HB 209 Summary

• Permits the Treasurer of State and political subdivisions to authorize public depositories to redeposit public moneys with other federally insured banks, savings banks, and savings and loan associations located in the United States, with the public depository acting as custodian.

• Removes the one-year maturity limitation for certificates of deposit used for interim deposits, allowing longer-term investments.

• Extends investment authority for interim moneys to include the Treasurer of State in addition to political subdivisions, and allows investment in certificates of deposit through eligible public depositories.

• Requires public depositories to provide monthly account statements (and daily reporting access for certain deposits) showing the amount of funds deposited and held at each financial institution where the public depository acts as custodian.

• Exempts funds fully insured by federal deposit insurance from pledging requirements when redeposited under these new provisions, though excess amounts above federal insurance limits remain subject to pledging requirements.