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Senate Bill 0109


Senate Bill 0109

ARCHIVE (2012)

Latest Information

 

DIGEST OF SB 109 (Updated February 28, 2012 2:45 pm - DI 84)


Deposit of public funds by local units. Expands the existing authority of counties and other political subdivisions to invest, through a selected local depository institution, in certificates of deposit issued by federally insured banks or savings and loan associations (wherever located) to include the authority to invest in interest bearing deposit accounts of federally insured banks or savings and loan associations (wherever located) through the same procedure and under the same conditions. Specifies that for purposes of this statute, the term "deposit account" includes only: (1) accounts subject to withdrawal by negotiable orders of withdrawal; (2) passbook savings accounts; (3) certificates of deposit; and (4) money market deposit accounts.
    Current Status:
     Law Enacted
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