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The Local Government Investment Pool fund bled more than a half a billion dollars on the second day it was re-opened.� Cities and towns deposited $1.5 million into the fund, but they took out $560 million.� About $10 billion is left.� State leaders froze the fund last week, after concerns over exposure to subprime mortgages caused a run that depleted more than half of the fund.

�We appear to be having a number of financial institutions in the state that are stepping up and trying to work with investors and trying to help them make ends meet, whether it�s a line of credit, or some type of loan with the withdrawal process open from the SBA fund,” said Tara Klimek, a spokesperson for Chief Financial Officer Alex Sink.� “So it seems like there�s a number of different options out there.�

The investment firm that is now handling the fund split it up into two different funds.
The bulk of the fund is invested in low-risk securities, the rest in riskier investments.