Bureau for his valuable input and extensive research materials provided for this project, and Dr. Martha Jones, also of the California Research Bureau for her valuable assistance in preparing maps for use in this paper. Thanks are also due to Trina Dangberg for assistance in data entry. The author also wishes to acknowledge the time and cooperation of staff of the Investment Division of the Office of the State Treasurer, who provided detailed information and talked with us on several occasions explaining operations of the Pooled Money Investment Account (PMIA). Their contribution of time and information and their comments on a draft of the paper were valuable and appreciated. Of course, the reader must be aware that this paper does not necessarily reflect the views of the Treasurer’s Office or its staff. We have talked with officers of selected financial institutions, local government treasurers or others responsible for funds placed with PMIA, officials of selected other states with roles similar to the Treasurer’s staff, and people concerned with local investment. To preserve confidentiality and encourage sharing of views, information gathered from interviews has been incorporated into the discussion in this paper, but not cited with specific reference to interviewee. Our thanks go to all who shared time and gave insights to this project. Finally, we wish to thank bank officials and others who spoke with us and who reviewe
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