PUBLIC FUNDS-SECURITIES

Amends the Public Funds Investment Act. Provides that a public agency may invest any 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) assigned by Standard & Poor's corporation, Moody's investors service, or other similar nationally recognized statistical rating organization. Effective immediately.