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"."