|Ohio cities, schools invest $1 billion in new program|
|Written by JULIE CARR SMYTH, AP Statehouse Correspondent|
|Tuesday, 23 April 2013 10:14|
COLUMBUS, Ohio (AP) — A new state investment program that's offering Ohio school districts, cities and libraries higher yields and easier access to their invested income has surpassed the $1 billion mark.
Ohio Treasurer Josh Mandel (man-DEHL') says he hopes the success of the STAR Plus program will inspire other states to follow suit.
The first-of-its-kind public investment fund, launched in June, offers the flexibility of some private-sector investment programs while securing public cash deposits through carefully screened federally insured banks.
State lawmakers unanimously authorized the program in a 2011 bill.
The program drives more public deposits to community banks. Participating cities, townships, counties, schools, libraries and other public entities trade daily access to their funds — as allowed with a typical bank account — for weekly access in order to collect higher returns.
Copyright 2013 The Associated Press.
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