Legislative Session number- 82

Bill Name: SF1793

Modifying certain provisions regulating the deposit and investment of local
public funds; defining custodial official; modifying the required collateral
percentage; providing for pooled collateral to secure public deposits as an
alternative method of protecting deposits of public funds; specifying certain
authority and accounting requirements of financial institutions designated as
public depositories; providing for government entity security interest in pooled
collateral; authorizing financial institutions to designate qualified trustees,
specifying the role of the trustees; authorizing certain collateral adjustments;
prescribing a procedure to be followed by trustees in the event of default;
requiring charges or compensation of qualified trustees to be paid by the
financial institution; protecting custodial officials from liability; providing
for the assignment of securities; requiring certain financial institution
reports upon custodial official request; transitional provision; repealing
certain provisions regulating the assignment and safekeeping of collateral, the
withdrawal of excess collateral and default (je)