NC H474

Authorizes state and local government finance officers to redeposit idle funds into federally insured demand, money market, and negotiable order of withdrawal deposit accounts through selected banks or savings and loan associations.

Requires that funds be initially deposited through an official depository selected by the finance officer, which then arranges redeposit in federally insured institutions elsewhere.

Prohibits redepositing funds in any bank or savings and loan association that already holds other deposits from the same government entity.

Mandates that selected institutions act as custodians and that on the same date funds are redeposited, the custodian institution must receive equal or greater amounts of federally insured deposits from other financial institutions' customers.

Applies to local governments, public authorities, and state funds under G.S. 159-30(b1), G.S. 115D-58.6(a1), and G.S. 147-69.1(c)(5); effective upon enactment on July 18, 2013.