SB441: SB441 Local Government Investment Pool; certain pooled investments to be approved by the State Depository Board; require

Georgia law already allows local governments to pool their money together into a shared investment fund managed by the state, known as the local government investment pool (O.C.G.A. § 36-83-8). This bill adds a new rule for any other pooled investment arrangement that two or more local governments create together outside that main pool. Under the bill, any such additional pooled investment would need approval from the State Depository Board, the state body that oversees where public funds can be deposited and invested, before it can be established. The bill carves out one exception: pools created under a separate code section, O.C.G.A. § 36-83-6, would not need this approval. The change would take effect July 1, 2026, and would apply to pooled investments made on or after that date.

• Requires any new pooled investment fund set up by two or more local governments, beyond the main state-run pool, to get approval from the State Depository Board before it is established.
• Exempts pooled investments created under O.C.G.A. § 36-83-6 from this new approval requirement.
• Sets an effective date of July 1, 2026, applying the new rule to pooled investments made on or after that date.
• Repeals any existing state laws that conflict with these new requirements.

County and city governments and other public bodies that pool their money together for investment purposes, along with the State Depository Board, which gains new oversight authority over these arrangements before they can be created.

Local governments that want to combine funds with other localities for investment purposes would face a new state approval step before setting up such an arrangement, giving the State Depository Board a chance to review these pools for safety and soundness before public money is committed.

• Section 1 amends subsection (a) of O.C.G.A. § 36-83-8 to add a new paragraph requiring State Depository Board approval before any additional local government pooled investment is established.
• Section 1 also 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 rule to pooled investments made on or after that date.
• Section 3 repeals any conflicting laws.

1. 2026-05-11Effective Date 2026-07-01
2. 2026-05-11Act 511
3. 2026-05-11Senate Date Signed by Governor (Senate)
4. 2026-04-10Senate Sent to Governor (Senate)
5. 2026-03-23House Passed/Adopted (House)
6. 2026-03-23House Third Readers (House)
7. 2026-03-16House Committee Favorably Reported (House)
8. 2026-03-04House Second Readers (House)

• Marty Harbin (R, SD-016)Primary sponsor
• 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)

1. PassedSenate voteFebruary 26, 2026

   49 yea, 0 nay (2 not voting, 4 absent)

   Passage: Senate Vote #592

2. PassedHouse voteMarch 23, 2026

   167 yea, 0 nay (1 not voting, 8 absent)

   Passage: House Vote #744

• local government finance
• public investments
• state oversight
• county and city budgets