Print Friendly SENATE BILL NO. 1091 – Municipal corp/authorized investmnt
SENATE BILL NO. 1091
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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,
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
|||| 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-
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
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
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
This legislation will allow additional investment authority for
There could be additional investment revenue for cities.
Name: Sen. Hal Bunderson
Name: Rep. Max Black
Name: Ken Harward, Executive Director, Association of Idaho
STATEMENT OF PURPOSE/FISCAL NOTE S 109