Establishes Bureau of Short-Term Local Government Note Investments and requires bureau to bid on or offer to purchase certain short term obligations issued by local governments.

This bill establishes a new Bureau of Short-Term Local Government Note Investments within New Jersey's Treasury Department. The bureau will manage investments of the state's Cash Management Fund and pension funds into short-term obligations (maturing in 397 days or less) issued by New Jersey counties, municipalities, or authorities. It requires these investments to offer at least 1% higher returns than comparable U.S. Treasury bonds, meet specific credit rating standards (like A3 from Moody's), and follow federal arbitrage rules. Certain types of notes, such as bond anticipation notes, are exempt from the rating requirements. The bill directly affects how the state invests its funds and the local governments issuing these short-term obligations.