This post summarizes the status of the county investing issues that MACo advocated for during the 2016 General Assembly Session.
Counties Allowed to Invest Facility Closure Reserves. HB 835 / SB 631 will allow local governments to invest facility closure reserve funds like long-term funds, outside the tight restrictions placed on short-term “public funds” investments. MACo supported this legislation as a reasonable and appropriate extension of current local government investing that is still subject to a locally approved investment policy. This legislation will allow landfill and potentially composting or other similar facilities closure to be invested, potentially helping the county bottom-line. For more information, see MACo’s testimony. Final Status: This legislation passed the General Assembly and awaits the Governors signature.
State and Counties Able to Invest in Supranationals. HB 1570 / SB 1119 will modestly broaden options for the Treasurer in investing local government insurance trust funds, by allowing the State Treasurer and county government investment officers to invest in top-rated supranational issuances. The legislation will benefit counties who invest via the Local Government Investment Pool, and local governments doing their own investing. MACo supported this bill, which may improve county investment returns. For more information, see MACo’s testimony. Final Status: This legislation passed the General Assembly and awaits the Governors signature.