HB0183 • 2017

Security for on deposit public funds.

AN ACT relating to public funds; amending the securities that banks or savings and loan associations may pledge for on deposit public funds; and providing for an effective date.

Enacted

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

Sponsor: Representative Burkhart
Last action: 2017-03-06
Official status: enrolled
Effective date: 7/1/2017

Plain English Breakdown

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

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0183HS001

Standing Committee • HCorporations

Adopted

Plain English: Adopted Standing Committee by HCorporations

This amendment summary is using official source text because generated interpretation was skipped for this run.
The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

2017-03-06 Governor
Governor Signed HEA No. 0046
2017-03-06 LSO
Assigned Chapter Number
2017-02-23 Senate
S President Signed HEA No. 0046
2017-02-22 House
H Speaker Signed HEA No. 0046
2017-02-22 LSO
Assigned Number HEA No. 0046
2017-02-21 Senate
S 3rd Reading:Passed 28-0-2-0-0
2017-02-16 Senate
S 2nd Reading:Passed
2017-02-15 Senate
S COW:Passed
2017-02-13 Senate
S Placed on General File
2017-02-13 Senate
S09 - Minerals:Recommend Amend and Do Pass 5-0-0-0-0
2017-02-07 Senate
S Introduced and Referred to S09 - Minerals
2017-02-07 Senate
S Received for Introduction
2017-02-06 House
H 3rd Reading:Passed 58-0-2-0-0
2017-02-03 House
H 2nd Reading:Passed
2017-02-02 House
H COW:Passed
2017-01-31 House
H Placed on General File
2017-01-31 House
H07 - Corporations:Recommend Amend and Do Pass 7-1-1-0-0
2017-01-23 House
H Introduced and Referred to H07 - Corporations
2017-01-20 House
H Received for Introduction
2017-01-19 LSO
Bill Number Assigned

Official Summary Text

Bill Summary

Bill No.:
HB0183
Effective
:

7/1/2017

LSO No.:
17LSO-0228

Enrolled Act No.:
HEA No. 0046

Chapter No.:
[Chapter Number_RO]

Prime Sponsor:
Burkhart

Catch Title:
Security for on deposit public funds.

Subject:
Public funds
.

Summary/Major Elements:

Under current
law, funds
held by the
treasurer
of a political subdivision
may be
deposited into a bank
or savings and loan association. As
security for the deposit, the
depository is required to
provide surety bonds to the political
subdivision
. I
n lieu
of the surety bond, the bank or saving
s
and
loan
association may furnish
the securities permitte
d under statute such as

Unite
d States
Treasury
bill
s
,

bonds guaranteed by a federal gover
nment agency or Wyoming b
onds
.

This bill
clarifies that
one of
the
securities
that a treasurer of a political subdivision may accept
in lieu of a surety bond
is a
bank-qualified
municipal bond of
Wyoming
or a county, city
,
community college district or
school district of Wyoming
.

The
bill also specifies a
treasurer
may accept
a bank qualified municipal bond of another state or local
entity if the bond is offered at
market value and is rated as one of the three
h
i
ghe
st investment grades provided by a nationally recognized rating organization
.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill
.

Current Bill Text

Read the full stored bill text

ORIGINAL
House
Bill No
.
HB0183

ENROLLED ACT NO. 46,

HOUSE OF REPRESENTATIVES

SIXTY-FOURTH LEGISLATURE OF THE STATE OF WYOMING
2017 General Session

AN ACT relating to public funds; amending the securities that banks or savings and loan associations may pledge for on deposit public funds; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
821(
a)(xix) and by creating a new paragraph (xxiii)
is
amended to read:

9
‑
4
‑
821
.

Deposits by political subdivisions; security in lieu of surety bonds.

(a)

Instead of the bonds provided for in W.S. 9
‑
4
‑
820, the banks or savings and loan associations receiving on deposit public funds may, as security therefor, furnish
to the proper treasurer of any county, municipality, community college districts or school district, any of the following:

(xix)

Bank qualified municipal b
onds of this state or of counties, cities, community college districts or school districts
of this state
or warrants issued by virtue of the laws of this state, or special improvement bonds issued by incorporated cities and towns of the state of Wyoming, at market value
;
.

(xxiii)

Bank qualified municipal bonds of any state, county, city, community college district or school district or special improvement bonds issued by incorporated cities and towns of any state, at market value and bearing a rating of one (1) of the
three
(
3
) highest investment grades provided by a nationally recognized rating organization.

Section
2
.

This
act is effective July 1,
201
7
.

(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