accountability, ensures prudent stewardship of public funds and ensures a fairer, more competitive landscape between the public and private sectors. HEA 1427 also modernized Indiana’s public funds deposit law to reflect today’s banking landscape. Previously, political subdivisions were often limited to depositing public funds in financial institutions physically located within their own boundaries. However, many smaller political subdivisions lacked a local brick-and-mortar bank, forcing them to bypass territorial restrictions and open bids statewide. Under the new law, subdivisions may now solicit bids from all approved public depositories with a brick-and-mortar presence anywhere within their county. If only two or fewer such banks are available and willing to accept deposits, the political subdivision’s board of finance may designate additional banks outside the county, effectively opening the bid statewide. This IBA-supported reform increases the number of eligible depositories, promotes competitive interest rates and maintains the original intent of territorial preference, ensuring that public funds stay local whenever possible to benefit the communities they come from. The IBA also secured a quiet but meaningful victory by helping to preserve prudent investment standards for public funds. Initially, HEA 1322 proposed allowing certain public funds, including state pension assets and public deposits, to invest in bitcoin exchange-traded funds. While the bill aimed to promote innovation, the IBA raised concerns about exposing public money to cryptocurrency markets’ volatility and regulatory uncertainty. The IBA successfully helped lawmakers understand these risks through strategic advocacy and education. As a result, the bill was significantly amended during the session, all provisions related to bitcoin ETFs were removed, and the final version focused solely on a state study of blockchain technology. The act was even renamed “Blockchain Technology” and now directs the Department of Administration to explore potential government applications. This outcome protected public funds from unnecessary risk while allowing the state to continue exploring emerging technologies in a responsible way. Just as importantly, the IBA’s defensive advocacy helped prevent several high-risk or anti-banking proposals July/August 2025 23 Building stronger communities takes strong partnerships with purpose-driven investors. For over 30 years, Cinnaire has worked alongside our investors to drive more than $11 billion in community impact. By consistently delivering meaningful change and solid financial returns, we’ve earned the trust of our investors—time and again. Our unwavering commitment to creating safe, affordable homes and thriving communities fuels everything we do. Transforming Communities. Transforming Lives. INVESTING IN HEALTHY COMMUNITIES FOR OVER 30 YEARS CINNAIRE.COM
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