PUBLIC FUNDS-SECURITIES

Amends the Public Funds Investment Act. Permits public agencies to invest public funds in any security that matures or that may be tendered for purchase at the option of the holder within not more than 7 years of the date on which it is acquired and that has the highest rating category (AAA) or the second highest rating category (AA) assigned by Standard & Poor's Corporation, Moody's Investors' Services, or other similar nationally recognized statistical rating organization. Effective immediately.