Bill Text - SB72 (2017)

(New Title) establishing a committee to study certain investments by municipalities.


Revision: Jan. 24, 2017, 9:18 a.m.

SB 72  - AS INTRODUCED

 

 

2017 SESSION

17-0776

08/03

 

SENATE BILL 72

 

AN ACT including certificates of deposit in the public deposit investment pool.

 

SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Hennessey, Dist 5

 

COMMITTEE: Public and Municipal Affairs

 

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ANALYSIS

 

This bill allows town treasurers to deposit money into certificates of deposit offered through the public deposit investment pool.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

17-0776

08/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT including certificates of deposit in the public deposit investment pool.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Town Deposits; Public Deposit Investment Pool.  Amend the introductory paragraph of RSA 41:29, II to read as follows:

II.  The treasurer shall deposit all such moneys in participation units in the public deposit investment pool established pursuant to RSA 383:22; in certificates of deposit offered through the public deposit investment pool provided the full amount of principal and any accrued interest of each such certificate of deposit is covered by federal deposit insurance; or in federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, except that funds may be deposited in federally insured banks outside the state if such banks pledge and deliver to a third party custodial bank or the federal reserve bank collateral security for such deposits of the following types:

2  Town Deposits; Public Deposit Investment Pool.  Amend RSA 41:29, IV to read as follows:

IV.  Whenever the town treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the town treasurer shall invest the same in accordance with the investment policy adopted by the selectmen under RSA 41:9, VII.  The treasurer may invest in the public deposit investment pool established pursuant to RSA 383:22[,]; in certificates of deposit offered through the public deposit investment pool provided the full amount of principal and any accrued interest of each such certificate of deposit is covered by federal deposit insurance; or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, or in obligations fully guaranteed as to principal and interest by the United States government.  The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations.

3  Effective Date.  This act shall take effect upon its passage.

SB 72  - AS INTRODUCED

 

 

2017 SESSION

17-0776

08/03

 

SENATE BILL 72

 

AN ACT including certificates of deposit in the public deposit investment pool.

 

SPONSORS: Sen. D'Allesandro, Dist 20; Sen. Hennessey, Dist 5

 

COMMITTEE: Public and Municipal Affairs

 

-----------------------------------------------------------------

 

ANALYSIS

 

This bill allows town treasurers to deposit money into certificates of deposit offered through the public deposit investment pool.

 

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

 

Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

17-0776

08/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT including certificates of deposit in the public deposit investment pool.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Town Deposits; Public Deposit Investment Pool.  Amend the introductory paragraph of RSA 41:29, II to read as follows:

II.  The treasurer shall deposit all such moneys in participation units in the public deposit investment pool established pursuant to RSA 383:22; in certificates of deposit offered through the public deposit investment pool provided the full amount of principal and any accrued interest of each such certificate of deposit is covered by federal deposit insurance; or in federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, except that funds may be deposited in federally insured banks outside the state if such banks pledge and deliver to a third party custodial bank or the federal reserve bank collateral security for such deposits of the following types:

2  Town Deposits; Public Deposit Investment Pool.  Amend RSA 41:29, IV to read as follows:

IV.  Whenever the town treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the town treasurer shall invest the same in accordance with the investment policy adopted by the selectmen under RSA 41:9, VII.  The treasurer may invest in the public deposit investment pool established pursuant to RSA 383:22[,]; in certificates of deposit offered through the public deposit investment pool provided the full amount of principal and any accrued interest of each such certificate of deposit is covered by federal deposit insurance; or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks chartered under the laws of New Hampshire or the federal government with a branch within the state, or in obligations fully guaranteed as to principal and interest by the United States government.  The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations.

3  Effective Date.  This act shall take effect upon its passage.