Summary of the Introduced Bill

HB 1735 -- Local Government Investment Pool

Sponsor:  Harlan

This bill authorizes the State Treasurer to establish a Local
Government Investment Pool.  This investment pool would consist
of the aggregate of all funds from local officials which are in
the custody of the treasurer.  The bill authorizes local
officials to invest in the investment pool.  The treasurer is
allowed to administer and invest all funds in the investment
pool.  Administration expense for the investment pool will be
paid for with interest earnings.  Earnings in excess of
administration expense are to be credited back to the investment
pool.  Separate account records must be kept for each participant
in the investment pool, and all funds are subject to payment back
to the participant at any time.  The treasurer is authorized to
appoint an advisory board to assist in the administration of the
investment pool.  At least 75% of the board must be participants
in the investment pool.

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Missouri House of Representatives
Last Updated October 11, 2002 at 9:02 am