POE-DURKIN-WOJCIK AND MITCHELL,BILL.
PUBLIC FNDS INVST-COLLATERAL
Synopsis of Bill as introduced:
Amends the Public Funds Investment Act. Provides that when a
public agency deposits public funds in a financial institution, the
agency and the institution may enter into an agreement requiring that
any funds not insured by an approved share insurer be collateralized
by securities, mortages, or loans covered by a State guaranty under
the Farm Development Act (now by securities or mortgages) in an amount
equal to at least the market value of the funds that exceed the amount
covered by insurance.
FISCAL NOTE (Farm Development Authority)
There will be no fiscal impact.
Last action on Bill: PUBLIC ACT.............................. 91-0324
Last action date: 99-07-29
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status