HB871: HB871 Local government; additional authorized investments; provide

25 LC 44 3189ER House Bill 871 By: Representatives Anderson of the 10th, Williamson of the 112th, New of the 40th, Clark of the 100th, Stephens of the 164th, and others A BILL TO BE ENTITLED AN ACT To amend Code Section 36-83-4 of the Official Code of Georgia A nnotated, relating to1 authorized investments, delegation of investment authority to financial officer, and objective2 of investment, so as to provide for additional authorized investments; to provide for related3 matters; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Code Section 36-83-4 of the Official Code of Georgia Annotated, relating to authorized7 investments, delegation of investment authority to financial of ficer, and objective of8 investment, is amended by revising paragraph (1) of subsection (a) as follows:9 "(a)(1) Subject to the procedures set forth in this chapter, the governing authority of any10 local government may invest and reinvest any money subject to i ts control and11 jurisdiction in:12 (A) Obligations of this state or of other states;13 (B) Obligations issued by the United States government;14 (C) Obligations fully insured or guaranteed by the United Stat es government or a15 United States government agency;16 H. B. 871 - 1 - 25 LC 44 3189ER (D) Obligations of any corporation of the United States government;17 (E) Prime bankers' acceptances;18 (F) The local government investment pool established by Code Section 36-83-8;19 (G) Repurchase agreements; and20 (H) Obligations of other political subdivisions of this state;21 (I) Securities of or other interests in any no-load, open-end management type22 investment company or investment trust registered under the fed eral Investment23 Company Act of 1940, as authorized by Code Section 36-82-7;24 (J) A commingled stable net asset value investment trust estab lished by an25 intergovernmental agreement by two or more units of local gover nment pursuant to26 Article IX, Section III, Paragraph I(a) of the Constitution of Georgia; and27 (K) Commercial paper issued by domestic corporations carrying ratings no lower than28 P-1 by Moody's Investors Service, Inc., A-1 by Standard and Poor's Corporation, or F-129 by Fitch, Inc."30 SECTION 2.31 All laws and parts of laws in conflict with this Act are repealed.32 H. B. 871 - 2 -