Georgia CommonsSB 441: Local Government Investment Pool; certain pooled investments to be approved by the State Depository Board; require
Last action May 11, 2026 · Effective Date 2026-07-01
A Georgia Senate bill would require new pooled investment programs created for two or more local governments to get approval from the State Depository Board before they can start operating, starting July 1, 2026.
The summaries below were written by an AI model (claude-sonnet-5) from the text of the bill and are not part of it. Quote the text, not the summary. The stored text is the Enrolled version, the latest LegiScan holds.
In plain language
Georgia already runs a Local Government Investment Pool under O.C.G.A. Chapter 83 of Title 36, which lets local governments pool money together for investment under state oversight. This bill adds a new requirement: any separate pooled investment arrangement set up for two or more local governments to invest money together, beyond the existing state-run pool, must first get approval from the State Depository Board before it can be established. The bill carves out one exception: pools already created under a different section of the law, O.C.G.A. § 36-83-6, do not need this new approval. The changes would take effect July 1, 2026, and would apply only to pooled investments made on or after that date, meaning existing arrangements would not be retroactively affected.
What the bill does
- Requires any new pooled investment program serving two or more local governments to get State Depository Board approval before it can be established.
- Exempts pooled investments already created under O.C.G.A. § 36-83-6 from this new approval requirement.
- Sets an effective date of July 1, 2026, applying only to pooled investments made on or after that date.
Who it affects
Georgia county and city governments and other public bodies that pool money together for investment, the State Depository Board that oversees state and local government banking and investment practices, and any financial firms or entities that organize multi-government investment pools.
Why it matters
Local governments sometimes band together to invest funds jointly outside the state's main investment pool. This bill adds a state approval step before such arrangements can start, giving the State Depository Board oversight aimed at ensuring these pooled investments meet state standards before local tax dollars are placed in them.
Key provisions
- Section 1 amends O.C.G.A. § 36-83-8(a) by adding new paragraph (2), requiring State Depository Board approval before establishing a pooled investment for two or more local governments.
- Section 1 exempts pools created under O.C.G.A. § 36-83-6 from the new approval requirement.
- Section 2 sets the effective date as July 1, 2026, and limits the law's application to pooled investments made on or after that date.
- Section 3 repeals any conflicting laws.
From the bill
“Any pooled investment, in addition to the local government investment pool created pursuant to paragraph (1) of this subsection, for the collective investment of two or more local governments, shall be required to obtain the approval of the State Depository Board prior to establishment.”
Status timeline
- Effective Date 2026-07-01
- Act 511
- Senate Date Signed by Governor (Senate)
- Senate Sent to Governor (Senate)
- House Passed/Adopted (House)
- House Third Readers (House)
- House Committee Favorably Reported (House)
- House Second Readers (House)
Show full history (15 actions)
- House First Readers (House)
- Senate Passed/Adopted (Senate)
- Senate Third Read (Senate)
- Senate Read Second Time (Senate)
- Senate Committee Favorably Reported (Senate)
- Senate Read and Referred (Senate)
- Senate Hopper (Senate)
Sponsors
- Marty Harbin (R, SD-016)
- Ricky Williams (R, SD-025)
- Chuck Hufstetler (R, SD-052)
- John Albers (R, SD-056)
- Jason T. Dickerson (R, SD-021)
- Max Burns (R, SD-023)
- Johnny Chastain (R, HD-007)
Votes
- Senate voteFebruary 26, 2026
49 yea, 0 nay (2 not voting, 4 absent)
- House voteMarch 23, 2026
167 yea, 0 nay (1 not voting, 8 absent)
Topics
- local government finance
- public investments
- state oversight
- government accountability