SB 441: Local Government Investment Pool; certain pooled investments to be approved by the State Depository Board; require

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.

• 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.

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.

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.

• 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.

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

• Marty Harbin (R, SD-016)Patrocinador principal
• 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. AprobadaVotación: Senado26 de febrero de 2026

   49 a favor, 0 en contra (2 sin votar, 4 ausentes)

   Passage: Senate Vote #592

2. AprobadaVotación: Cámara de Representantes23 de marzo de 2026

   167 a favor, 0 en contra (1 sin votar, 8 ausentes)

   Passage: House Vote #744

• local government finance
• public investments
• state oversight
• government accountability