SB826: Creating exemption from bond or security requirement of banking institutions holding certain funds for county commissions

Legislative Summary

The purpose of this bill is to harmonize the treatment of reciprocal deposit arrangements to satisfy security for public deposits from county commissions, municipal corporations, and boards of education. Current code sections relating to public deposits from municipal corporations and school boards provide two separate authorizations for depository institutions to employ reciprocal deposit arrangements to satisfy each security requirement. This bill will allow depository institutions to serve county commissions uniformly to municipal corporations and school boards.