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Bills · 2017-2018 Regular Session

SB 170

Died at session end Official bill text Atom feed

Relating to: investment of surplus money by local units of government. (FE)

Financial institution Investment, government fund

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill allows local governments to invest surplus money in financial

institutions' time deposits without limit on the duration of the investment.

Current law contains a list of permissible investments in which a municipality,

county, or other local governmental unit may invest money that is not immediately

needed. Among these permissible investments are time deposits (which typically

take the form of certificates of deposit, or CDs) in a credit union, bank, savings bank,

trust company, or savings and loan association (financial institution) if the time

deposit matures in not more than three years.

This bill eliminates the three-year maturity limitation, allowing a

municipality, county, or other local governmental unit to invest surplus money in a

time deposit in a financial institution regardless of the investment's maturity date.

What it would cost

Fiscal estimates filed by state agencies, as official PDFs

Sponsors

Introduced by: Marklein (R) , Stroebel (R) , Testin (R) , Wanggaard (R)

19 cosponsors

Ballweg (R) , Bernier (R) , Duchow (R) , E. Brooks (R) , Felzkowski (R) , Gannon (R) , Katsma (R) , Knodl (R) , Kulp (R) , Macco (R) , Murphy (R) , Novak (R) , Quinn (R) , R. Brooks (R) , Ripp (R) , Rohrkaste (R) , Skowronski (R) , Steffen (R) , Tittl (R)

Votes

Senate: Report passage recommended by Committee on Economic Development, Commerce and Local Government, Ayes 7, Noes 0

Passed 7–0 Jul 18, 2017 official source full page

No individual roll call was recorded for this vote. Committee votes and some older sessions record totals only.

Full history

  1. Apr 13, 2017 · Senate

    Introduced by Senators Testin, Marklein, Stroebel and Wanggaard; cosponsored by Representatives Katsma, Ballweg, Bernier, E. Brooks, R. Brooks, Duchow, Felzkowski, Gannon, Knodl, Kulp, Macco, Murphy, Novak, Quinn, Ripp, Rohrkaste, Skowronski, Steffen and Tittl

  2. Apr 13, 2017 · Senate

    Read first time and referred to Committee on Economic Development, Commerce and Local Government

  3. Apr 24, 2017 · Senate

    Fiscal estimate received

  4. May 30, 2017 · Senate

    Public hearing held

  5. Jul 14, 2017 · Senate

    Executive action taken

  6. Jul 18, 2017 · Senate

    Report passage recommended by Committee on Economic Development, Commerce and Local Government, Ayes 7, Noes 0

  7. Jul 18, 2017 · Senate

    Available for scheduling

  8. Mar 28, 2018 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1