HB 1523 IN

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Passed One Chamber

Amends as follows the Indiana Code section authorizing a political subdivision to invest public funds in certificates of deposit of depositories that have not been designated as a depository by the local board of finance but have been designated by the state board of finance as a depository for state deposits: (1) Provides that an investment that is made under the section after June 30, 2018, in a certificate of deposit of a depository that is located outside the territorial limits of the investing political subdivision is considered lawfully invested and insured by the public deposits insurance fund notwithstanding the current statutory requirement that all public funds of all political subdivisions must be deposited in designated depositories located in the territorial limits of the political subdivision. (2) Eliminates, for purposes of investments in certificates of deposit made under the section, the applicability of the current statutory requirement that all public funds of all political subdivisions must be deposited in designated depositories located in the territorial limits of the political subdivision. Amends the Indiana Code section requiring that all public funds of all political subdivisions be deposited in public depositories within the territorial limits of the political subdivision to provide that a board of finance of a political subdivision that is: (1) a school corporation; or (2) a library district; may invest the public funds of the political subdivision in a designated depository located anywhere in the county in which the political subdivision is located. Authorizes a county to invest the public funds of the county in a depository that is located in another county contiguous to that county.

• Kyle Pierce Republican · author
• Travis Holdman Republican · sponsor
• Scott Baldwin Republican · sponsor

1. Jan 21, 2025 Coauthored by Representatives Teshka, Lawson, Shonkwiler · lower
2. Jan 21, 2025 Authored by Representative Pierce K · lower
3. Jan 21, 2025 First reading: referred to Committee on Financial Institutions · lower
4. Feb 4, 2025 Committee report: amend do pass, adopted · lower
5. Feb 10, 2025 Amendment #1 (Pierce K) prevailed; voice vote · lower
6. Feb 10, 2025 Second reading: amended, ordered engrossed · lower
7. Feb 12, 2025 Referred to the Senate · lower
8. Feb 11, 2025 Third reading: passed; Roll Call 142: yeas 88, nays 4 · lower
9. Feb 11, 2025 Senate sponsors: Senators Holdman and Baldwin · lower
10. Feb 20, 2025 First reading: referred to Committee on Insurance and Financial Institutions · upper
11. Mar 27, 2025 Senator Randolph added as cosponsor · upper
12. Apr 10, 2025 Committee report: do pass, adopted · upper