98RS SB208


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SB 208 (BR 1707) - R. Leeper

     AN ACT relating to deposit of public funds.
     Amend KRS 41.240 to establish criteria to be met by banks to be state depositories; establish amount of collateral that must either be pledged or provided to State Treasurer; provide that surety bonds issued by sureties rated in one of the three highest categories by a nationally recognized rating agency may be used as collateral; amend KRS 56.520 to allow the Investment Commission to invest proceeds from the sale of its revenue or other authorized bonds in deposits in certificates of deposit or other interest bearing accounts of banks qualifying as state depositories; amend KRS 66.480 to allow a local government to invest in certificates of deposit which are collateralized by any obligations, including surety bonds; amend KRS 287.330 to allow banks to provide surety bonds as collateral security for government deposits.


     HFA (1, D. Butler) - Amend KRS 56.520 to provide that the State Investment Commission may invest proceeds from the sale of bonds, as provided in KRS 42.500, rather than to invest in a listing of permissible investments specified within KRS 56.520.

     Jan 27-introduced in Senate
     Jan 28-to Banking and Insurance (S)
     Feb 11-reported favorably, 1st reading, to Consent Calendar
     Feb 12-2nd reading, to Rules
     Feb 17-posted for passage in the Consent Orders of the Day for February 18, 1998
     Feb 18-3rd reading, passed 37-0
     Feb 19-received in House
     Feb 20-to State Government (H)
     Mar 13-posted in committee
     Mar 17-reported favorably, 1st reading, to Calendar
     Mar 18-2nd reading, to Rules; floor amendment (1) filed
     Mar 23-posted for passage in the Regular Orders of the Day for March 24, 1998
     Mar 25-3rd reading, passed 93-1; reconsidered; passed 77-11 with floor amendment (1)
     Mar 26-received in Senate
     Mar 27-posted for passage for concurrence in House amendment on March 31, 1998
     Mar 31-Senate concurred in House floor amendment (1); passed 31-0
     Apr 1-enrolled, signed by each presiding officer, delivered to Governor
     Apr 13-signed by Governor

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