2001 Legislation
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SENATE BILL NO. 1091 – Municipal corp/authorized investmnt

SENATE BILL NO. 1091

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Daily Data Tracking History



S1091......................................by LOCAL GOVERNMENT AND TAXATION
MUNICIPAL CORPORATIONS - INVESTMENTS - Amends existing law to provide
additional authorized investments for funds of municipal corporations in
specified reverse purchase agreements and A-rating or higher bonds,
debentures or notes.
                                                                        
02/08    Senate intro - 1st rdg - to printing
02/09    Rpt prt - to Loc Gov
02/15    Rpt out - rec d/p - to 2nd rdg
02/16    2nd rdg - to 3rd rdg
02/20    3rd rdg - PASSED - 31-0-4
      AYES -- Andreason, Boatright, Branch(Bartlett), Brandt, Bunderson,
      Burtenshaw, Cameron, Danielson, Darrington, Deide, Frasure, Geddes,
      Goedde, Hawkins, Ingram, Ipsen, Keough, King-Barrutia, Lee, Lodge,
      Noh, Richardson, Risch, Sandy, Schroeder, Sims, Sorensen, Stegner,
      Thorne, Whitworth, Williams,
      NAYS -- None
      Absent and excused -- Davis, Dunklin, Stennett, Wheeler
    Floor Sponsor -- Bunderson
    Title apvd - to House
02/21    House intro - 1st rdg - to Loc Gov
03/01    Rpt out - rec d/p - to 2nd rdg
03/02    2nd rdg - to 3rd rdg
03/05    3rd rdg - PASSED - 64-0-6
      AYES -- Barraclough, Barrett, Bedke, Bell, Bieter, Black, Boe, Bolz,
      Bradford, Bruneel, Callister, Chase, Clark, Collins, Crow, Cuddy,
      Deal, Ellis, Ellsworth, Eskridge, Field(13), Field(20), Gould,
      Hadley, Hammond, Harwood, Henbest, Higgins, Hornbeck, Jaquet, Jones,
      Kellogg, Kendell, Kunz, Lake, Langford, Loertscher, Mader, Marley,
      McKague, Meyer, Montgomery, Mortensen, Moyle, Pearce, Pischner,
      Pomeroy, Ridinger, Roberts, Robison, Sali, Schaefer, Sellman,
      Shepherd, Smith, Smylie, Stevenson, Stone, Swan(Hansen), Tilman,
      Trail, Wood, Young, Mr. Speaker
      NAYS -- None
      Absent and excused -- Campbell, Denney, Gagner, Moss, Raybould,
      Wheeler
    Floor Sponsor -- Black
    Title apvd - to Senate
03/06    To enrol
03/07    Rpt enrol - Pres signed
03/08    Sp signed
03/09    To Governor
03/15    Governor signed
         Session Law Chapter 42
         Effective: 07/01/01

Bill Text


                                                                        
                                                                        
  ||||              LEGISLATURE OF THE STATE OF IDAHO             ||||
 Fifty-sixth Legislature                  First Regular Session - 2001
                                                                        
                                                                        
                                       IN THE SENATE
                                                                        
                                    SENATE BILL NO. 1091
                                                                        
                         BY LOCAL GOVERNMENT AND TAXATION COMMITTEE
                                                                        
  1                                        AN ACT
  2    RELATING TO FUNDS OF MUNICIPAL CORPORATIONS; AMENDING SECTION  50-1013,  IDAHO
  3        CODE,  TO PROVIDE ADDITIONAL AUTHORIZED INVESTMENTS FOR FUNDS OF MUNICIPAL
  4        CORPORATIONS AND TO MAKE TECHNICAL CORRECTIONS.
                                                                        
