PUBLIC FUNDS-AUTHORIZED INVEST

Amends the Public Funds Investment Act. Authorizes public agencies to invest public funds in obligations of corporations organized in the United States with assets exceeding $500,000,000 if, among other requirements, no more than two-thirds (currently, one-third) of the public agency's funds are invested in obligations of corporations. Effective immediately. Senate Committee Amendment No. 1 Replaces everything after the enacting clause. Amends the Public Funds Investment Act. Provides that no more than one-third of a public agency's funds may be invested in short-term obligations of corporations that mature not later than 270 days (currently, 3 years) from the date of purchase. Provides that no more than one-third of a public agency's funds may be invested in obligations of corporations that mature more than 270 days but less than 3 years from the date of purchase. Effective immediately.