HB0188 Investment of public funds-interest bearing deposits. |…

Official Summary Text

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

Bill No.:
HB0188
Drafter:

MDO

LSO No.:
13LSO-0525
Effective Date:

7/1/2013

Enrolled Act No.:
HEA0040

Chapter No.:
CH0068

Prime Sponsor:
Representative Stubson

Catch Title:
Investment of public funds-interest bearing deposits.

Subject:
Administration of the Government.

Summary/Major
Elements:

Currently in statute, the state treasurer or treasurer
of any political subdivision of the state may invest public funds in certificates
of deposit.

This act expands the allowable investments of state
funds to include all interest bearing deposits in certain specified federal
savings banks or savings and loan associations. Interest bearing deposits
include previously authorized certificates of deposit.

Removes the timing requirement that investment of public
funds in an interest bearing deposit in a federal savings and loan association
or federal savings bank may be made if the depository simultaneously arranges
for the deposit of the public funds in interest bearing deposits in one or more
banks or savings and loan associations or federal savings banks wherever
located in the U.S. for the account of the public funds depositor.

Current Bill Text

Read the full stored bill text

WORKING DRAFT

ORIGINAL HOUSE
BILL

NO.
0188

ENROLLED ACT NO. 40, HOUSE OF REPRESENTATIVES

SIXTY-SECOND LEGISLATURE OF THE STATE OF WYOMING
2013 GENERAL SESSION

AN ACT relating to public funds; providing that public f
unds may be invested in interest
bearing deposits as specified;
and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
831(a)(ix)
(intro),
(B)(I) through (IV),
(x)
(intro
)
and
(B)(I) through (IV)
is
amended to read:

9
‑
4
‑
831.

Investment of public funds.

(a)

The state treasurer, or treasurer of any political subdivision, municipality or special district of this state, and the various boards of trustees and boards of directors of county hospitals, airports, fairs and other duly constituted county boards and commissions, may invest in:

(ix)

Certificates of deposit

Interest bearing deposits
of a savings and loan association or a federal savings bank authorized to do business in this state to the extent that they are fully insured by the federal deposit insurance corporation, or:

(B)

The federal savings bank or savings and loan association is otherwise authorized as a depository as prescribed by law and:

(I)

In lieu of a pledge of assets securing
a certificate of

an interest
bearing
deposit, a selected savings and loan association or federal savings bank
simultaneously

shall arrange for the deposit of the public funds in
certificates of deposit

interest
bearing deposits
in one (1) or more banks or savings and loan
associations or federal savings banks wherever located in the United States, for the account of the public funds depositor;

(II)

At the same time the public funds are deposited
and the certificates of deposit are issued for the benefit of the public funds depositor

pursuant to this subparagraph
, the selected savings and loan association or federal savings bank shall receive an amount of deposits from customers of other
banks or savings and loan associations or federal savings banks

financial institutions
equal to the amount of the public funds initially placed by the public funds depositor;

(III)

Each
certificate of

interest

bearing

deposit
shall be insured by the federal deposit insurance corporation; and

(IV)

The selected savings and loan association or federal savings bank shall act as custodian for the public funds depositor with respect to the
certificates of deposit issued for

interest

bearing
deposit
s placed in

the
public funds depositor's account.

(x)

Certificates of deposit

Interest

bearing deposits
of a bank authorized to do business in this state to the extent that they are fully insured by the federal deposit insurance corporation or:

(B)

The bank is otherwise authorized as a depository as prescribed by law and:

(I)

In lieu of a pledge of assets securing
a certificate of deposit

an interest
bearing deposit
, a selected bank
simultaneously

shall arrange for the deposit of the public funds in
certificates of deposit

interest
bearing deposits
in one (1) or more banks or savings and loan associations or federal savings banks wherever located in the United States, for the account of the public funds depositor;

(II)

At the same time the public funds are deposited
and the certificates of deposit are issued for the benefit of the public funds depositor

pursuant to this subparagraph
, the selected bank shall receive an amount of deposits from customers of other
banks or savings and loan associations or federal savings banks

financial institutions

equal to the amount of the public funds initially placed by the public funds depositor;

(III)

Each
certificate of

interest

bearing

deposit
shall be insured by the federal deposit insurance corporation; and

(IV)

The selected bank shall act as custodian for the public funds depositor with respect to the
certificates of deposit issued for

interest

bearing
deposit
s placed in
the public funds depositor's account.

Section 2
.

This act is effective July 1, 2013.

(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

Investment of public funds-interest bearing deposits.

Plain English Breakdown

Bill History

Official Summary Text

Current Bill Text