HB 5746

Abstract

Amends the Deposit of State Moneys Act. Allows the State Treasurer to satisfy the requirement to make a monthly report to the Governor with a copy for public inspection by posting the monthly report on the Treasurer's official Internet website. Allows the Treasurer to, with the approval of the Governor, invest or reinvest (regardless of whether it is at a price exceeding par) any State money in the treasury that is not needed for current expenditures due or about to become due, or any money in the State Treasury that has been set aside. Provides that the Treasurer may, with the approval of the Governor, invest or reinvest any State money in the treasury that is not needed for current expenditures due or about to become due, or any money in the State Treasury that has been set aside, in obligations (currently, short-term obligations) of either corporations or limited liability companies organized in the United States, that have significant presence in this State, with assets exceeding $500,000,000 if, among other requirements, the obligations are rated at the time of purchase at one of the 3 highest classifications established by at least 2 standard rating services and mature not later than 5 years (currently, 270 days) from the date of purchase. Effective immediately.