Perfected

The act permits the State Treasurer to keep in the custody of the state treasury an amount of specie, as defined in the act, greater than or equal to 1% of all state funds, provided that all such specie that is not needed for current expenses shall be placed on time deposit, bearing interest, in one or more banking institutions in this state, as required by the Missouri Constitution. Additionally, the State Treasurer is permitted to contract with a private minting entity for the purpose of minting official or commemorative specie.

This provision is identical to a provision in SCS/SB 735 (2024) the perfected SS/SCS/SB 100 (2023).

Under current law, the state treasurer is permitted to invest in linked deposits in an amount up to $800 million at any one time. This act increases that threshold to $1.2 billion.

Furthermore, the act modifies the total deposit for linked deposits that may be used for different borrowers as follows:

· Up to 5% of the aggregate for eligible multitenant development enterprises;

· Up to 5% of the aggregate for eligible property developers and eligible residential property owners;

· Up to 20% of the aggregate for eligible job enhancement businesses; and

· Up to 5% of the aggregate for eligible water systems.

All other linked deposits not allocated to the above may be used as permitted by law.

This provision is substantially similar to SCS/SBB 657 (2023), and provisions in HCS/SCS/SB 187 (2023), HCS/HB 586, SCS/HCS/HB 725 (2023), the perfected HCS/HB 809, and HCS/HB 1109 (2023).

The act prohibits the State Treasurer from accepting payments using any central bank digital currency. Furthermore, public entities are prohibited from participating in any test of central bank digital currency by any Federal Reserve branch. A central bank digital currency is defined as a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is made directly available to a consumer by such entities. The term includes a digital currency, a digital medium of exchange, or a digital monetary unit of account issued by the United States Federal Reserve System, a federal agency, a foreign government, a foreign central bank, or a foreign reserve system, that is processed or validated directly by such entities.

This provision is substantially similar to a provision in SB 866 (2024).

SCOTT SVAGERA