Under the Code, the treasurer of an ISD, if authorized by resolution of the intermediate school board, may invest general operating funds, special education funds, area vocational-technical education funds, building and site funds, cooperative education funds, and debt retirement funds of the district. Additional funds of the ISD may not be deposited or invested in a financial institution that is not eligible to be a depository of surplus funds of the State. These investments also are restricted to the specific investment vehicles identified in the Code (e.g., bonds, bills, or notes of the United States, obligations of this State, certificates of deposit issued by financial institutions, and securities issued by agencies of the U.S. government). The bill would add mutual funds, as described above, to these investment vehicles.