HB0065 • 2021

Political subdivisions-deposits.

AN ACT relating to public funds; authorizing political subdivisions to deposit public funds in other banks and financial institutions as specified; modifying a definition; and providing for an effective date.

Inactive

Wyoming marks this bill as inactive, which usually means it is no longer moving in the current session.

Sponsor: Representative Larsen
Last action: 2021-04-07
Official status: inactive
Effective date: 3/1/2021

Plain English Breakdown

The bill summary and text do not provide specific details on distance requirements for financial institutions beyond a ten-mile radius.

Political Subdivisions Can Deposit Money in More Banks

This act allows political subdivisions like cities and towns to deposit public money in a wider range of banks, including those outside Wyoming if necessary.

What This Bill Does

Allows political subdivisions to put their money in approved financial institutions, not just Wyoming-based ones.
Changes the definition of 'bank' to include more types of financial institutions for political subdivision funds.

Who It Names or Affects

Political subdivisions such as cities, towns, and special districts in Wyoming
Financial institutions that can now hold public money from these subdivisions

Terms To Know

political subdivisions: Cities, towns, or other local government units within a state.
board of deposits: A group that approves which banks can hold public money.

Limits and Unknowns

The bill did not pass in the Senate and is now inactive.
It does not specify how much money political subdivisions can deposit in these institutions.

Bill History

2021-04-07 Senate
S:Died in Committee Returned Bill Pursuant to SR 5-4
2021-04-01 Senate
S No report prior to CoW Cutoff
2021-03-29 Senate
S01 - Judiciary:Do Pass Failed 2-3-0-0-0
2021-03-25 Senate
:Refer to S01 - Judiciary
2021-03-12 Senate
S Introduced and Referred to S07 - Corporations
2021-03-08 Senate
S Received for Introduction
2021-03-08 House
H 3rd Reading:Passed 53-7-0-0-0
2021-03-05 House
H 2nd Reading:Passed
2021-03-04 House
H COW:Passed
2021-03-01 House
H Placed on General File
2021-03-01 House
H07 - Corporations:Recommend Do Pass 7-1-1-0-0
2021-02-04 House
H Introduced and Referred to H07 - Corporations
2021-01-12 House
H Received for Introduction
2021-01-11 LSO
Bill Number Assigned

Current Bill Text

Read the full stored bill text

21LSO-0253
2021
STATE OF WYOMING
21LSO-0253
Numbered
2.0

HOUSE BILL NO. HB0065

Political subdivisions-deposits.

Sponsored by: Representative(s) Larsen, Greear, Harshman and Winter and Senator(s) Cooper

A BILL

for

AN ACT relating to public funds; authorizing political subdivisions to deposit public funds in other banks and financial institutions as specified; modifying a definition; and providing for an effective date.

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

Section 1
.

W.S. 9
‑
4
‑
803(a) and 9
‑
4
‑
817(a)(intro) are amended to read:

9
‑
4
‑
803.

Deposit of state and political subdivision money in approved depositories; authority of treasurer; rulemaking.

(a)

The state treasurer may deposit any portion of the public monies in his possession in any bank chartered under the laws of the United States or under the law of any state if the bank is conducting business in Wyoming and has been approved under W.S. 9
‑
4
‑
801 through 9
‑
4
‑
818 by the board of deposits. As used in W.S. 9
‑
4
‑
801 through 9
‑
4
‑
818
with respect to the deposit of state funds
, "bank" includes federal and state savings and loan associations. Federal and state savings and loan associations may be designated as depositories for state funds in the same manner as state and national banks.
As used in W.S. 9
‑
4
‑
801 through 9
‑
4
‑
818 with respect to the deposit of funds of political subdivisions, "bank" means banks incorporated under the law of Wyoming, national banks, savings and loan associations incorporated under the law of Wyoming, federal savings and loan associations and federal savings banks, when practicable, or, when a bank is not available within a ten (10) mile radius of the principal place of business of the political subdivision, an institution approved by the board of deposits.

9
‑
4
‑
817.

Deposits by political subdivisions; selected institutions; security; withdrawals.

(a)

To the extent they are not otherwise invested, the monies collected and held by a treasurer of a political subdivision, municipality or special district within this state shall
, whenever practicable in accordance with W.S. 9
‑
4
‑
803(a),
be deposited in banks which qualify as depositories for public monies as specified in W.S. 9
‑
4
‑
803(a).

Section 2
.

This act is
effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

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HB0065