(1) In accordance with this part 7, it is lawful for any local government to pool any money in its treasury, which is not immediately required to be disbursed, with the same money in the treasury of any other local government and to invest such money in a local government investment pool trust fund in order to more efficiently and safely invest their funds.
(2) Any trust fund formed pursuant to this part 7 shall be subject to part 4 of article 6 and part 2 of article 72 of this title and shall be considered a local public body for purposes of those provisions.
Source: L. 93: Entire part R&RE, p. 320, § 1, effective July 1. L. 2019: (1) amended, (HB 19-1179), ch. 279, p. 2622, § 3, effective August 2.
Editor's note: This section is similar to former § 24-75-701 as it existed prior to 1993.