HB0138 • 2011

Public funds-time deposit open accounts interest rate.

AN ACT relating to public funds; specifying that the state board of deposits shall set a minimum interest rate to be paid on time deposit, open accounts of state funds; requiring surety bonds to be sufficient to cover agreed upon rate; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Representative Madden
Last action: 2011-03-02
Official status: enrolled
Effective date: 7/1/2011

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

2011-03-02 LSO
Assigned Chapter Number
2011-03-02 Governor
Governor Signed HEA0061
2011-02-25 Senate
S President Signed HEA No. 0061
2011-02-25 House
H Speaker Signed HEA No. 0061
2011-02-25 LSO
Assigned Number HEA0061
2011-02-25 Senate
S Passed 3rd Reading
2011-02-24 Senate
S Passed 2nd Reading
2011-02-23 Senate
S Passed CoW
2011-02-04 Senate
S Placed on General File
2011-02-04 Senate
S03 Recommended Do Pass
2011-01-28 Senate
S Introduced and Referred to S03
2011-01-27 Senate
S Received for Introduction
2011-01-27 House
H Passed 3rd Reading
2011-01-26 House
H Passed 2nd Reading
2011-01-25 House
H Passed CoW
2011-01-24 House
H Placed on General File
2011-01-24 House
H03 Recommended Do Pass
2011-01-17 House
H Introduced and Referred to H03
2011-01-14 House
H Received for Introduction
2011-01-13 LSO
Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

Bill No.:
HB0138
Drafter:

DKG

LSO No.:
11LSO-0486
Effective Date:

7/1/2011

Enrolled Act No.:
HEA0061

Chapter No.:
125

Prime Sponsor:
Representative
Madden

Catch Title:
Public funds-time deposit open accounts
interest rate.

Subject:
Interest rate earned
by the state on funds deposited with financial institutions.

Summary/Major Elements:

●

The state maintains a
"time deposit open account program" under which state funds are
deposited with banks.

●

This act specifies that the
state board of deposits is to establish a minimum rate for interest paid on the
deposits.

●

The minimum rate or such
higher rate as agreed to by the depository bank is to be paid.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE
BILL

NO.
0138

ENROLLED ACT NO. 61, HOUSE OF REPRESENTATIVES

SIXTY-FIRST LEGISLATURE OF THE STATE OF
WYOMING
2011 GENERAL SESSION

AN ACT relating to
public funds; specifying that the state board of deposits shall set a minimum interest rate to be paid on time deposit, open accounts of
state
funds;
requiring surety bonds to be sufficient to cover agreed upon rate;
and providing for an effective date.

Be It Enacted by the Legislature of the State of
Wyoming
:

Section 1.
W.S.
9
‑
4
‑
804(b)(ii) and
9
‑
4
‑
810
are
amended to read:

9
‑
4
‑
804.

Deposit of state money in approved depositories; required security; contents and form of surety bond.

(b)

Surety bonds shall:

(ii)

Contain the further obligation to settle with and pay to the state treasurer, for the use of the state, interest upon daily balance on the deposits, at the
agreed upon

rate
, which
shall not be less than the minimum rate

fixed by the board of deposits, payable quarterly on the first day of January, April, July and October in each year, or when the account is closed.

9
‑
4
‑
810.

"Time deposit, open account"; rate of interest on public funds.

Quarterly in March, June, September and December of each year, taking into consideration all information before it, the board of deposits shall fix the
minimum

rate of interest to be paid on time deposit, open account.
Time deposits shall be at the minimum rate of interest as fixed by the board or at such higher rate as agreed to by the depository bank.

The
minimum

rate shall go into effect on the first day of April, July, October and January following as the case may be, and the rate shall not be changed for three (3) months.

Section 2.

This act is effective July 1, 2011.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the House.

Chief Clerk

1