  5    Be It Enacted by the Legislature of the State of Idaho:
                                                                        
  6        SECTION 1.  That Section 50-1013, Idaho Code, be, and the same  is  hereby
  7    amended to read as follows:
                                                                        
  8        50-1013.  DEPOSIT AND INVESTMENT OF FUNDS. The treasurer shall be required
  9    to  keep  all money in his hands belonging to the corporation in such place or
 10    places of deposit as shall be provided by ordinance; provided,  however,  that
 11    the treasurer may be directed and empowered by resolution, to invest any money
 12    in his hands in any of the following:
 13        (a)  Revenue bonds issued by the Rrevenue Bbond Aact.
 14        (b)  City coupon bonds provided for under section 50-1019, Idaho Code.
 15        (c)  Local improvement district bonds provided for under chapter 17, title
 16    50, Idaho Code.
 17        (d)  Time deposit accounts with public depositories.
 18        (e)  Bonds,  treasury  bills, interest-bearing notes, or other obligations
 19    of the United States, or those for which the faith and credit  of  the  United
 20    States are pledged for the payment of principal and interest.
 21        (f)  General  obligation bonds of this state, or those for which the faith
 22    and credit of this state are pledged for the payment of principal  and  inter-
 23    est.
 24        (g)  General obligation bonds of any county, city, metropolitan water dis-
 25    trict, municipal utility district, school district or other taxing district of
 26    this state.
 27        (h)  Notes,  bonds, debentures, or other similar obligations issued by the
 28    Ffarm Ccredit Ssystem or institutions forming a part thereof under  the  Ffarm
 29    Ccredit Aact of 1971 (12 U.S.C., tit. 12, sections 2001-2259) and all Aacts of
 30    Ccongress  amendatory thereof or supplementary thereto; in bonds or debentures
 31    of the Ffederal Hhome Lloan Bbank Bboard established under the Ffederal  Hhome
 32    Lloan  Bbank  Aact  (12 U.S.C., tit. 12, sections 1421-1449); in bonds, deben-
 33    tures and other obligations of the Ffederal Nnational  Mmortgage  Aassociation
 34    established  under  the  Nnational Hhousing Aact (12 U.S.C., tit. 12, sections
 35    1701-1750g) as amended, and in the bonds of any federal home loan bank  estab-
 36    lished  under said act and in other obligations of agencies and instrumentali-
 37    ties of the government of the state of Idaho or of the United States.
 38        (i)  Bonds, notes or other similar obligations issued by  public  corpora-
 39    tions  of  the  state  of Idaho including, but not limited to, the Idaho state
 40    building authority, the Idaho housing authority and the Idaho  water  resource
 41    board, but such investment shall not extend beyond seven (7) days.
 42        (j)  Repurchase  agreements  and  reverse repurchase agreements covered by
 43    any legal investment for the state of Idaho or as otherwise  allowed  by  this
                                                                        
                                           2
                                                                        
  1    section,  provided  that  reverse repurchase agreements shall only be used for
  2    the purpose of liquidity and not for leverage or speculation.
  3        (k)  Tax anticipation bonds or  notes,  income  and  revenue  anticipation
  4    bonds or notes and registered warrants of the state of Idaho or of taxing dis-
  5    tricts of the state of Idaho.
  6        (l)  Savings  accounts  including,  but  not limited to, accounts on which
  7    interest or dividends are paid and upon which negotiable orders of  withdrawal
  8    may be drawn, and similar transaction accounts.
  9        (m)  Time  deposit accounts and other savings accounts of state or federal
 10    savings and loan associations located within the  geographical  boundaries  of
 11    the  state in amounts not to exceed the insurance provided by the federal sav-
 12    ings and loan corporation, including, but not limited to,  accounts  on  which
 13    interest  or dividends are paid and upon which negotiable orders of withdrawal
 14    may be drawn, and similar transaction accounts.
 15        (n)  Share, savings and deposit  accounts  of  state  and  federal  credit
 16    unions  located within the geographical boundaries of the state in amounts not
 17    to exceed the insurance provided by the national credit union share  insurance
 18    fund  and/or  any  other authorized share guaranty corporation, including, but
 19    not limited to, accounts on which interest or  dividends  are  paid  and  upon
 20    which  negotiable  orders  of withdrawal may be drawn, and similar transaction
 21    accounts.
 22        (o)  Prime banker's acceptances.
 23        (p)  Prime commercial paper.
 24        (q)  Money market funds, mutual funds, or any other  similar  funds  whose
 25    portfolios consist of any allowed investment as specified in this section.
 26        (r)  Bonds,  debentures  or notes of any corporation organized, controlled
 27    and operating within the United States which have, at the time of  their  pur-
 28    chase, an A rating or higher by a commonly known rating service.

Statement of Purpose / Fiscal Impact


                       STATEMENT OF PURPOSE
  
                          RS 10963
                              
  This legislation will allow additional investment authority for
  cities
  
  
  
  
  
  
  
                       FISCAL IMPACT
                              
  There could be additional investment revenue for cities.
  
  
  
  
  
  
  
                                 
  
  
  
  Contact
         Name:    Sen. Hal Bunderson
         Phone:   332-1329
         Name:    Rep. Max Black
         Phone:   332-1000
         Name:    Ken Harward, Executive Director, Association of Idaho
  Cities
         Phone:   344-8594
  
  
  
  
  
  
  
  STATEMENT OF PURPOSE/FISCAL NOTE         S 109