Updated Tue, Apr 23, 2013 11:38 am
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 said 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.