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SCS/SB 769 - This act modifies several provisions relating to financial transactions by public entities. SECURITY-COLLATERAL LIST (Sections 30.270 and 95.530) Under current law, the State Treasurer and the Treasurer of the City of St. Louis are limited in the types of securities they may require as collateral from banks or financial institutions selected and approved for the safekeeping and payment of deposits. This act adds brokered or negotiable certificates of deposit that are fully insured by the FDIC or the National Credit Union Share Insurance Fund to the collateral list. INVESTMENT OF PUBLIC FUNDS (Section 67.085) Under current law, any public entity or political subdivision may invest public deposits if, among other things, on the same date that the public funds are deposited the financial institution also receives an amount of deposits from other financial institutions equal to the amount of the public funds deposited. This act repeals this requirement. DEPOSITARIES FOR PUBLIC FUNDS (Section 110.010) Current law provides restrictions on the security of the public funds of specific political subdivisions. This act stipulates that the requirements apply to all political subdivisions of the state. Furthermore, the act also allows banks serving as a depositary for public funds to invest in the same manner as the State Treasurer is constitutionally permitted. CERTIFIED CHECK REQUIREMENTS (Sections 110.080, 110.140, 165.221, 165.231, and 165.271) Current law requires certain bids made by banks, associations, or trust companies to be accompanied by a certified check. This act repeals those requirements. This act is substantially similar to HB 1869 (2018). SCOTT SVAGERA
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