Definitions

As used in this chapter, the term: (1) ‘‘Depository institution’’ means any commercial bank or trust company, mutual savings bank, savings and loan association, or building and loan association existing under the laws of this state or of the United States and domiciled in this state. (2) ‘‘Local government’’ means any municipality, county, school district, special district, or other political subdivision of this state, as well as any department, agency, or board of that political subdivision, including but not limited to a public library, which has been authorized to make separate deposits to its own account under this chapter by the governing authority of the political subdivision of which it is a department, agency, or board. History. — Ga. L. 1980, p. 1715, § 3; Ga. L. 1983, p. 455, § 1. 36-83-4. Authorized investments; delegation of investment authority to financial officer; objective of investment. (a)(1) Subject to the procedures set forth in this chapter, the governing authority of any local government may invest and reinvest any money subject to its control and jurisdiction in: (A) Obligations of this state or of other states; (B) Obligations issued by the United States government; (C) Obligations fully insured or guaranteed by the United States government or a United States government agency; (D) Obligations of any corporation of the United States government; (E) Prime bankers’ acceptances; (F) The local government investment pool established by Code Section 36-83-8; (G) Repurchase agreements; and (H) Obligations of other political subdivisions of this state. 1334 36-83-6 (2) Subject to the procedures set forth in this chapter, any other body created for a public purpose may, upon obtaining prior approval of the State Depository Board, invest and reinvest any money subject to its control and jurisdiction in the local government investment pool established by Code Section 36-83-8. (b) The governing authority of any local government, by resolution or ordinance, may delegate the investment authority provided under subsection (a) of this Code section to the treasurer or other financial officer charged with custody of the funds of the local government. (c) In selecting among avenues of investment or among institutional bids for deposits, the highest rate of return shall be the objective, given equivalent conditions of safety and liquidity. (d) This Code section shall in no way impair the power of a unit of local government to hold funds in deposit accounts with eligible depository institutions. History. — Ga. L. 1980, p. 1715, § 4; Ga. L. 1986, p. 205, § 2; Ga. L. 1992, p. 6, § 36.