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| 1 | - | THE SENATE S.B. NO. 2863 THIRTY-SECOND LEGISLATURE, 2024 | |
| 1 | + | THE SENATE S.B. NO. 2863 THIRTY-SECOND LEGISLATURE, 2024 STATE OF HAWAII A BILL FOR AN ACT relating to public moneys. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 3 | 3 | THE SENATE S.B. NO. 2863 | |
| 4 | - | THIRTY-SECOND LEGISLATURE, 2024 | |
| 4 | + | THIRTY-SECOND LEGISLATURE, 2024 | |
| 5 | 5 | STATE OF HAWAII | |
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| 7 | 7 | THE SENATE | |
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| 9 | 9 | S.B. NO. | |
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| 11 | 11 | 2863 | |
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| 13 | 13 | THIRTY-SECOND LEGISLATURE, 2024 | |
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| 17 | 17 | STATE OF HAWAII | |
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| 31 | 31 | A BILL FOR AN ACT | |
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| 37 | 37 | relating to public moneys. | |
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| 43 | 43 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII: | |
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| 47 | - | SECTION 1. Section 38-2, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: "(a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository [which] that the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed to be in the state treasury; provided that the depository in which the money is deposited furnish security as hereinafter provided[.]; provided further that | |
| 47 | + | SECTION 1. Section 38-2, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: "(a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository [which] that the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed to be in the state treasury; provided that the depository in which the money is deposited furnish security as hereinafter provided[.]; provided further that no less than per cent of the aggregate amount of moneys of the State available for deposit shall be deposited in depositories of a state-owned bank. In selecting a depository the class of security offered shall be considered as the basis of selection and due regard shall be given to a depository doing business in the State." SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 3. This Act shall take effect upon notification by the director of finance to the revisor of statutes that a state‑owned bank has been established and has been accepting deposits with the security for protection of funds required by chapter 38, Hawaii Revised Statutes, for not less than thirty days. INTRODUCED BY: _____________________________ | |
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| 49 | 49 | SECTION 1. Section 38-2, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows: | |
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| 51 | - | "(a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository [which] that the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed to be in the state treasury; provided that the depository in which the money is deposited furnish security as hereinafter provided[.]; provided further that | |
| 51 | + | "(a) All moneys in the state treasury may be deposited by the director to the credit of the State in any depository [which] that the director, with the approval of the governor, may select, pursuant to this section, and any sums so deposited shall be deemed to be in the state treasury; provided that the depository in which the money is deposited furnish security as hereinafter provided[.]; provided further that no less than per cent of the aggregate amount of moneys of the State available for deposit shall be deposited in depositories of a state-owned bank. In selecting a depository the class of security offered shall be considered as the basis of selection and due regard shall be given to a depository doing business in the State." | |
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| 53 | 53 | SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. | |
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| 55 | - | SECTION 3. | |
| 55 | + | SECTION 3. This Act shall take effect upon notification by the director of finance to the revisor of statutes that a state‑owned bank has been established and has been accepting deposits with the security for protection of funds required by chapter 38, Hawaii Revised Statutes, for not less than thirty days. | |
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| 57 | - | Report Title: State Moneys; Deposit; Financial Institutions; Chartered or Authorized Description: Requires that a portion of state moneys be deposited in a financial institution chartered or authorized to do business in the State. Takes effect 7/1/2040; provided that a financial institution chartered or authorized to do business in the State is established. (SD1) The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
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| 59 | + | INTRODUCED BY: _____________________________ | |
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| 61 | + | INTRODUCED BY: | |
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| 63 | + | _____________________________ | |
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| 69 | + | Report Title: State Moneys; State-Owned Bank Description: Requires that a portion of state moneys be deposited in a state‑owned bank. Takes effect after a state-owned bank is established. The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. | |
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| 65 | 77 | Report Title: | |
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| 67 | - | State Moneys; | |
| 79 | + | State Moneys; State-Owned Bank | |
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| 70 | 82 | ||
| 71 | 83 | Description: | |
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| 73 | - | Requires that a portion of state moneys be deposited in a | |
| 85 | + | Requires that a portion of state moneys be deposited in a state‑owned bank. Takes effect after a state-owned bank is established. | |
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| 81 | 93 | The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent. |