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

26 LC 62 0295 Senate Bill 441 By: Senators Harbin of the 16th, Williams of the 25th, Hufstetler of the 52nd, Albers of the 56th, Dickerson of the 21st and others AS PASSED A BILL TO BE ENTITLED AN ACT To amend Chapter 83 of Title 36 of the Official Code of Georgia Annotated, relating to local1 government investment pool, so as to require certain pooled investments to be approved by2 the State Depository Board; to exempt certain pooled investment s from such approval; to3 provide for an effective date and applicability; to provide for related matters; to repeal4 conflicting laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Chapter 83 of Title 36 of the Official Code of Georgia Annotate d, relating to local8 government investment pool, is amended by revising subsection (a) of Code Section 36-83-8,9 relating to local government investment pool, as follows:10 "(a)(1) A local government investment pool is created, consisting of the aggregate of all11 funds from local governments a nd all funds from other bodies cr eated for a public12 purpose which the State Depository Board has agreed to accept t hat are placed in the13 custody of the state for investment and reinvestment as provided in this chapter.14 (2)(A) Any pooled investment, in addition to the local governm ent investment pool15 created pursuant to paragraph (1) of this subsection, for the collective investment of two16 S. B. 441 - 1 - 26 LC 62 0295 or more local governments, shall be required to obtain the appr oval of the State17 Depository Board prior to establishment.18 (B) The requirements of subparagraph (A) of this paragraph shall not be applicable to19 investment pools created pursuant to Code Section 36-83-6."20 SECTION 2.21 This Act shall become effective on July 1, 2026, and shall apply to pooled investments made22 on or after such date.23 SECTION 3.24 All laws and parts of laws in conflict with this Act are repealed.25 S. B. 441 - 2 -