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MN SF2759
Bill
Status
Introduced
3/19/2014
Primary Sponsor
Melissa Wiklund
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AI Summary
- Authorizes public funds to be invested in negotiable certificates of deposit or other evidences of deposit with remaining maturity of three years or less
- Permits investments only in instruments issued by nationally chartered or state-chartered banks, federal or state savings and loan associations, or state-licensed branches of foreign banks
- Requires debt obligations of the issuing institution or its parent to be rated in the top short-term rating category by at least two nationally recognized statistical rating organizations for obligations with maturity of one year or less
- Requires senior debt obligations of the issuing institution or its parent to be rated at least "A" or equivalent by at least two nationally recognized statistical rating organizations for obligations with maturity exceeding one year
- Exempts these negotiable certificate of deposit investments from collateralization requirements under section 118A.03
Legislative Description
Local public funds negotiable certificates of deposit investment authority
Last Action
Referred to State and Local Government
3/19/2014
Committee Referrals
State and Local Government3/19/2014
Full Bill Text
No bill text available