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OH SB173
Bill
Status
5/17/2011
Primary Sponsor
Kevin Bacon
Click for details
AI Summary
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Eliminates the one-year maturity limitation for certificates of deposit used for interim deposits by the Treasurer of State and political subdivisions.
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Permits the Treasurer of State and political subdivisions to authorize eligible public depositories to redeposit public moneys with federally insured banks, savings banks, and savings and loan associations, with the public depository acting as custodian.
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Exempts public moneys invested through redepositing arrangements from pledging requirements under current law, except when deposits exceed federal deposit insurance corporation coverage limits.
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Requires public depositories providing redepositing services to supply monthly account statements and daily reporting access showing the distribution of funds across custodial institutions.
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Extends similar redepositing authority to county investing authorities for both active and inactive moneys, with the same federal insurance requirements and reporting obligations.
Legislative Description
To permit the Treasurer of State or a political subdivision, upon the deposit of public moneys with an eligible public depository, to arrange for the public depository to redeposit those moneys with other federally insured banks, savings banks, and savings and loan associations in accordance with specified conditions, to remove the one-year maturity limitation for certificates of deposit with respect to interim deposits, to alter the authority of the Treasurer of State to invest interim money in certificates of deposit, and to require public depositories to provide certain information to political subdivisions.
Subdivision deposits-redeposit with other institutions-under conditions
Last Action
Committee Report - S
9/15/2011