Requiring banks to enter into a written agreement with the state treasurer to be a depository of public moneys, increasing the market value of securities necessary to secure the deposit of public moneys, providing procedures for when a depository fails to follow the requirements of the state treasurer, modifying certain definitions, authorizing the state treasurer to assess a fee to operate the public moneys pooled method, creating the public moneys fee fund and providing exceptions to the pu...

Summary

The bill requires any bank, savings‑and‑loan or savings bank that holds state, county or city money to have a written agreement with the Kansas treasurer and to provide security worth at least the full amount of deposits, usually 100‑102 % of the market value. It also lets the treasurer charge a fee, creates a fund for that fee, and sets procedures for when a depository does not follow the rules. The measure failed to pass and died in a House committee.

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