HB1523: A BILL FOR AN ACT to amend the Indiana Code concerning state and local administration.

Page last updated: Sunday, April 20, 2025 at 7:16 PM (America/Indianapolis).

General Information

• Stage: House Bill (S)
• Current Chamber: senate
• Origin Chamber: house
• Description: Public depositories.

Legislators

Actions (12 total)

• Apr 10, 2025, 9:42 AM: Committee report: do pass, adopted
• Mar 27, 2025, 12:04 PM: Senator Randolph added as cosponsor
• Feb 20, 2025, 4:14 AM: First reading: referred to Committee on Insurance and Financial Institutions
• Feb 12, 2025, 9:38 AM: Referred to the Senate
• Feb 11, 2025, 11:54 AM: Senate sponsors: Senators Holdman and Baldwin
• Feb 11, 2025, 11:45 AM: Third reading: passed; Roll Call 142: yeas 88, nays 4
• Feb 10, 2025, 9:40 AM: Second reading: amended, ordered engrossed
• Feb 10, 2025, 9:39 AM: Amendment #1 (Pierce K) prevailed; voice vote
• Feb 4, 2025, 11:27 AM: Committee report: amend do pass, adopted
• Jan 21, 2025, 11:29 AM: First reading: referred to Committee on Financial Institutions
• Jan 21, 2025, 11:29 AM: Authored by Representative Pierce K
• Jan 21, 2025, 11:29 AM: Coauthored by Representatives Teshka, Lawson, Shonkwiler

Digest

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.