SB173 Alabama 2023 Session

Summary

Primary Sponsor

Sam Givhan Senator

Republican

Session

Regular Session 2023

Title

Relating to the State Treasurer; to create the Alabama Local Government Investment Pool Program within the Office of the State Treasurer to allow state and local public entities to deposit monies in an investment pool administered by the treasurer; to provide parameters for investments; to authorize the treasurer to take certain actions to administer the program; to establish the Alabama Local Government Investment Advisory Board and provide for its membership and duties; and to provide further for the Office of the State Treasurer's travel expenses.

Description

The Office of the State Treasurer is responsible for managing the investment of state monies.

This bill would create the Alabama Local Government Investment Pool Program within the Office of the State Treasurer to provide one or more investment pools in which state and local public entities may deposit monies for investment in the program to be administered by the treasurer.

This bill would set parameters on types of investments that the State Treasurer may include in the program.

This bill would require the State Treasurer to disclose certain information relating to the program to participants in the program as well as to the public.

This bill would allow administrative expenses relating to the program to be paid from program earnings and authorize the treasurer to contract with certain professionals to assist in the administration of the program.

This bill would establish the Alabama Local Government Investment Advisory Board to advise the State Treasurer in the administration of the program and would provide for the membership of the board.

SB173 INTRODUCED.

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Subjects

State Treasurer, government investment pool program established to allow state and local government to invest public monies