by
<a href="mailto:candiceb@awcnet.org">Candice Bock</a>, <a href="mailto:andrewp@awcnet.org">Andrew Pittelkau</a> | Mar 18, 2019
<a target="_blank" href="https://app.leg.wa.gov/billsummary?BillNumber=1284&Year=2019&Initiative=false"><strong>SHB 1284</strong></a> passed the House on March 5.
SHB 1284 passed the House on March 5. The bill allows local governments to enter into a contract with the Office of the State Treasurer (OST) for longer fixed income investment services. The contract with OST must cover the cost of services being provided.
The amendment added by the House requires OST to consider:
- Public policy; and
- The value of the public policy to the citizens when making investment decisions.
OST noted in their public testimony that they were satisfied with the results of the pilot project conducted with Pierce County.
The bill allows local governments the opportunity to invest with the OST for longer periods of time but does not require them to do so.
Dates to remember
The bill is scheduled for a hearing on Monday, March 18 in the Senate Ways & Means Committee at 3:30 pm.