- Introduced -

SB 1093 - This act allows the treasurer of public entities to invest funds that are not immediately needed for their intended use. For such investments, certain conditions must be met, which include placing the funds in a banking institution, the banking institution must arrange for the deposit of the funds in certificates of deposit, each certificate of deposit must be insured by the FDIC, the banking institution must act as custodian for the public entity with respect to the certificate of deposit, and the banking institution must receive an equal amount of deposits from customers of other banking institutions to that of the public funds initially placed by the public entity.

SUSAN HENDERSON