Bill Text: AZ HB2078 | 2019 | Fifty-fourth Legislature 1st Regular | Chaptered
Bill Title: Local government investment pool
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2019-03-26 - Chapter 35 [HB2078 Detail]
Download: Arizona-2019-HB2078-Chaptered.html
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House Engrossed |
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State of Arizona House of Representatives Fifty-fourth Legislature First Regular Session 2019
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CHAPTER 35
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HOUSE BILL 2078 |
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AN ACT
amending section 35-326, Arizona Revised Statutes; relating to the local government investment pool.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-326, Arizona Revised Statutes, is amended to read:
35-326. Local government investment pool: definition
A. The state treasurer may maintain one or more pooled investment funds for the collective investment of monies in this state. Securities or other instruments in which the monies may be invested are those which that are provided for in article 2 of this chapter.
B. The state treasurer may deposit state monies in a pooled investment fund and may also receive into a fund monies that are deposited by any county, city, town, political subdivision or public entity in this state or public trust that is legally authorized or required to deposit monies with the state treasurer for investment. When a depositor provides monies to a pooled investment fund, the state treasurer may require the depositor to specify the date or dates on which it will require the monies. The assets of a pooled investment fund shall be invested by the state treasurer for such periods as will facilitate the return of the monies to the depositing entities in accordance with the instructions received at the time of deposit. Earnings shall be credited promptly after calculation.
C. The state treasurer shall compute on a monthly basis the rate of earnings on the pooled investment fund for that month, and each depositor shall be credited with an amount determined by applying the calculated monthly rate to the principal amount of its deposit balance for the period of the deposit. Interest shall be credited monthly.
D. The governing body of any political subdivision, public trust or public entity may, by the adoption of adopting a resolution of continuing effect, may authorize and request the state treasurer to invest funds monies for the governing body pursuant to this section.
E. For the purposes of this section, "political subdivision" means any governmental entity operating under the authority of this state, including a city, town, county, school district or community college district or any other entity organized under state law.
APPROVED BY THE GOVERNOR MARCH 26, 2019.
FILED IN THE OFFICE OF THE SECRETARY OF STATE MARCH 26, 2019.
