceed twenty-five percent (25%) of the total portfolio of public funds invested by the political subdivision,
including balances in transaction accounts. However, an
investment that complies with this section when the investment is
made remains legal even if:
(1) the investment policy has expired; or
(2) a subsequent decrease in the total portfolio of public funds
invested by the political subdivision, including balances in
transaction accounts, causes the percentage of investments
outstanding under this section to exceed twenty-five percent
(25%) of the total portfolio of public funds invested by the
political subdivision.
(f) An investing officer may contract with a federally regulated
investment advisor or other institutional money manager to make
investments under this section.
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