SF0129 - Credit unions-depositories for public funds.

 

2001

State of Wyoming

01LSO-0072

 

 

 

SENATE FILE NO.  SF0129

 

 

Credit unions-depositories for public funds.

 

Sponsored by:

 

 

A BILL

 

for

 

 1  AN ACT relating to public funds; authorizing political
 2  subdivisions to deposit public funds in federal credit
 3  unions and credit union certificates of deposit; specifying
 4  conditions; making conforming amendments; and providing for
 5  an effective date.

 6 

 7  Be It Enacted by the Legislature of the State of Wyoming:

 8 

 9         Section 1.  W.S. 9-4-803, 9-4-807, 9-4-817(a) by
10  creating a new paragraph (v), (c) by creating a new
11  paragraph (ii) and by renumbering (ii) as (iii), (d)(intro)
12  and (ii), 9-4-818(a) and 9-4-831(a) by creating a new
13  paragraph (xxvii) are amended to read:

14 

15         9-4-803.  Deposit of state money in approved
16  depositories; authority of treasurer.

 

Page  1

 

 

 

 1 

 2  The state treasurer may deposit any portion of the public
 3  monies in his possession in national banks within this
 4  state or in any state banks incorporated under the laws of
 5  and doing business in this state, as have been approved
 6  under W.S. 9-4-801 through 9-4-818 by the board of
 7  deposits. As used in W.S. 9-4-801 through 9-4-818, with
 8  respect to the deposit of state funds, "bank" includes
 9  federal and state savings and loan associations. Federal
10  and state savings and loan associations may be designated
11  as depositories for state funds in the same manner as state
12  and national banks. As used in W.S. 9-4-801 through
13  9-4-818, with respect to the deposit of funds of political
14  subdivisions, "bank" means any of the institutions
15  specified in W.S. 9-4-817(a).

16 

17         9-4-807.  Deposit of state money in approved
18  depositories; federal insurance; security for deposits not
19  covered.

20 

21  Any properly designated depository of the public funds of
22  the state, or of any political subdivision thereof, which
23  is entitled to the benefits of deposit insurance provided
24  for by the Federal Deposit Insurance Corporation or the

Page  2

 

 

 

 1  National Credit Union Share Insurance Fund and the acts of
 2  congress relating thereto, shall give and at all times
 3  maintain security for the prompt payment and the
 4  safekeeping of the whole amount of any such deposit. The
 5  deposit insurance provided by the Federal Deposit Insurance
 6  Corporation or the National Credit Union Share Insurance
 7  Fund is eligible as the security required for the portion
 8  of any deposit that is insured by the corporation, and
 9  constitutes all of the security required for the portion.
10  Any portion of the deposit as is not so insured shall be
11  secured by depository bond or approved collateral
12  securities as required by law.

13 

14         9-4-817.  Deposits by political subdivisions; selected
15  institutions; security; withdrawals.

16 

17         (a)  To the extent they are not otherwise invested,
18  the monies collected and held by a treasurer of a political
19  subdivision, municipality or special district within this
20  state shall be deposited and kept on deposit at all times
21  in:

22 

23              (v)  Federal credit unions.

24 

 

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 1         (c)  The deposits made pursuant to this section shall
 2  be made to the extent that they are:

 3 

 4              (ii)  In the case of deposits in credit unions,
 5  fully insured by the National Credit Union Share Insurance
 6  Fund; or

 7 

 8              (ii)(iii)  Secured, in accordance with this
 9  article, by a pledge of collateral or the furnishing of a
10  surety bond.

11 

12         (d)  Any bank, savings and loan association, or
13  federal savings bank, or federal credit union located in
14  the state, may apply to keep the monies upon the following
15  conditions:

16 

17              (ii)  All funds deposited in a savings deposit
18  account shall be withdrawable upon demand provided that the
19  bank, credit union or savings and loan association may at
20  any time require giving of notice in writing of an intended
21  withdrawal of thirty (30) days before a withdrawal is made;

22 

 

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 1         9-4-818.  Deposits by political subdivisions;
 2  applications by, and approval of, banks; rate of interest;
 3  defaults.

 4 

 5         (a)  Applications by banks, credit unions and savings
 6  and loan associations shall be submitted to the proper
 7  governing board and shall be acted upon by the proper
 8  governing board as soon thereafter as practicable. Prior to
 9  the deposit, the board shall negotiate the rate of interest
10  applicable to the deposit. No monies shall be deposited by
11  any treasurer except in banks, credit unions and savings
12  and loan associations which have been approved by the
13  proper governing board.

14 

15         9-4-831.  Investment of public funds.

16 

17         (a)  The state treasurer, or treasurer of any
18  political subdivision, municipality or special district of
19  this state, and the various boards of trustees and boards
20  of directors of county hospitals, airports, fairs and other
21  duly constituted county boards and commissions, may invest
22  in:

23 

 

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 1              (xxvii)  Certificates of deposit of a credit
 2  union doing business in this state to the extent that the
 3  certificates are fully insured by the National Credit Union
 4  Share Insurance Fund or are secured by a pledge of assets
 5  and the credit union is otherwise authorized as a
 6  depository as prescribed by law. The state treasurer shall
 7  not invest funds pursuant to this paragraph.

 8 

 9         Section 2.  This act is effective immediately upon
10  completion of all acts necessary for a bill to become law
11  as provided by Article 4, Section 8 of the Wyoming
12  Constitution.

13 

14                         (END)

 

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