|HB 0613||Relating to the State Treasurer|
|Sponsor:||BACKER||Handling House Bill:|
|Last Action:||02/20/95 - Referred H Budget Committee|
HB0613 Backer, Gracia Y
P R E F I L E D
HB 613 -- State Treasurer
This bill allows the state treasurer to invest state money in the following prime money market instruments:
(1) Bankers' acceptances issued by a major United States money center bank rated in the highest category by at least one nationally recognized rating service;
(2) Commercial paper issued by a domestic corporation and rated in the highest category by at least one nationally recognized rating service; and
(3) Money market mutual funds registered with, and regulated by, the Federal Securities and Exchange Commission and whose portfolio consists of securities approved by this bill.
The bill requires time deposits to be fully collateralized and to have a maturity of not to exceed 3 years.
The bill also allows the state treasurer to subscribe for or purchase outright obligations of the United States government or agencies of such government. Any such obligations subscribed for, or purchased outright will have a maturity date of no more than 7 years. Repurchase agreements are not to exceed one year.
This bill is contingent upon approval of a constitutional amendment.