HB 1794

This bill authorizes school districts to establish by written agreement one or more pools for the investment of school district funds . The investment pools authorized by this bill may be in lieu of or in addition to the local government investment pool authorized by present law . In establishing and managing one or more investment pools, the establishing school districts, or a board of directors or other agent or agents designated by the establishing school districts by written agreement, is authorized to exercise the powers conferred on the state treasurer and the state funding board with regard to the local government investment pool under present law ; provided, that the funds invested in any pool established pursuant to this bill must be in the custody of the establishing school districts, or a board of directors for the pool designated by the establishing school districts by written agreement or the agents thereof, for the investment, reinvestment, and administration of the fund. The full text of this bill specifies various components that must be included in a written agreement establishing a n investment pool under this bill. Any investment pool created under this bill is subject to audit and review by the comptroller of the treasury.