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: Senator(s) Mockler and Sessions and
Representative(s)
McOmie
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
Page 3
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
Page 4
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
Page 5
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)
Page 6