Kentucky
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House Bill 69

Actions | Amendments

Last Action	03/18/19: became law without Governor's Signature (KY Acts ch. 011)
Title	AN ACT relating to local investments.
Bill Documents	Acts Chapter 11 Current/Final Introduced
Fiscal Impact Statements	Local Mandate Additional Fiscal Impact Statements Exist
Bill Request Number	12
Sponsor	J. Miller
Summary of Original Version	Amend KRS 66.480, relating to investments for local governments, political subdivisions, and school districts, to use and define the term "competent rating agency" in lieu of "nationally recognized rating agency" throughout the statute; allow investment in individual equity securities meeting specified requirements, individual high-quality corporate bonds meeting specified requirements, and provide that the investment of the funds allowed under specified sections does not exceed 40% of the total money invested; restrict investment to no more than 5% of the total amount of money in any one issuer; set out exemptions.
Index Headings of Original Version	Education, Finance - Investments of idle funds Financial Responsibility - Local governments, investment of idle funds Financial Responsibility - School districts, investment of idle funds Local Government - Investments of idle funds Cities - Investments of idle funds Counties - Investments of idle funds Local Mandate - Investments of idle funds Local Mandate - Investments of idle funds
Jump to Proposed Amendments	House Committee Substitute 1 with Fiscal Impact Statements
Votes	Vote History

Actions

Top | Amendments

10/24/18	Prefiled by the sponsor(s).
01/08/19	introduced in House
01/10/19	to Local Government (H)
01/11/19	posted in committee
02/06/19	reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
02/07/19	2nd reading, to Rules
02/08/19	posted for passage in the Consent Orders of the Day for Monday, February 11, 2019
02/11/19	taken from the Consent Orders of the Day, placed in the Regular Orders of the Day
02/12/19	3rd reading, passed 97-1 with Committee Substitute
02/13/19	received in Senate
02/15/19	to State & Local Government (S)
02/27/19	reported favorably, 1st reading, to Consent Calendar
02/28/19	2nd reading, to Rules
03/01/19	posted for passage in the Consent Orders of the Day for Friday, March 1, 2019 3rd reading, passed 36-0 received in House
03/04/19	enrolled, signed by Speaker of the House
03/05/19	enrolled, signed by President of the Senate delivered to Governor
03/15/19	filed without Governor's signature with the Secretary of State
03/18/19	became law without Governor's Signature (KY Acts ch. 011)

Proposed Amendments

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Amendment	House Committee Substitute 1
Fiscal Impact Statement	Local Mandate to House Committee Substitute 1
Summary	Retain original provisions, but specify in subsection (1)(d) and (e) that certificates of deposit or other interest-bearing accounts, uncollateralized certificates of deposit allowed for investment by local government units are issued by institutions having a presence in Kentucky and make a technical change of deleting the reference to the definition of "competent rating agency"; specify in subsection (2)(d) that in addition to certificates of deposit, other qualified interest-bearing accounts may be excluded from the five percent total investment limitations.
Index Headings	Financial Responsibility - Local government investments Local Government - Investments Negotiable Instruments - Local investments Banks and Financial Institutions - Local investments Cities - Investments Counties - Investments Education, Elementary and Secondary - Boards of eduction, investments Special Districts - Investments Local Mandate - Local investments

Last updated: 11/9/2023 3:07 PM (EST)