local government investment pool; treasurer

HB 2344 amends Arizona law to clarify and expand the state treasurer's authority to manage a pooled investment fund for local governments. It allows cities, counties, school districts, and other local entities to deposit funds into this shared pool, with the treasurer investing the pooled money and crediting each depositor monthly with interest based on their balance. The bill specifies that the treasurer must return funds to depositors by their requested dates and adds that the treasurer may contract with third parties to fulfill fiduciary duties if needed. This affects all local government entities in Arizona authorized to deposit funds with the state treasurer.