The purpose of this part is to enable local governments in this state to participate in a pooled investment fund for the investment of idle public funds. For purposes of this part, the local governments that can participate in the fund are those entities listed in § 9-1-107(b). The general assembly finds and declares that the public interest is satisfied through a pooled investment fund for idle public funds, thereby reducing the need for imposing additional taxes. Each local government participating in the pooled investment fund is deemed a participant.