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Synopsis As Introduced Amends the Deposit of State Moneys Act. Authorizes investment in repurchase agreements of government securities having the meaning set out in the Government Securities Act of 1986,"as now or hereafter amended or succeeded". Effective immediately.
Replaces everything after the enacting clause. Amends the Public Funds Investment Act. Provides that public agencies may invest public funds in short-term obligations of corporations organized in the United States with assets exceeding $500,000,000 if, among other things, the obligations mature not later than 270 (instead of 180) days after the date of purchase. Authorizes investment in repurchase agreements of government securities having the meaning set out in the Government Securities Act of 1986, "as now or hereafter amended or succeeded". Effective immediately.
Senate Committee Amendment No. 2 In the Public Funds Investment Act, provides that public agencies may invest public funds in bonds, notes, debentures, or other similar obligations of "the United States of America, its agencies, and its instrumentalities" (instead of "the Unites States of America or its agencies").
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