SB 1292
Modifies provisions relating to financial transactions involving public funds
LR Number:
Last Action:
2/6/2024 - Hearing Conducted S Insurance and Banking Committee
Journal Page:
Effective Date:
August 28, 2024

Current Bill Summary

SB 1292 - This act provides that municipalities shall select a municipal depository with a state-chartered or federally chartered banking institution through a competitive process. Each municipality shall develop requirements for a request for proposals, as provided in the act, to provide to banking institutions interested in becoming a municipal depository.

The governing body of a municipality shall select a banking institution and shall enter into a contract outlining the terms and conditions of the depository relationship.

Finally, this act repeals provisions relating to procedures for third and fourth class cities selecting banking institutions to be depositories for the municipality.

This act is identical to provisions in the truly agreed to and finally passed HCS/SS/SB 1359 (2024).



No Amendments Found.