07RS HB523

HB523

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HB 523/FN (BR 1103) - J. Bell, T. Thompson, M. Cherry, J. Tilley

     AN ACT relating to collateral on investments of public funds.
     Amend KRS 41.240 to permit the State Treasurer to accept as collateral by state depositories revenue bonds issued by a local government, district, authority or other political subdivision of the state authorized to issue revenue bonds if the bonds are rated in the highest category by at least one nationally recognized rating agency; amend KRS 66.480 to permit local governments to invest money in certificates of deposit issued by, or other interest-bearing accounts of, any insured bank or savings and loan institution which are collateralized by obligations permitted by KRS 41.240(5).

HB 523 - AMENDMENTS


     HCS/FN - Retain original provisions of the Act; change Section 1(4)(h) to exclude from revenue bonds, bonds to finance industrial buildings pursuant to KRS 103.200 to 103.285.

     Feb 16-introduced in House
     Feb 20-to Banking & Insurance (H); posting waived
     Feb 21-reported favorably, 1st reading, to Calendar with Committee Substitute
     Feb 22-2nd reading, to Rules
     Feb 28-posted for passage in the Regular Orders of the Day for Thursday, March 1, 2007
     Mar 6-3rd reading, passed 99-0 with Committee Substitute
     Mar 7-received in Senate
     Mar 8-to State & Local Government (S)

Vote History

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