HB 1523: Public depositories.

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Amends as follows the Indiana Code section authorizing a political subdivision to invest public funds in certificates of deposit of depositories that have not been designated as a depository by the local board of finance but have been designated by the state board of finance as a depository for state deposits: (1) Provides that an investment that is made under the section after June 30, 2018, in a certificate of deposit of a depository that is located outside the territorial limits of the investing political subdivision is considered lawfully invested and insured by the public deposits insurance fund notwithstanding the current statutory requirement that all public funds of all political subdivisions must be deposited in designated depositories located in the territorial limits of the political subdivision. (2) Eliminates, for purposes of investments in certificates of deposit made under the section, the applicability of the current statutory requirement that all public funds of all political subdivisions must be deposited in designated depositories located in the territorial limits of the political subdivision. Amends the Indiana Code section requiring that all public funds of all political subdivisions be deposited in public depositories within the territorial limits of the political subdivision to provide that a board of finance of a political subdivision that is: (1) a school corporation; or (2) a library district; may invest the public funds of the political subdivision in a designated depository located anywhere in the county in which the political subdivision is located. Authorizes a county to invest the public funds of the county in a depository that is located in another county contiguous to that county.

Sponsors

Sponsors by party (alphabetical): Democratic 1 · Republican 6

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

1. April 10, 2025Committee report: do pass, adopted
2. March 27, 2025Senator Randolph added as cosponsor
3. February 20, 2025First reading: referred to Committee on Insurance and Financial Institutions
4. February 12, 2025Referred to the Senate
5. February 11, 2025Senate sponsors: Senators Holdman and Baldwin
6. February 11, 2025Third reading: passed; Roll Call 142: yeas 88, nays 4
7. February 10, 2025Second reading: amended, ordered engrossed
8. February 10, 2025Amendment #1 (Pierce K) prevailed; voice vote
9. February 4, 2025Committee report: amend do pass, adopted
10. January 21, 2025First reading: referred to Committee on Financial Institutions
11. January 21, 2025Authored by Representative Pierce K
12. January 21, 2025Coauthored by Representatives Teshka, Lawson, Shonkwiler