SB 3093

Abstract

Amends the Deposit of State Moneys Act. Provides that nothing in the Act shall be construed as prohibiting a bank, savings bank, or credit union from submitting a proposal to the State Treasurer on the basis that it does not offer a product or service in this State, unless a specific requirement is noted in the public solicitation that is related to the product or service being solicited. Provides that the amendatory Act is not intended to limit the State Treasurer's discretion in the selection of a bank, savings bank, or credit union, as provided in the Act. Amends the Public Funds Investment Act to make a similar change concerning the submission of proposals to a public agency. Provides that any public agency may invest any public funds in obligations (currently, short term obligations) of corporations organized in the United States with assets exceeding $500,000,000 if such obligations mature not later than 3 years (currently, 270 days) from the date of purchase, in addition to other criteria. Effective immediately.