HB2831 HFIN AM
The Committee on Finance moves to amend the bill on page two, section one, line one, following the word "authorized", by striking out the period and inserting a comma and the following:
"with the amendment set forth below:
On page three, beginning on line twelve, by striking out all of subdivisions 3.1.b. and 3.1.c. and inserting in lieu thereof the following:
"3.1.b.Be insured by an agency of the federal government;
3.1.c.For deposits of state funds in excess of any amount insured by an agency of the federal government, be insured by:
3.1.c.i.A deposit guaranty bond issued by a valid bankers' surety company acceptable to the Treasurer; and/or
3.1.c.ii.A collaterally secured bond, first approved by the Treasurer, in the amount of not less than Ten Thousand Dollars ($10,000.00).";
On page six, following subsection 4.11., by adding a new subsection to read as follows:
"4.12.A deposit guaranty bond issued by an approved bankers' surety company to insure state funds on deposit with an eligible state depository may only secure those funds in the custody of the Treasurer.";
On page seven, following subsection 5.3., by adding a new subsection to read as follows:
"5.4.If a state depository insured through a collaterally secured bond or through letters of credit becomes insolvent or in any way breaches its contract with the Treasurer and fails to cure the insolvency or breach within five (5) business days, the holder of the collateral or the obligor for the letters of credit for the depository shall, upon written demand from the Treasurer, within three (3) business days remit to the Treasurer the collateral securing state funds on deposit with the state depository.";
And,
On page eight, subsection 8.1, following the words "with the Treasurer", by striking out the comma and the word "the" and inserting in lieu thereof a period and the word "The"."