SB 1320 -- DEPOSITARIES OF STATE INSTITUTIONS
SPONSOR: Kinder (Luetkemeyer)
COMMITTEE ACTION: Voted "do pass by consent" by the Committee on
Financial Services by a vote of 20 to 0.
Currently, management of state institutions which have the use or
custody of any funds solicit bids from banks in each odd-numbered
year. This bill authorizes them to solicit bids in any year in
which the bid is requested. The bill provides that bids may be
for a period of one to four years. Banks are authorized to
submit bids for a term of up to four years.
FISCAL NOTE: No impact on state funds in FY 2005, FY 2006, and
PROPONENTS: Supporters say that the bill gives financial
institutions and state institutions more flexibility in their
Testifying for the bill was Senator Kinder.
OPPONENTS: There was no opposition voiced to the committee.
Richard Smreker, Senior Legislative Analyst