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 Current/Final
Introduced
Impact Statements Local Mandate
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
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

Top | Actions
Amendment House Committee Substitute 1
Impact Statements Local Mandate
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: 5/10/2019 10:34 AM (EDT)
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