Enrolled Bill Summary

            House Bill 3009 amends the Public Funds Investment Act to authorize the governing body of a local government, a state agency, a nonprofit corporation, or an investment pool acting on their behalf to contract with a registered investment management firm to provide for the investment and management of its funds. Such a contract may not be for longer than two years and may be renewed or extended only by order, ordinance, or resolution of the governing body. The act decreases the frequency of required compliance audits for state agencies from annually to at least once every two years; reduces the length of or eliminates required training sessions relating to an officer's investment responsibilities under the Public Funds Investment Act for officials of certain political subdivisions; requires the training to be conducted by an independent source approved by the local government and to include training in diversification of investment portfolios; and requires each provider of that training to report to the comptroller each year a list of the governmental entities for which it provided training. The act includes as authorized investments bonds issued, assumed, or guaranteed by the State of Israel and removes the cap on the proportion of an entity's monthly average fund balance that may be held in certain no-load money market mutual funds. Finally, the act extends requirements previously applicable to state agencies' guaranteed investment contracts as authorized investments to local government contracts.