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AL HB280
Bill
Status
2/9/2012
Primary Sponsor
Steve Clouse
Click for details
AI Summary
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Amends Section 41-14-30 of the Code of Alabama 1975 to expand the types of bank investment products eligible for State Treasury deposits in qualified public depositories.
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Removes the 20% limit restriction on State Treasurer investments in US Treasury obligations, bonds, notes, and agency securities.
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Allows State Treasurer to invest funds in repurchase agreements for US obligations and agency securities for shorter periods than the security's maturity date.
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Authorizes investment in commercial paper with the highest quality credit rating at time of purchase and in banker's acceptances.
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Becomes effective immediately upon passage and approval by the Governor or upon becoming law.
Legislative Description
State funds, investment of, expanding types of investments eligible for state depositories; Sec. 41-14-30 am'd
State Funds
Last Action
Clouse motion to Indefinitely Postpone adopted Voice Vote
4/10/2012