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SCS/SB 599 - Under current law, no more than 10% of all time deposits of state moneys can be placed with any one single banking institution. This act raises that limitation to 20% of all time deposits of state moneys. Current law additionally outlines the manner in which the State Treasurer can determine the market rate, for purposes of the Linked Deposit Program. In addition to those provisions, this act permits the Treasurer to calculate the market rate based on current market investment indicators. The act increases the total amount that the State Treasurer may invest in linked deposits from $720 million to $800 million. The act also increases the amount of that $800 million that may be invested in small businesses from $110 million to $190 million. Furthermore, the act requires the State Treasurer to give priority to the funding of renewed linked deposit applications over the funding of new linked deposit applications. This act is substantially similar to certain provisions in HCS/HB 2092 (2020), HB 2206 (2020), SB 439 (2019), and HB 1029 (2019). SCOTT SVAGERA
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