Depositories for state funds-constitutional amendment.

WORKING DRAFT
2017
State of Wyoming
17LSO-0127
Introduced
1.2

Senate

JOINT RESOLUTION
NO.

SJ0007

Depositories for state funds-constitutional amendment.

Sponsored by:
Senator(s) Meier and Representative(s) Connolly and Zwonitzer

A JOINT RESOLUTION

for

A JOINT RESOLUTION proposing to amend the Wyoming Constitution to authorize the deposit of state funds in federal credit unions as specified.

BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF WYOMING,
two-thirds of all the members of the two houses, voting separately, concurring therein:

Section 1.
The following proposal to amend Wyoming Constitution, Article
15
, Section
7
is proposed for submission to the electors of the State of Wyoming at the next general election for approval or rejection to become valid as a part of the Constitution if ratified by a majority of the electors at the election:

Article 15, Section 7.

Depositories for public moneys.

All money belonging to the state or to any county, city, town, village or other subdivision therein, except as herein otherwise provided, shall, whenever practicable, be deposited in a national bank or banks or in a bank or banks incorporated under the laws of this state; provided, that the bank or banks in which such money is deposited shall furnish security to be approved as provided by law; and provided further, that such bank or banks shall pay the same rate of interest on any money so deposited therein on time certificates of deposit by the legal custodian or custodians of any such public moneys as such bank or banks pay on time certificates of deposit of private depositors, and the custodian or custodians of any such public moneys shall be authorized to deposit same under time certificates of deposit as may be provided by law. Such interest shall accrue to the fund from which it is derived.

Moneys belonging to the state may be deposited in federal credit unions in this state provided that the federal credit union pays a higher rate of interest on funds deposited therein than banks at the time of deposit
as provided by law
. The
legislature shall prescribe by law the
allowable
differences in rates of interest paid by a federal credit union as compared to a bank. Such differences in rates of interest shall be in an amount to offset the tax and regulatory advantages received by federal credit unions as compared to banks.

Section 2.
That the Secretary of State shall endorse the following statement on the proposed amendment:

The adoption of this amendment will authorize the deposit of state funds in federal credit unions that pay higher rate
s
of interest on deposits
than banks
as prescribed by law.

(END)

1
SJ0007