HB 1045 -- COURT FUNDS (Kennedy)

This bill authorizes circuit courts to deposit funds in
commercial paper, repurchase agreements, and municipal auction--
rate securities with appropriate credit quality restrictions.

FISCAL NOTE:  No impact on state funds.

HB 1045 -- COURT FUNDS

SPONSOR:  Kennedy

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Banks and Financial Institutions by a vote of 15 to 0.

This bill authorizes circuit courts to deposit funds in
commercial paper, repurchase agreements, and municipal auction--
rate securities with appropriate credit quality restrictions.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that this bill allows circuit clerks
to invest funds in the same manner as the State Treasurer,
thereby getting a better return on investments.

Testifying for the bill were Representative Kennedy; and
Missouri Bankers Association.

OPPONENTS:  There was no opposition voiced to the committee.

Bob Dominique, Legislative Analyst

HB 1045 -- Court Trust Funds

Sponsor:  Kennedy

This bill allows courts to deposit trust funds in credit
unions.  Funds may be invested in accordance with the
requirements for the State Treasurer within article IV, section
15 of the Missouri Constitution.