Bill would allow for investment-fund pools

PROVIDENCE – The Senate last week approved a bill that would give municipalities the ability to pool funds for short-term investment purposes, an opportunity afforded to cities and towns in every other New England state.
Introduced by Sen. Walter S. Felag Jr., D-Warren, at the request of General Treasurer Gina M. Raimondo, the R.I. Government Investment Pool Act would allow the general treasurer to establish one or more investment-pool trust funds, subject to the approval of the State Investment Commission.
The pools would be able to contain the money of several funds of the state; proceeds of all bond issues not immediately required, or the funds under the custody of agencies, authorities, commissions, boards, municipalities, political subdivisions and other public units of the state. Participation would be voluntary.
In a news release, Felag said the creation of these investments could be an opportunity for cities and towns to derive gains from available funds they might not otherwise realize by investing smaller amounts on their own. &#8226