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  • NJ A4234
  • Allows certain joint insurance funds to make certain investments and to form certain investment programs; authorizes school districts and local units of government to deposit public funds into multiple FDIC-insured accounts.*
Introduced
(10/7/2016)
In Committee
(11/30/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill authorizes certain joint insurance funds to invest in bonds of local units and other New Jersey and federal governmental agencies. Specifically, the bill amends current law to allow both local unit joint insurance funds, and board of education joint insurance funds, all commonly referred to as "JIFs," to invest in bonds of any governmental entity established under State law, or of any federal agencies or government corporations. It is anticipated that this expansion of the types of bonds in which these JIFs may invest will increase the yield that the JIFs may realize, while still limiting their investments to very safe instruments. The bill also allows the local unit and board of education joint insurance funds to amend their respective risk management plans to form joint cash management and investment programs. This change will give these JIFs the ability to increase investment yield by reducing the amount of assets that must be held in short term instruments to cover their cash flow needs.
2nd Reading in the Assembly, Financial Institutions and Insurance
Reported out of Assembly Comm. with Amendments, 2nd Reading  (on 11/30/2017)
 
 
Date Chamber Action Description
11/30/2017 A Reported out of Assembly Comm. with Amendments, 2nd Reading
11/30/2017 Assembly Financial Institutions and Insurance Hearing (19:00 11/30/2017 The committee will also consider A-5198 (pending intro and refer)
10/7/2016 A Introduced, Referred to Assembly Financial Institutions and Insurance Committee
Date Motion Yea Nay Other
Detail 11/30/2017 Assembly Financial Institutions and Insurance Committee: Reported with Amendments 10 0 3